Stablecoins: Ultimate Shufflers of Top-20 Cryptocurrencies In 2021
More or less the crypto economy in 2021 earned phenomenal value gains. It wouldn’t be wrong therefore to suggest that the year 2021 was apparently bullish for the digital currencies and stablecoins.
It was however the end of 2021 which ended on a lower side in terms of cryptocurrencies, especially for Bitcoin. The predictions contained in the “Plan B” were duly fulfilled for each month from July till October 2021. However, it was in the middle of November when Bitcoin couldn’t achieve a predicted value of above US$ 97,000.
Although, Bitcoin and Ethereum couldn’t fetch any end-year gains, yet they continued to hold their top positions intact. But for the rest of cryptocurrencies, there was some great shuffling of rankings amongst top cryptocurrencies after 2nd position till the end.
When 2020 ended, USDT was the third digital currency whose market cap was above US 20 Billion. At that time per USDT value was about US$ 0.998. But at the end of 2021, there was a major shuffle in the third-ranking of USDT which was ultimately overtaken by another stablecoin namely BNB.
BNB is the native stablecoin that belongs to the firm namely Binance. It was at the seventh place when USDT was enjoying the third position at the end of 2020. But the stablecoin of Binance had a successful 2021 and surpassed its market cap above US$ 48 Billion. The value of BNB was much bigger than that of USDT at the end of 2020 but it was falling short of USDT’s market cap at the relevant time.
Ripple Inc.’s disputed cryptocurrency namely “XRP” had been enjoying the third position for the consecutive two years i.e. 2020-2021. But it was XRP’s dispute with the Securities & Exchange Commission of the US that led to the fall of XRP. From the 3rd position, XRP fell to seventh place and continues to be in the same position even in 2022. The situation would have been different if the dispute had not arisen between the two. Otherwise, XRP was one of the fastest adopted cryptocurrencies in the world.
Litecoin was also at number five amongst the leading cryptocurrencies at the end of 2020. But unfortunately, it too lost its position to another rapidly growing digital currency called ‘SOLANA’. While Litecoin also had a phenomenal 2021 but it failed to retain its position. In fact, it miserably failed to come even closer to its lost ranking of 2020. As of today, Litecoin is securing the 17th position amongst the twenty lead cryptocurrencies of the world.
If the rankings of digital assets are examined then the shuffling has been caused majority by the stablecoins. It was the stablecoins that had upset several rankings within the 20 lead cryptocurrencies of the world.
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