New YouHodler Data Shows True Health of Crypto Markets


The crypto coin markets are plagued by misconceptions: that crypto investing is little more than gambling, that most coins are scams and that, in the end, everything revolves around bitcoin. But new data released from YouHodler shows how a deep bench of crypto coins are being used intelligently to generate income, at a time when traditional banking products offer such meagre returns. The crypto market is in good health.

YouHodler builds bridges between the fiat and crypto worlds, using crypto assets as either collateral for fiat lending, or through savings and lending products. In the three months leading up to Sept. 14, the most popular savings coin was the stablecoin USDT (17.7% of the total), followed by ethereum (13.1%) and then bitcoin (12.9%). Indeed, in the list of the top 30 most popular savings coins, there are seven stablecoins, including USDC, EURS, DAI and BUSD.

This popularity of stablecoins, especially those linked to the U.S. dollar, is largely the result of the spread differential between interest rates on fiat and crypto, which, depending on the coin, can be as large as 12%. It also shows how in a low interest rate world, savers can still find healthy returns, allowing their money to make money.

The data also shows how the crypto markets are not dominated by the big two of bitcoin and ethereum. There is a wide variety of coins that are being deposited whereby the top three coins make up around 40% of total volume with a long tail of 27 other coins constituting the remaining 60% of volume.

Wide range

This picture is mirrored in three other data sets from YouHodler: crypto coins placed as collateral for loans; crypto coins and fiat currency that people exchange into (from other crypto coins or fiat); and the most popular coins used in YouHodler’s trading accounts.

  • For the collateral that is placed to receive loans, bitcoin and ethereum both constitute around 19% of the total each, but other coins are also strong, notably XRP at 11% and ADA at almost 9% of the total.
  • For the crypto coins and fiat currency that people exchange into, the data correlates with the savings data, showing both the popularity of stablecoins, but also the wide variety of coins. USDT makes up nearly 15% of the total, ethereum 11% and bitcoin 10%, but with strong showing in the mid-single digits for a whole swathe of coins including ADA, EURS and XRP.
  • For the most popular coins used in YouHodler’s trading accounts, bitcoin leads with over 25% of the volume, with ethereum making up 14%. But the next five most popular coins (XRP, ADA, LINK, DOGE and BNB), together make up over 35% of the total.

Commenting on this data release, Ilya Volkov, CEO of YouHodler said: “This data shows how our customers are using the crypto markets intelligently to make returns on their money, either by using their coins as collateral for new loans or depositing them in high interest savings accounts. The crypto markets are increasingly becoming integrated with the fiat markets, while at the same time the variety of coins that are viable is increasing daily. We are committed to increasing the transparency of crypto markets, and to help them become more and more mainstream.”