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It has been 21 days since Paxos revealed that they would no longer mint stablecoin BUSD. Since then, over 7 billion BUSD stablecoins have been redeemed. Before the announcement, BUSD was once a top ten crypto asset. However, the top ten cryptocurrencies by market cap have changed since the redemptions. Currently, there are only two stablecoins in the top ten position, and the Okx exchange token, OKB, has joined the pack.
Every year the top ten cryptocurrencies by market cap change significantly, such as last year when three stablecoins entered the top ten for the first time. In addition, the number of proof-of-work (PoW) cryptocurrencies in the top ten dropped to two tokens last year (BTC, DOGE) and is still the case today.
In the 21 days since BUSD was removed from the top ten spot, the top ten cryptocurrency contenders have changed. For example, there are now only two stable coins in the group, including tether (USDT), the third largest cryptocurrency by market capitalization, and usd coin (USDC), the fifth largest crypto by market capitalization.
A relatively new entrant into the top ten cryptocurrencies by market capitalization is polygon (MATIC), currently the tenth largest digital token by valuation. The day before Paxos announced it would no longer mint BUSD, MATIC was the tenth largest cryptocurrency by market cap, with a market capitalization of $11.55 billion.
On February 12, 2023, Okx’s exchange token OKB was not among the top ten cryptocurrencies by market capitalization, according to a snapshot from archive.org. However, the utility token OKB has moved up a couple of places and is now the seventh largest by market valuation.
OKB has risen more than 25% against the US dollar in the past month. So far this year, the exchange/utility token is up 176.3%. However, two-week statistics show a 4% loss against the dollar. With OKB, there are now two exchange/utility tokens in the top ten cryptocurrencies, and the fourth largest cryptocurrency by market capitalization, BNB, is the second.
There are now two stablecoins, two exchange/utility tokens, four smart contract tokens and two proof-of-payment cryptoassets in the top ten. Two cryptocurrencies that are close to the top ten by market capitalization include solana (SOL) and Lido’s staked ether (STETH).
What do you think the future holds for the composition of the top ten cryptocurrencies by market cap? Share your thoughts in the comments section below.
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