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

TokenInsight has released Crypto Market Insights 2023Q2. The report shows that, in a market where no major frenzy or phenomena occurred, Bitcoin and Ethereum 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.

Over half of the top 50 cryptocurrencies saw their market cap decline. The market caps of $ALGO (-43.63%), $APE (-43.54%) and $MATIC (-38.63%) dropped the most, while $BCH (153.61%), $USDP (34.68%) and $stETH (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 $USDT (+25.8%), $TUSD (+300.3%), $LUSD (+54.5%), $USDP (+14.2%), and others. However, the market cap of BUSD (-75%) and USDC (-37.2%) decreased severely due to market risk and industry regulation.

To learn more about the crypto market in Q2, please read: Crypto Market Insights 2023Q2

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