The market value of BUSD has fallen below $14 billion, which has been surpassed by Cardano
It is reported that according to the latest data of coingecko, the market value of BUSD has fallen below US $14 billion, from US $13.721 billion at the time of writing, and has fallen by more than US $2.5 billion in the past seven days. At present, it has been surpassed by Cardano and dropped to the eighth place in the market value of cryptocurrency.
Interpretation of this information:
The latest data from Coingecko reveals that the market value of BUSD has taken a hit and fallen to below US $14 billion from US $13.721 billion previously, which translates to a decline of over US $2.5 billion within the past seven days. This situation has seen it fall to the eighth position in the market value of cryptocurrency, now sitting behind Cardano. BUSD is a stablecoin that is pegged 1:1 with the US dollar, backed by Binance, and ERC-20 based on the Ethereum blockchain.
The decrease in the market value of BUSD may be attributed to several factors, with some people pointing to the bearish market trend that has affected most cryptocurrencies. The extreme volatility experienced in the crypto market due to the Covid-19 pandemic has made it challenging for even stablecoins like BUSD to maintain their value. All cryptocurrencies have faced difficulty as governments and financial institutions have issued warnings and regulations that may negatively impact the market. Investor sentiment is also vulnerable to sudden shifts in the market, leading to fluctuations in trading volumes and prices.
Despite this drop in market value, BUSD remains a stablecoin that has numerous use cases. For one, it provides an easy way to store value and transfer funds without relying on traditional banks. BUSD is accepted by several crypto exchanges, which makes it easier for traders to switch between cryptocurrencies. Its stability and reliability keep it popular with those that want to minimize their exposure to market volatility.
In the final analysis, BUSD’s setback in market value comes at a time when most cryptocurrencies are struggling to maintain their value. This event highlights the inherent risks that come with investing in cryptocurrencies; however, there are still reasons to keep faith in these digital currencies as they continue to disrupt traditional finance.
This article and pictures are from the Internet and do not represent 96Coin's position. If you infringe, please contact us to delete:https://www.96coin.com/45334.html
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.