The cryptocurrency market is constantly changing, and the top ten cryptocurrencies by market capitalization are no exception. In the past 21 days, the top ten crypto assets have seen significant changes, with the removal of BUSD from the list and the addition of OKB to the pack.
Prior to the announcement that Paxos would no longer mint BUSD, the stablecoin was a top-ten crypto asset. Now, there are only two stablecoins in the top ten standings, tether (USDT) and usd coin (USDC). Additionally, the number of proof-of-work (PoW) cryptocurrencies in the top ten has fallen to two tokens (BTC, DOGE).
The tenth largest cryptocurrency by market capitalization is polygon (MATIC), which was not in the top ten prior to the BUSD announcement. The utility token OKB has also joined the top ten, rising more than 25% against the U.S. dollar over the past month.
The composition of the top ten cryptocurrencies by market capitalization is constantly changing, and the future of the list is uncertain. Currently, there are 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’s staked ether (STETH).
It will be interesting to see how the top ten cryptocurrencies by market capitalization change in the coming months and years. With the ever-evolving cryptocurrency market, it is likely that the list will continue to change as new projects enter the space and existing projects gain more traction.