Top 10 Stablecoins that Might Follow the Demise of Terra

In this article, we will throw light on top 10 stablecoins and cryptocurrencies that might follow the demise of Terra

This probably isn't the best phase of the cryptocurrency market. The brutal bloodbath pertaining to the cryptocurrency market has sent shockwaves across nations. Out of all the cryptocurrencies, one that has grabbed eyeballs because of a drastic fall in its value is Terra. If you are of the perception that Terra's downfall is a beginning of an unwanted turmoil in the crypto domain, you are absolutely right! In this article, we will throw light on the top 10 stablecoins and cryptocurrencies that might follow the demise of Terra.

Bitcoin

Evidently enough, bitcoin is the largest cryptocurrency in terms of market cap. But what we get to see from the last couple of days is that there has been a significant decrease in the value of bitcoin as well. Though bitcoin is always known for bouncing back to normal and fetching good returns for its investors, it might take quite a long time for this digital currency to bounce back.

Ethereum

This second largest cryptocurrency has also made it to the headlines because of the downfall it has witnessed during the last couple of days. After bitcoin, investors have always been keen on how Ethereum is performing. The last couple of days haven't been promising for Ethereum either as the cryptocrash has got hold of it as well.

Tether

Tether is widely recognised as one of the most stable altcoins. The downfall of the cryptocurrency market is so intense that this stablecoin has witnessed a massive decline of nearly $7 billion in value of late. The fact that Tether's circulation has been impacted drastically could be an indication that this stablecoin, too, is in danger.

Terra Luna

Yet another stable coin that has fallen from a high value to a low one is Terra Luna. The extent to which this stablecoin has lost its value has left everyone stumped. Well, given the situation, it is hard to not accept that Terra Luna had every chance to follow the demise of Terra USD.

USD Coin (USDC)

Just like Terra, USD coin is used by investors to convert their dollars into crypto, buy other types of cryptocurrencies, or serve as a safe haven asset that crypto investors can use to avoid fluctuations in other tokens. Of late, this stablecoin has also seen a downfall. The cryptocurrency crash has led to a drop in the ranking of this stablecoin as well.

DEI

DEI is yet another stablecoin that joins other stablecoins which have lost their peg after the "death spiral". Industry experts believe that the coins' value is not going to see an upward trajectory anytime soon.

FLOW

Flow is a layer one blockchain and smart contract platform that can be used to pay for transactions, vote on the future of the network, and be staked by validators to secure the network. Off late, this token has seen a surge in its value as a result of the crypto crash.

ApeCoin

This digital cryptocurrency is used to empower a decentralized community, building for Web3. This token is used for governance, utility, and incentivization in the Ape ecosystem. Just like other players, this too has seen a drastic fall in its value.

MANA

MANA tokens are recognized widely as a medium to pay for a range of avatars, wearables, names, and much more on the Decentraland marketplace. The last couple of days hasn't been that good for MANA as there is a significant drop in its value. Well, let's just hope for the cryptocurrency market to bounce back to normal.

DOT

This, too, has set headlines for dropping to a multi-month low. The pattern seen in the value of this digital currency is that of a hammer – throwing light on the very fact that the situation is not yet back to normal and that the value might dip more.