Stablecoin Dominance Surges in June as Crypto Markets Shed 35% - Aliens: AI Crypto News & Markets Updates
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Stablecoin Dominance Surges in June as Crypto Markets Shed 35%

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Blockworks

Thu, Jun 30, 2022

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Bitcoin and ether were some of the worst performing top-50 cryptocurrencies this month Stablecoin dominance is way up, with the top four dollar-pegged tokens now making up more than 15% of the digital asset market Bitcoin dropped below $19,000 this morning, having shed up to 6% over the past day as benchmark indexes NASDAQ 100 and S&P 500 remain muted.

Grimmer still, bitcoin has been one of the worst performing top-50 tokens this month, according to price data compiled by Blockworks.

For scale, the worst performing of the top 50 cryptocurrencies — decentralized finance token AAVE and BTC fork bitcoin cash — lost 51% of their value this month.

Bitcoin dominance, which measures how much of the digital asset market is BTC, dropped more than seven percentage points in June, to 43.5%.

As for June’s winners, cryptocurrency exchange Bitfinex’s native token unus sud leo (LEO) continues to significantly outperform the overall crypto market.

Those who bought LEO can recoup their investments by selling the token on public markets as its price appreciates, so the idea goes.

Similarly to other exchanges with native tokens, Bitfinex buys and burns LEO supply when trades occur on the platform.

June’s price rise added almost $600 million to LEO’s market capitalization to make it the 15th largest token overall, ahead of prominent layer-1 tokens avalanche and matic, but still well behind Binance’s BNB.

A Bitfinex spokesperson previously told Blockworks: “LEO’s performance should be viewed as a metric of customer confidence and trust in the platform.” They added correlation could be emerging between LEO’s price and the potential recovery of bitcoin stolen from the exchange in 2016.

Katie Talati, director of research at digital asset management firm Arca, agreed that authorities’ recovering bitcoin stolen from Bitfinex has been the main driver for LEO’s price appreciation this year, but noted there have been no new developments to the story since February.

“In addition, LEO is far more illiquid than other centralized exchange tokens which means it is subject to different price moves and might be why the price is more stable than others in the sector,” Talati told Blockworks in an email.

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