After the general price crash in the cryptocurrency market, the only winners seem to be stablecoins. Binance USD (BUSD), for example, climbed into the TOP of the biggest coins in the market, thanks to a capitalization that tried to resist in the face of turbulence.
Today, BUSD is ranked #6 on Coingecko, thanks to a market capitalization of $17.615 billion. It thus places itself above other major cryptocurrencies such as Cardano, Ripple and Solana.
A large portion of traders and investors liquidating their positions in this bearish tide are keeping their capital in stablecoins, waiting for a better time to re-enter. Thanks to this, these coins have climbed in the TOP lately, with a capitalization that has been little affected by the general collapse.
BUSD capitalization has been maintained
While we have seen a slight decline in Binance USD market capitalization, it is in no way comparable to the general decline in the crypto ecosystem.
BUSD has grown from a market capitalization of $18.57 billion on May 20 this year to $17.61 billion. This translates to a drop of only about 5%.
Along with investors seeking temporary shelter, the currency has also fueled the collapse of Terra’s stablecoin and lack of trust in Tether (USDT).
USDT, which is currently the largest of the stablecoins, hasn’t weathered the market crash too well. Tether has suffered from a series of negative rumors such as an alleged connection to Celsius, and reports that Tether’s exchange wallet is 85% backed by Chinese capital.
Tether has grown from a market capitalization of $83.21 billion in early May to $68.15 billion today.
USDC is the winning stablecoin
The high transparency of the stablecoin USD Coin has generated a huge wave of adoption for this coin, in these times when trust is most valuable within the crypto ecosystem.
Today, USDC is ranked #4 on coingecko, thanks to a market capitalization of $55.249 billion, just behind Tether.
While everyone lost during the stock market crash, this stablecoin even saw its market capitalization increase, reaching new all-time highs day after day.
It looks like we will have a new leader in the stablecoin space.
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