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#XRP Overtakes BUSD by $300M; Becomes 6th Biggest #Crypto by Market Cap

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#XRP Overtakes BUSD by $300M; Becomes 6th Biggest #Crypto by Market Cap

In an exciting turn of events, data available on CoinMarketCap shows that XRP has flipped the Binance stablecoin (BUSD) to become the sixth most significant cryptocurrency by market capitalization.

The current market capitalizations of XRP and BUSD are $17,699,461,219 and $17,387,741,238, with XRP leading by barely 300 million. XRP trades at $0.352, with a 3% increase in the last seven days, with a 24-hour trading volume increase of over 91%.

On the other hand, BUSD maintains its one-dollar peg, barely changing over the previous seven days. In the height of FUD last month, Bloomberg, one of the prominent media agencies in the United States, reported that Binance’s reserves comprised primarily of an owned token, BUSD, the third largest stablecoin.

The CEO of Binance, Changpeng Zhao, described the write-up as ‘poop journalism,’ clarifying that its exchange was not the issuer of BUSD. Instead, the third-party company Paxos, under the New York Department of Financial Services (NYDFS) regulation, had been in charge of the BUSD issuance.

💩 journalism.#BUSD is issued by Paxos, a NYDFS regulated entity, not Binance. The numbers are all wrong too.

These are users assets, in the form users choose to store with us. We don’t convert for them. pic.twitter.com/YUwg0yaDLN

— CZ 🔶 Binance (@cz_binance) November 11, 2022

Notably, the Cardano utility token ADA, which used to be the sixth largest crypto by market cap, is far behind the Doge meme coin at number nine. ADA’s market cap is slightly over $9 billion while trading at $0.2616 for the first time in many years.

Since last December 2021, the crypto market has been on a downward trend, with Bitcoin (BTC) losing more than 75.83% of its all-time high. BTC trades at $16,852.72, with barely a 1% change in seven days.

Source: ethereum.today

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