Kaiko named the best-selling altcoin of 2023
Date: 2023-07-26 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
The token of the blockchain startup Ripple (XRP) has become the most traded altcoin in 2023 with a trading volume of more than $150 billion, according to Kaiko analysts
XRP's trading volumes far exceed those of other competing altcoins. This increased volume can be attributed to a renewed investor interest in XRP following Ripple's partial victory over the U.S. Securities and Exchange Commission (SEC).
However, although this had a positive effect on XRP's price performance, increasing its value to an annual high above $0.8, the asset began to lose value, losing more than 7% over the past week.
XRP's closest competitor is Solana (SOL) with a trading volume of around $100 billion. Dogecoin (DOGE), Binance Coin (BNB), and Polygon (MATIC) round out the top five with over $50 billion in trading volume, however, it is still up 43% in the last 30 days.
The share of bitcoin is declining
The share of bitcoin (BTC) dominance has fallen by 8% since the beginning of July after the decision in the Ripple case, which instantly caused the altcoin markets to rise. BTC's dominance on the 25 largest centralized exchanges (CEXs) was at its lowest level since April at 27%.
Offshore exchanges have seen a sharper drop in BTC trading activity, partly due to a surge in the volume of South Korean altcoins. Since the beginning of 2023, BTC's dominance has also decreased by 20%. On US exchanges, altcoins, among other things, have gained momentum over the past month, which suggests that regulatory measures have not yet reduced demand.
What's Happening with Stablecoins
The market capitalization of the stablecoin Tether (USDT) continued to grow, reaching an all-time high of more than $83 billion in early June. However, this increase was not enough to offset the decline in the total market capitalization of stablecoins, which was falling, led by Binance USD (BUSD) and USD Coin (USDC).
Overall, stablecoin trading activity on crypto exchanges has remained low over the past few months, with all five leading stablecoins, with the exception of True USD (TUSD), registering a decline in trading volumes in the second quarter compared to the previous quarter.
