Today, we delve into the data behind the stablecoin Binance USD (BUSD) to uncover the numbers that matter. Dated July 11, 2023, this analysis reveals the stability, market penetration, and trading activity of BUSD, a popular choice among crypto traders and investors.
BUSD, with a market cap of approximately $4.03 billion, holds a strong position in the crypto market. Its rank is #20, showing its significant presence and acceptance among traders. The market cap dominance stands at 0.328%, which, while seeming small, is considerable given the vast number of cryptocurrencies in the market.
The stability of BUSD is evident in its price fluctuations within the last 24 hours and the past 7 days. The 24-hour low and high were $0.996670 and $1.01, respectively, while the 7-day low and high were $0.991755 and $1.01, respectively. This close range indicates that BUSD maintains its peg to the US dollar well, providing a reliable store of value in the volatile crypto market.
The trading volume of BUSD is also noteworthy. With a 24-hour trading volume of about $2.30 billion, it is evident that BUSD is highly liquid and actively traded.
The circulating supply and the total supply of BUSD are both approximately 4.03 billion BUSD. This means that all the BUSD ever created is currently in circulation, suggesting a high demand and utilization of this stablecoin in the market.
Given the stability of BUSD, its strong market cap, and the fully circulating supply, we can anticipate that BUSD will continue to play a significant role in the cryptocurrency market. Its stable value tied to the US dollar makes it an attractive option for traders looking for a safe haven amidst market volatility. However, as with any market prediction, this is not guaranteed and is subject to the overall conditions of the crypto market and regulatory environment.
What does the future hold for Binance USD (BUSD)?
Given its current performance and stable nature, we can expect BUSD to continue to be a crucial player in the crypto space. Its high liquidity and fully circulating supply suggest that it is widely used for trading and as a store of value, and we can expect this trend to continue, given the ongoing volatility in the broader crypto market.
How does Binance USD (BUSD) maintain its stability?
BUSD maintains its stability by being pegged to the US dollar. This means that for every BUSD in circulation, there is a corresponding US dollar held in reserve by Binance. This ensures that the value of BUSD remains stable, even when other cryptocurrencies fluctuate. The stability of BUSD makes it a popular choice for traders looking to hedge against volatility in other cryptocurrencies.