Avalanche (AVAX), the native token of the smart contract platform of the same name, has shed 7.81% % over the last 24 hours, according to data provided by CoinMarketCap.
It has now exited the top 10 cryptocurrencies by market capitalization, slipping below Binance USD (BUSD), a stablecoin with a market cap of $18.1 billion.
AVAX is down 9.61% over the past week, performing in line with other “Ethereum killers.” Solana (SOL) and Cardano (ADA) are down 8.63% and 11.30% over the past week.
Rival Terra (LUNA) is still up 39.06% over the past week despite shedding more than 4% over the past 24 hours.
Stablecoins increase their presence
There are now three stablecoins within the top 10. Tether (USDT) and USD Coin (USDC) remain the two biggest dollar-pegged cryptocurrencies. They are currently valued at $79.6 billion and $53.3 billion.
TerraUSD (UST) is the biggest decentralized algorithmic stablecoin, whose market cap currently stands at $12.8 billion.