It has been 21 days since Paxos revealed that it would no longer mint the BUSD stablecoin. Since then, more than 7 billion BUSD stablecoins have been redeemed. Prior to the announcement, BUSD was once one of the top ten crypto assets. However, the top ten cryptocurrencies by market valuation have changed since the swaps. There are currently only two stablecoins in the top ten, and Okx token exchange OKB has joined the pack.
2023 Records Changes in Top 10 Cryptocurrencies by Market Capitalization
Every year, the top ten cryptocurrencies by market capitalization change significantly, such as last year when three stablecoins entered the top ten for the first time. Furthermore, the number of proof-of-work (PoW) cryptocurrencies in the top ten fell to two tokens last year (BTCDOGE), and that is still the case today.
In the 21 days since BUSD was knocked out of the top ten, the top ten cryptocurrency competitors have changed. For example, there are now only two stablecoins in the pool, including tether (USDT), the third-largest cryptocurrency by market capitalization, and the USD coin (USDC), the fifth-largest cryptocurrency in terms of market valuation.
A relatively new entrant into the top ten cryptocurrencies by market capitalization is Polygon (MATIC), currently the 10th largest digital token by valuation. The day before Paxos announced that it would no longer issue BUSD, MATIC was the 10th largest cryptocurrency by market capitalization, with a market capitalization of $11.55 billion.
In February 12, 2023, Okx exchange token OKB was not in the top ten cryptocurrencies by market capitalization, according to a snapshot from archive.org. However, the OKB utility token has since moved up a few places and is now the seventh largest by market valuation.
OKB is up more than 25% against the US dollar over the past month. Year-to-date, the exchange/utility token is up 176.3%. However, the two-week statistics show a loss of 4% against the dollar. With OKB, there are now two exchange/utility tokens among the top ten cryptocurrencies and the fourth largest cryptocurrency by market capitalization. bnbis the second.
There are now two stablecoins, two exchange/utility tokens, four smart contract tokens, and two proof-of-work payment crypto assets in the top ten. Two cryptocurrencies that are close to the top ten by market capitalization include solana (SOL) and Lido ether (STETH).
What do you think the future holds for the composition of the top ten cryptocurrencies by market capitalization? Share your thoughts in the comments section below.
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