Cryptocurrency: Investors stake $100 billion in major assets
Finbold, a data analysis firm, reveals in a research report that $100 billion has been invested in the cryptocurrency market, placing the value of the top ten staked cryptocurrencies at $99.2 billion.
The report explains the increase in popularity of cryptocurrency and staking, placing passive income as an incentive to trade.
“The process is a quite easy, consistent, and relatively low-risk way of earning using digital assets. The lure of earning passive income over time attracts more investors. Besides providing a steady means of earning income, cryptocurrency staking strengthens the ecosystem by creating demand and taking tokens out of circulating supply,” the report read.
Cardano (ADA) tops the list with 73.27 per cent in stakes and is worth $27.35 billion. Polkadot (DOT) follows closely with 64.18 per cent in tokens staked, with a value of $23.9 billion. Both coins make up over half of the top ten stakes valued at about 51 percent.
Also on the list is Solana (SOL) with 62.82 per cent in stakes and a value of $9.71 billion, Ethereum 2.0 (ETH) makes up 3.31 per cent in stakes and is valued at $8.21 billion. Avalanche (AVAX) ranks fifth with a value of $7.64 billion and 78.03 per cent in stakes.
Algorand (ALGO) comes sixth with 52.26 per cent in stakes and a value of $6.85 billion, USD Coin (USDC) follows at $4.32 billion. Terra (LUNA), accounts for 32.73 per cent at $4.19 billion.
Ninth on the list is Binance Smart Chain (BNB) valued at $4.10 billion with 63.67 per cent in stakes and Tezos (XTZ) comes in last at 78.17 per cent, valued at $3.66 billion.
The total cryptocurrency market cap fares poorly with a less than 55 percent price return against major asset classes year to date, according to CoinGecko. Still, the U.S. dollar index and crude oil managed to stay afloat.
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