The market cap is short for market capitalization, but we can also use it as an analogy for a cap that covers most of the crypto market. And we don’t have a lot to talk about, because everyone knows which one has the biggest market cap – and yes, we are talking about Bitcoin.
At the moment of writing, Bitcoin is worth a little more than $50,000, but in the last 24 hours, it changed nearly 6%. The whole market cap is about $943 billion, and it may easily hit one trillion, depending on the trends. The proof of the huge influence this currency has can be seen from the fact that a lot of trading platforms and exchanges are named according to it, including bitcoin-circuit.live, and many others.
But, is there anything that we don’t know about Bitcoin? Probably, we know a lot of things, but at the same time, we know nothing. This one is so unpredictable, and at the same time so popular, and a real leader on the market. According to some sources, there is a lot of Bitcoins circulation in the market, but there are still a lot of things that are practically a mystery for those who are getting into investments and trading.
So, we know that BTC is volatile, but also, it was a reason for so many forks to appear. That’s a case when a new currency is derived from an older one, and the most popular among them is Bitcoin Cash.
Earlier this year, it hit its all-time highest price, in April, when it was worth about $64,000, but it didn’t last long. Also, every day, there are thousands of Bitcoin transactions, and that shows us this cryptocurrency will never lose its popularity. Many investors consider it as a store of value, but surely it won’t leave the status of currency too. We also need to be aware of the fact that BTC takes over 40% of the market share too. Check here for more info: https://bitcoin-circuit.live.
The second most popular cryptocurrency is Ethereum, which takes about 20% of the market share, and the market cap is about $460 billion. The current price goes near $4,000 for one Ether, even though there was a small price drop recently.
So, these two make about 60% of the whole market, and we know that there are maybe 5,000 more on this list. Surely, we won’t mention all of them, but we will give some brief information about their part in this market.
Cardano (ADA) takes about 4% of the market share, and now it’s worth a little less than $4. When it comes to the market cap, it takes part with about $93 billion at this moment.
Binance Coin (BNB) is taking 3.6% of the market share, no matter the fact the price goes around $490 per one. The market cap is about $82.5 billion.
Tether (USTD) is the next currency that is interesting for us since it’s considered a stablecoin, because it’s tied to the US dollar. Currently, it takes less than 3% of the market share, the price is equal to one dollar, and the market cap is worth about $66.8 billion.
XRP, or also known as Ripple, has a market capitalization worth about $59 billion. The price is a little bit higher than one dollar, and the share is almost 2.5%.
Surely, there are more cryptocurrencies that deserve at least honorable mention (or something more than that), so here we go:
Solana, which takes about 1.8% of the market share, and $41.4 billion in the market cap.
The next one is the popular Dogecoin, which is worth $0.3 for one coin, but it still has a $39 billion market cap.
While here, it’s worth mentioning Polkadot, USD Coin, Uniswap, and also Litecoin which is also popular but has a really low market share, Chainlink, Bitcoin Cash, Terra, and Binance USD.
If we go further, we can discover hundreds and hundreds of cryptocurrencies that are local or very limited, or they don’t have the needed conditions and interest to develop.
Why are these things important?
People who invest in cryptocurrencies are not always interested in Bitcoin only. They do complicated tasks of reading charts, creating strategies, and taking actions of trading and exchange, so they can gain some profit. Maybe when we talk about them, you think about BTC first, but as you can see, there are a lot more of them.
Many of the currencies and payment protocols we mentioned in this article are based on the known technology named blockchain. They are mostly decentralized, except when they are tied to the known fiat currencies. That means, theoretically, this money can’t be manipulated by the banks and governments.
At the same time, it’s worth remembering the fact that all the cryptocurrencies are digital assets that are distributed across the networks, without the control of the governments. One of the most popular ways is through the blockchain network, but there are many other protocols and platforms too.
No matter how popular they are, there will always be some portion of individuals who won’t approve of them, or even passionately hate them, because in some societies these currencies are considered illegal. But, the truth is that the whole market is volatile, vulnerable, and risky, but that’s nothing to be surprised by.
Some of the crypto money we know today will always be more popular than the others, without a particular reason for that. As it seems, it’s all about who started first and how many places on the market it took back then. And we all know who was the first to launch crypto coins “in the air” and caused a lot of changes on the finance system we knew in the past.
Since we know these things, it’s easy to understand why some coins won’t even have the same chance to shine bright among them all – since they are tied to the fiat currencies, which makes them stablecoins. But, we are sure that this market and the active people know how to handle all these things and change even the unwanted outcome in their favor.