Stablecoin

Ethereum

Bitcoin

April

TokenInsight has released Crypto Market Insights 2023Q2. The report shows that, in a market where no major frenzy or phenomena occurred, <a target="_blank" href="https://tokeninsight.com/en/coins/bitcoin/overview" rel="noopener noreferrer nofollow">Bitcoin</a> and <a target="_blank" href="https://tokeninsight.com/en/coins/ethereum/overview" rel="noopener noreferrer nofollow">Ethereum</a> continued gaining market share, while altcoin's market share was eroded, dropping to below 30%. 
Overall, the total market cap of the entire market remained relatively unchanged in Q2, fluctuating around $1.1T throughout the period. Bitcoin and Ethereum continued to dominate the market, holding over 70% of the total market share. Compared with Q1, their market shares increased by 8.7% and 7.1% respectively. 
The top 50 cryptocurrencies (except for Bitcoin and Ethereum) accounted for 27.39% of the total crypto market cap, experiencing an 8.71% decrease in share throughout the second quarter. Cryptocurrencies beyond the top 50 saw a more substantial decline in market cap, dropping approximately 53.19% from around $60.8B in early April to approximately $30B by the end of June. 
<img src="https://s2.tokeninsight.com/static/calendar/img202307260608250a5446c9-3c34-46ec-8c50-9eb2fd406495.jpg"> 
Over half of the top 50 cryptocurrencies saw their market cap decline. The market caps of <a target="_blank" href="https://tokeninsight.com/en/coins/algorand/overview" rel="noopener noreferrer nofollow">$ALGO</a> (-43.63%), <a target="_blank" href="https://tokeninsight.com/en/coins/apecoinape2/overview" rel="noopener noreferrer nofollow">$APE</a> (-43.54%) and <a target="_blank" href="https://tokeninsight.com/en/coins/polygon/overview" rel="noopener noreferrer nofollow">$MATIC</a> (-38.63%) dropped the most, while <a target="_blank" href="https://tokeninsight.com/en/coins/bitcoin-cash/overview" rel="noopener noreferrer nofollow">$BCH</a> (153.61%), <a target="_blank" href="https://tokeninsight.com/en/coins/paxos-standard/overview" rel="noopener noreferrer nofollow">$USDP</a> (34.68%) and <a target="_blank" href="https://tokeninsight.com/en/coins/lido-staked-ether/overview" rel="noopener noreferrer nofollow">$stETH</a> (23.64%) had the highest growth. 
Meanwhile, stablecoin's market cap continued to decline in the first half of 2023. As of the end of June, the circulating market cap of stablecoins was $128B, showing a decrease of $9.65B (-7%) compared to the beginning of the year. During Q2, it declined by $3.57B (-2.7%). Overall, in the first two quarters, the market cap saw significant increases for <a target="_blank" href="https://tokeninsight.com/en/coins/tether/overview" rel="noopener noreferrer nofollow">$USDT</a> (+25.8%), <a target="_blank" href="https://tokeninsight.com/en/coins/trueusd/overview" rel="noopener noreferrer nofollow">$TUSD</a> (+300.3%), <a target="_blank" href="https://tokeninsight.com/en/coins/liquity-usd/overview" rel="noopener noreferrer nofollow">$LUSD </a>(+54.5%), $USDP (+14.2%), and others. However, the market cap of <a target="_blank" href="https://tokeninsight.com/en/coins/binance-usd/overview" rel="noopener noreferrer nofollow">BUSD</a> (-75%) and <a target="_blank" href="https://tokeninsight.com/en/coins/usd-coin/overview" rel="noopener noreferrer nofollow">USDC</a> (-37.2%) decreased severely due to market risk and industry regulation. 
To learn more about the crypto market in Q2, please read: <a target="_blank" href="https://tokeninsight.com/en/research/reports/crypto-market-insights-2023q2" rel="noopener noreferrer nofollow">Crypto Market Insights 2023Q2</a> 
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<a target="_blank" href="https://tokeninsight.com/en/cryptocurrencies" rel="noopener noreferrer nofollow">TokenInsight</a> is dedicated to covering the most important and cutting-edge trends in the world of crypto. If you have information to share with us, please feel free to contact our email <a href="mailto:news@tokeninsight.com" rel="noopener noreferrer nofollow">news@tokeninsight.com</a>. Your trust will be well respected.

TokenInsight: Altcoin Market Share Drops to Below 30% in Q2, Stablecoin Market Cap Declines

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