The share of stablecoins within the overall crypto market was below that of Ethereum (ETH) and Bitcoin (BTC). This would mark a significant rise of the digital asset, as earlier calculations from December 2021 indicated a stablecoin market share of seven percent. What may play a part in these figures is that "regular" cryptocurrencies such as Ethereum saw a significant decline in price between May and June 2022 - leading to their market cap to decline as well. Fiat-backed stablecoins like Tether, USD Coin and Binance USD, on the other hand, were not as impacted. That said, the crash of algorithmic stablecoin TerraUSD and its token Terra (LUNA) led to much uncertainty on whether non-fiat backed stablecoins could work.
Distribution of stablecoin against Bitcoin (BTC), Ethereum (ETH) and other crypto, based on market capitalization on June 21, 2024
The numbers provided have been calculated by Statista; Note that the overall stablecoin market is estimated at roughly 75 different coins, although definitions can vary between sources
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Statista, & CoinGecko. (June 21, 2024). Distribution of stablecoin against Bitcoin (BTC), Ethereum (ETH) and other crypto, based on market capitalization on June 21, 2024 [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1316465/top-five-stablecoin-market-distribution/
Statista, und CoinGecko. "Distribution of stablecoin against Bitcoin (BTC), Ethereum (ETH) and other crypto, based on market capitalization on June 21, 2024." Chart. June 21, 2024. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1316465/top-five-stablecoin-market-distribution/
Statista, CoinGecko. (2024). Distribution of stablecoin against Bitcoin (BTC), Ethereum (ETH) and other crypto, based on market capitalization on June 21, 2024. Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1316465/top-five-stablecoin-market-distribution/
Statista, and CoinGecko. "Distribution of Stablecoin against Bitcoin (Btc), Ethereum (Eth) and Other Crypto, Based on Market Capitalization on June 21, 2024." Statista, Statista Inc., 21 Jun 2024, https://www.statista.com/statistics/1316465/top-five-stablecoin-market-distribution/
Statista & CoinGecko, Distribution of stablecoin against Bitcoin (BTC), Ethereum (ETH) and other crypto, based on market capitalization on June 21, 2024 Statista, https://www.statista.com/statistics/1316465/top-five-stablecoin-market-distribution/ (last visited November 21, 2024)
Distribution of stablecoin against Bitcoin (BTC), Ethereum (ETH) and other crypto, based on market capitalization on June 21, 2024 [Graph], Statista, & CoinGecko, June 21, 2024. [Online]. Available: https://www.statista.com/statistics/1316465/top-five-stablecoin-market-distribution/
