BUSD is now the 6th largest crypto by market value

BUSD-is-now-the-6th-largest-crypto-by-market-value
  • Binance USD(BUSD) is gathering steam as of late.
  • BUSD is now the sixth largest cryptocurrency by market value.
  • It’s feasible that XRP could reclaim its throne once more.

Binance USD(BUSD) is recently gaining momentum as it goes further up the top 10 list of largest cryptos by market value. XRP, on the other hand, tumbled down the list after losing more than 8% of its value in just a span of 24 hours. BUSD is 100%, reserves-backed by both fiat cash in dedicated, insured omnibus accounts at U.S. banks1 and/or repurchase agreements and money-market funds invested in U.S Treasury bills.

XRP, on the other hand, is a cryptocurrency that is developed by Ripple. It is mostly used by financial institutions for cross-border payments.  XRP saw a massive sell-off in the past 24 hours, which caused it to tumble down the list of largest cryptocurrencies by market value. BUSD, on the other hand, continued to gain momentum and is now the 6th largest cryptocurrency in the world by market value.

The recent move by the BUSD shows that there is a growing demand for stablecoins, which are cryptocurrencies that are pegged to a fiat currency or some other asset. This is because they offer investors a way to hedge against the volatility of the crypto markets.

With its growing popularity, BUSD is quickly becoming a viable alternative to other stablecoins such as Tether (USDT) and USDC. Its low fees and fast transaction times make it attractive for both traders and businesses.

It will be interesting to see how these two cryptocurrencies perform in the future. It is possible that XRP could stage a comeback and reclaim its place as one of the largest cryptos by market value. However, it is also possible that BUSD could continue to gain traction and eventually overtake XRP. Only time will tell.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer