Binance USD (BUSD) Market Cap Soared More Than $400 Million in May
Raphael Minter - Be[In]Crypto
BUSD joined USDC as one of the few cryptocurrencies that withstood the market crash of May which led to a steep decline in prices that saw billions of dollars wiped off the market.
The token issued by Binance remains a top 10 digital asset by market capitalization in June. According to Be[In]Crypto Research, BUSD closed the fifth month of the year with a market capitalization of around $18.2 billion.
This marked a 2% increase from the opening day’s market value. BUSD saw a trading volume in the region of $4.08 billion which corresponded to a market capitalization of approximately $17.71 billion on May 1.
Why the increasing market capitalization?
The high demand for the stablecoin during the peak of the crash on May 9 to 13 can be credited for the soaring market capitalization of the token.
The number of large transactions peaked on May 12. On that day, transactions involving BUSD were 796,000 at a price of $0.966500.
This corresponded with a transaction volume of 4.33 billion tokens at the same price.
The total transaction volume of 4.33 billion BUSD multiplied by $0.966500 equals $4.18 billion.
On May 12, it opened at $1, reached an intraday high of $1.02, tested an intraday low of $1, and closed at $1.
The trading volume for the day was $19.14 billion and corresponded to a market capitalization of $17.09 billion. Increased demand by traders to offset huge losses saw the token maintain its peg by the close of the month.
BUSD price reaction
BUSD opened on May 1, at $0.9994, reached a monthly high of $1.02 on May 12, tested a monthly low of $0.9978 on May 9, and ended the month with a trading price of $1. Overall, there was a 0.6% increase in the opening and closing price of the token in May.
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