Bitcoin
BTC$19 477.75

4.45%

Ethereum
ETH$1 335.97

4.93%

Tether
USDT$1.000060

0.01%

USD Coin
USDC$1.000123

0.01%

Binance Coin
BNB$280.78

4.22%

XRP
XRP$0.440273

4.36%

USDT, USDC, and BUSD represent 93% of stablecoin market cap


13 Apr 2021

#Tether

The three largest stablecoins represent a combined capitalization of $60 billion. Research from on-chain analytics provider Glassnode has revealed that the top three stablecoins represent more than 90% of the sector’s entire market cap. Glassnode’s April 13 “Week On-chain” report found that the top three stablecoins — Tether (USDT), USD Coin (USDC), and Binance USD (BUSD) — have seen significant growth over the past six months to represent a combined capitalization of more than $60 billion, equal to 92.75% of the stablecoin market.

By contrast, six months ago the combined stablecoin capitalization for those three was less than one-third of its current levels at $19.2 billion. This time last year, stablecoins were worth just $7 billion combined.

The analysis compared the growth of stablecoins with Bitcoin’s market cap, identifying a clear correlation between the two. The report also found that USDT’s supply has continued to increase during recent weeks despite BTC trending sideways, whereas growth for USDC and BUSD has slowed.

BTC market cap vs stablecoin supply: Glassnode

The report notes historic lows for its Stablecoin Supply Ratio (SSR) metric, which measures Bitcoin’s market cap relative to the total stablecoin supply to estimate the global “buying power” of the stablecoin sector. When BTC prices are low, the supply of stablecoins can buy a larger portion of it to push prices up. Conversely, as prices increase the available stablecoins can purchase less which reduces the influence on prices. Glassnode concluded:

“The growth of stablecoin supplies throughout 2020-21 has held the SSR metric near historical lows suggesting a relatively high buying power of digitally native dollars. The demand for digital dollars appears to be keeping pace with demand for Bitcoin and cryptocurrencies as a whole.”

Tether’s market cap has over doubled since the beginning of 2021 to currently sit at a record $45.6 billion, according to the Tether transparency report. Circle’s website reported an all-time high of $11.5 billion USDC on April 9, while Goingecko estimated BUSD's supply to be $5.1 billion on April 13.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 87.6% 23 $19 477.75 4.45% 1.63% $373 264 823 304 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 66.8% 71 $1 335.97 4.93% 3.54% $163 755 405 431 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $1.000060 0.01% 0% $67 960 262 498 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000123 0.01% 0.01% $48 707 702 464 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 86% 15 $280.78 4.22% 4.60% $45 299 859 595 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 59.6% 83 $0.440273 4.36% 3.80% $21 969 915 706 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 90.8% 1 $1.000647 0.05% -0.01% $21 055 852 896 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 80% 35 $0.437309 2.31% -3.28% $14 973 500 079 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 81.2% 31 $33.70 5.17% 4.85% $11 957 820 597 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 93.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 88.4% 16 $0.060417 1.68% 2.72% $8 015 516 955 DOGE 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 70.8% 55 $6.44 2.66% 0.22% $7 223 798 979 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 94% 1 $0.999736 0.02% -0.07% $6 861 849 280 DAI 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 69.6% 62 $0.745555 3.08% -0.82% $6 511 915 521 MATIC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 94.4% 5 $0.060062 1.88% 0.71% $6 106 889 160 WTRX 7 days price change

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