Started at 1,000. Stablecoins and gold tokens excluded. Members are the ten largest coins at each update, and the divisor adjusts when they change so the line stays continuous.
Countdown
Bitcoin halving
Every 210,000 blocks, the reward for mining new Bitcoin is cut in half.
Calculators for prices, market caps, history and risk, using live data.
History
Past investment
What money put into a coin on a past date is worth today.
Your investmentSame money in BitcoinMoney put in
Steady buying
DCA simulator
Buying a fixed amount on a schedule, compared with putting it all in on day one.
Steady buyingAll on day oneMoney put in
Reality check
Price target
What a target price would mean for a coin's market cap.
Converter
Convert
Any coin to dollars or to another coin, at live prices.
Head to head
Compare coins
Side-by-side price, size, supply and performance.
Market cap comparison
What if
The price a coin would have with another coin's market cap.
Flippening watch
Closest races
Neighbours nearest to swapping rank (stablecoins excluded).
Dominance
Market share
Share of total crypto market cap.
Profit & loss
Return check
What a past buy is worth at today's price.
Risk
Position size
How much to buy so a stop-out loses only what you choose.
A stop-loss isn't guaranteed. Gaps and slippage can fill past your stop and make the loss bigger.
Supply
Dilution check
Circulating vs. maximum supply, and the cap if every coin existed.
Investing
Average cost
Your weighted average price across several buys.
Investing
Break-even
The selling price that gets your money back after fees.
Risk
Comeback
The gain needed to recover from a drop.
Start
After drop
Investing
Rebalancer
Trades needed to get back to your target mix.
Coin
Now
Target %
Trade
Today's crypto prices by market cap
How do stablecoins hold their value?
In March 2023, one of the most trusted dollar tokens in crypto traded at about 88 cents.
USDC had said part of its reserves was stuck at Silicon Valley Bank, which had just failed. Within days the money was secured and the price came back to $1. Not every stablecoin has recovered from moments like that.
How a token holds $1
Cash-backed coins depend on the issuer, crypto-backed coins on extra collateral, and algorithmic coins on confidence, which is how TerraUSD collapsed in 2022.
Some, like USDT and USDC, are issued by companies that say they hold cash and short-term government debt to back each token. Others are backed by crypto locked up as collateral, worth more than the stablecoins issued against it. A few use trading strategies or algorithms instead.
Traders use stablecoins to hold dollars without leaving crypto, and to move money quickly between exchanges and across borders.
A stablecoin's price can slip below $1 when people doubt its backing. KryptoKap's stablecoin monitor flags any coin more than 0.5% from its peg.
Why traders pull the price back to $1
With cash-backed coins, the issuer lets large customers swap one token for one dollar, and back again. If the price slips to $0.99, traders buy cheap tokens and redeem them for $1, which pushes the price back up.
Crypto-backed coins rely on extra collateral. If you lock $150 of ether to borrow $100 of a stablecoin and ether falls, your position is sold before the collateral is worth less than the debt.
What goes wrong
In March 2023, USDC briefly fell to about $0.88 after its issuer said some reserves were stuck at the failed Silicon Valley Bank. It recovered within days once the deposits were secured.
TerraUSD in May 2022 was different. It relied on an algorithm and a partner token instead of reserves, and when confidence broke, both collapsed to almost nothing within a week.
Reading a reserve report
Divide reserves by tokens issued to get coverage. Here $101.0 billion backs $100.0 billion of tokens, a 101% ratio, and most of it sits in short-term Treasury bills.
Large fiat-backed issuers publish regular reserve reports. Circle posts monthly attestations for USDC, and Tether publishes quarterly ones for USDT. Each lists the tokens outstanding on a date and the assets held against them. An attestation is an accountant confirming the numbers at that moment; it isn't a full audit of controls over the year.
Start with one division. In our example, $101.0 billion of reserves backs $100.0 billion of tokens, a coverage ratio of 101%, leaving a $1.0 billion cushion. Then look at what the reserves are. Here $80 billion sits in short-term US Treasury bills, $10 billion in repurchase agreements, $6 billion in bank cash and $5 billion in other assets. Treasury bills and repos can be turned into cash quickly. Bank deposits can be frozen if a bank fails, which is exactly what hit USDC in March 2023.
The "other" line deserves the closest reading. It can include things like corporate debt, loans, precious metals or bitcoin, which can lose value or be hard to sell in a hurry. A coin can show more than 100% coverage and still be riskier than one at exactly 100% if the extra is in assets that fall in a crisis. Compare the date of the report with today, too; a quarterly snapshot can be months old.
How stablecoin supply grows and shrinks
Tokens are created when dollars come in and destroyed when they go out. In this example $3.2 billion minted minus $1.1 billion burned lifts supply from $50.0 billion to $52.1 billion.
Fiat-backed stablecoins are created and destroyed on demand. When an approved customer wires $1 million to the issuer, the issuer mints 1 million new tokens to that customer's address. When a customer sends 1 million tokens back to redeem, the issuer burns them and wires out $1 million. Both actions are public on the blockchain, so you can watch them on an explorer.
Adding up those flows gives the change in supply. In our example month, supply starts at $50.0 billion, $3.2 billion is minted and $1.1 billion is burned, leaving $52.1 billion. That's a net increase of $2.1 billion, or 4.2%.
Supply changes tell you something prices can't, since the price is meant to stay at $1. Rising supply means more dollars are coming into crypto through that coin. A run of heavy burns means holders are cashing out, and in a crisis, burns are the first sign of a rush for the exit. USDC's supply fell by billions in the days around the 2023 Silicon Valley Bank failure. KryptoKap's stablecoin monitor tracks total supply for exactly this reason. One caution is that a large mint can sit in the issuer's treasury unissued for a while, so a single big mint isn't always fresh demand.
Key terms
Peg
The price a stablecoin aims to hold, usually $1.
Reserves
The assets an issuer holds to back its tokens.
Attestation
An accountant's check of reserves at a point in time, lighter than a full audit.
Depeg
Trading noticeably away from the target price.
Checking the dollar behind the token
Whether the reserves are really there. The price only shows what traders believe right now. Reports and attestations are what you check for the backing.
How fast you could redeem. Swapping a token for dollars directly is often limited to large, verified customers.
What happens under stress. A stablecoin can sit at $1 for years and still break in a single bad week.
What people get wrong
$1 isn't guaranteed. Stablecoins have lost their peg before, a few of them permanently.
Not all stablecoins are backed by cash. Check how each one is backed before assuming it's safe.
Why it matters
Stablecoin supply is a useful market signal, because when it grows, more dollars are sitting inside crypto, ready to be used.
Common questions
Why does KryptoKap leave stablecoins out of some measures?
Their price is meant not to move, so including them would dilute the Pulse, the season meter and the KryptoKap 10.
When is a stablecoin considered depegged?
A stablecoin trading noticeably away from its target, usually below $1. Small, brief depegs are common; long or deep ones signal a problem with the backing.
Do stablecoins pay interest?
Holding a fiat-backed stablecoin usually earns nothing; the issuer keeps the interest from its reserves. In the US, the GENIUS Act of 2025 bars payment stablecoin issuers from paying interest to holders. Some platforms offer yield on stablecoins by lending them out, which adds the platform's risk.
