BUSD sees Short-Term Premium amid Increased Demand
On March 13, CoinGecko data showed that the US dollar stable currency BUSD issued by Paxos had a short-term premium, once rising to the peak of US $1.03, and no
On March 13, CoinGecko data showed that the US dollar stable currency BUSD issued by Paxos had a short-term premium, once rising to the peak of US $1.03, and now it has dropped slightly to US $1.01, with a 24-hour increase of 1.5%, and the market value has risen to US $8.44 billion.
BUSD’s short-term premium rose to $1.03
Analysis based on this information:
Amid the ongoing crypto market rally, the US dollar stablecoin BUSD has seen a short-term premium, reaching the peak of $1.03 on March 13, as per CoinGecko data. The premium has now decreased slightly to $1.01, still reflecting heightened demand for the stablecoin. With a 24-hour increase in market value by 1.5%, BUSD’s current market value stands at a noteworthy $8.44 billion.
Stablecoins have gained popularity in the crypto market in recent years, as they offer stability and security compared to volatile cryptocurrencies like Bitcoin. BUSD, backed by blockchain-based trust company Paxos, offers the same stability as the US dollar and is fast gaining attention.
The recent surge in demand for BUSD indicates increased investment in the cryptocurrency market. Investors are flocking towards stablecoins as a hedge against price volatility, especially given the recent crypto market volatility. BUSD’s surge in demand also reflected its recognition and growing usage in cross-border payments and other transactions.
The rise in BUSD’s market value also sheds light on the broader adoption of stablecoins in the crypto world, a trend that is expected to continue. BUSD’s success is encouraging Paxos, the coin’s issuer, to introduce new stablecoins to the market, including the euro stablecoin, the Swiss franc stablecoin, and the British pound sterling stablecoin, among others.
The recent surge in demand for BUSD can also be attributed to its acceptance by major crypto exchanges. BUSD is currently listed on exchanges like Binance, Huobi, and OKEx, making it easier for investors to buy and trade. Its widespread adoption also enhances its stability, which in turn attracts more investment.
In conclusion, the short-term premium of the US dollar stablecoin BUSD indicates a surge in demand for stablecoins amidst the current volatile market situation. Investors are choosing stablecoins like BUSD as a hedge against the crypto market’s uncertainty. With its success, BUSD’s issuer, Paxos, is expected to introduce more stablecoins, aimed at expanding their market share. The crypto market’s growing adoption of stablecoins highlights its rise in popularity in the world of cryptocurrency, making it a trend to watch out for in the coming years.
This article and pictures are from the Internet and do not represent SipPop's position. If you infringe, please contact us to delete:https://www.sippop.com/6443.htm
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Related recommendations
-
Binance Ethereum Wallet Maintenance: What You Need to Know
On April 5th, according to the official announcement, Binance will perform wallet maintenance on the Ethereum Network (ERC20) at 15:00 on April 6th, 2023, which
-
Web3 DEX Aggregator OpenOcean Integrates ZK-Rollup Extension Solution zkSync Era
On April 27th, the Web3 DEX aggregator OpenOcean announced that it has integrated the Ethereum second layer ZK-Rollup extension solution zkSync Era. OpenOcean\’s
-
Why is Bitcoin filling the gap (Why is Bitcoin falling)?
Why is Bitcoin filling the gap? The reason Bitcoin rises is due to its insuffici
-
What does the deposit and withdrawal time mean (deposit and withdrawal fees)?
What does the deposit and withdrawal time mean? In the blockchain field, the dep
-
What Coins Can Aladdin L2 Miners Mine (Aladdin 32t Miner Setup Method)
What coins can Aladdin L2 miners mine? Mining is one of the most important techn
-
What is the difference between counterfeit currency and regular currency (what are the risks of counterfeit currency)
What is the difference between counterfeit currency and regular currency? Simply put, they complement each other. In the Bitcoin network, each block contains a small portion of transaction information (usually excluding miners or any other tokens dug up). Many investors in the Cryptocurrency market believe that this Cryptocurrency is a “fraud”. For example, there is a company called CryptoCapital that has issued its own digital asset “XMR”, but in reality this does not exist. “XCR” is a completely anonymous Cryptocurrency. It is owned by an independent entity without the participation of intermediaries, so it cannot be attacked by hackers, nor does it have the built-in function related to sovereignty law – the so-called smart contract code. ” What are the risks of counterfeit coinsThere are two main types of risks of counterfeit coins: firstly, a sudden increase in market prices leads to a large amount of arbitrage, and secondly, many counterfeit coins in the market have experienced significant declines. Both…
-
Optimism’s V2 Upgrade Proposal: Stringent Upgrade and Launch Standards
On March 10, the governance page showed that the new version (V2 version) of the upgrade proposal for the Optimism main network Bedlock, the Ethereum second-tie
-
Bitcoin Financial Services Provider Unchained Raises $60 Million in B-Round Financing
According to reports, Bitcoin financial service provider Unchained announced the completion of a $60 million B-round financing, with Valor Equity Partners leadi
-
800 BTCs Transferred From Bitfinex to Kraken: What Does It Mean for The Crypto Market?
According to reports, according to Whale Alert monitoring data, 800 BTCs (valued at approximately $22509500) were transferred from Bitfinex to Kraken.
800 BTCs -
Understanding the Recent ETH Supply Changes and Their Impact on Ethereum
According to reports, ultra sound data shows that the ETH supply has decreased by 5702 ETHs within 7 days, and 18524 ETHs have been destroyed in the past 7 days