Crypto Investing
17 Mar 2022

Top 10 Crypto Assets by Market Cap: Coins That Are Here To Stay

Ananda Banerjee

Assets can be ranked according to popularity, date of inception, utilities, and more. Yet, no ranking standard is as reliable as market capitalization—especially when it concerns a young asset class like crypto.

Referring to the market cap metric makes it possible for you to explore the crypto space better—and with fewer biases. And that’s exactly what this list of top 10 crypto assets by market cap will help you do.

Key Takeaways

  • Ranking crypto assets by market cap is rather reliable as it shows current price strength.
  • Bitcoin continues to be at the top with a market dominance of over 43%.
  • Ethereum continues to come second, followed by the likes of BNB and Ripple.
  • Dogecoin is the only memecoin to feature in our top 10.

Why Market Cap: The Rationale Behind the List

A few words on the selection of our list before we begin.

  • In a space brimming with thousands of assets, not all of which are dependable, market capitalization can help buyers make the right choice. Buyers can use it to compare crypto assets not only with each other but also with other real-world assets and companies.
  • We have excluded Stablecoins like Tether and USDC from this list, as they do not get so easily affected by market ups and downs and are relatively easy to choose.

Top 10 Crypto Coins

Now that we have clarified why the market cap is such a reliable ranking metric for assets, it’s time to look at the cream of the crypto space. Here is the list at a glance followed by the details:

1. Bitcoin

Current Market Cap: Over $730 billion

Background

Touted as a store of value and even a hedge against inflation, Bitcoin continues to hold the top spot on most crypto rankings. As of today, its crypto market dominance is holding steady at 43.60%.

Bitcoin is on the radar of some of the world’s leading economies—either as a long-term asset or a legal tender. Recently, despite the energy-intensive Proof-of-Work mechanism that cryptos like Bitcoin use, the European Union’s latest Markets in Crypto Assets (MiCA) bill came to the fore without any restrictions or bans on them. That goes to show how Bitcoin has convinced many governments that it is here to stay.

Growth prospects

Currently trading at over $40,500, BTC is holding on to some key support levels for now. However, it needs to stay above the $40,000 level with high volumes to have any chance of rallying ahead. Over the past week, BTC has managed to trade in the green with close to 3% gains 

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2. Ethereum

Current Market Cap: Over $300 billion

Background

Often termed the mother of decentralized applications, Ethereum is one of the few blockchains to support smart contracts.

A platform built for blockchain developers, Ethereum is the driving force behind a wide range of other crypto projects. The ecosystem’s resources and services can be paid for with its native token Ether (ETH)—making it more than just a crypto asset.

Growth prospects

As of today, ETH is trading above the $2,700 mark, which translates to over 60% of yearly gains. Despite correcting quite a bit over the past quarter, ETH might have the legs to move up provided it can cross the $2,800 levels with a high buying volume.

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3. Binance Coin (BNB)

Current Market Cap: $60 billion

Background

Binance Coin (BNB), the native token of the Binance Ecosystem, is one of the more innovative cryptos around. It focuses on transactions across blockchains and ecosystem incentivizing. BNB, as of today, accounts for 3.50% of the total crypto market cap. 

The Binance Ecosystem also comprises the Binance Chain, which handles the Decentralized Exchange (DEX), and the Binance Smart Chain, which involves decentralized applications (dApps) and other developer-centric tools. And to top it all off, BNB is a deflationary asset (token volume reduces over time)—something that might work in favor of crypto buyers and sellers.

Growth prospects

BNB is currently trading at $365.65 and is down by close to 5%, week on week. From a short-term perspective, this coin seems poised for an extended correction. However, if it respects $360 levels, for now, we might start seeing the buyers waking up quicker.

BNB meme

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4. Ripple (XRP)

Current Market Cap: Over $36 Billion 

Background

Ripple started out with a single aim: to simplify global payments. Since then, Ripple—the company—has paved the way for several inventive products. These include RippleNet (global financial network with on-demand liquidity) and XRP Ledger (Ripple’s native blockchain). Currently, Ripple (XRP) has a 2.09% share of the overall crypto market value. 

Growth prospects

XRP is currently poised at $0.754 after gaining close to 4% over the past week. Our long-term analysis suggests that XRP has the momentum to move higher from here, provided it manages to breach the highly resistive levels of $0.79. That, however, is still subject to market movements and overall sentiments.

Do Your Own Research (DYOR) nevertheless.

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Rankings against global companies

5. Terra (LUNA)

Current Market Cap: Over $33 Billion

Background

We are excluding Stablecoins from this list, but because Terra is an “algorithmic stablecoin platform” that lets you peg specific coins to relevant fiats—we encounter them via a different route.

As an ecosystem, Terra allows users/organizations to create their own stablecoins—facilitating efficient borderless payments. LUNA—Terra’s native token—lets you swap stablecoins across exchanges and even participate in voting and governance calls.

Terra supports the Proof-of-Stake consensus algorithm—which makes it energy efficient. And as per dominance, Terra (LUNA) holds 1.78% of the market share, as of today. 

Growth prospects

Trading close to $91, LUNA has been one of the more prolific crypto assets, registering close to 65% gains over the past 30 days. It might end up correcting a bit, with the bullish momentum drying out over time. But, as they say, always DYOR.

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6. Cardano

Current Market Cap: Over $27 Billion

Background

Cardano is yet another proof-of-stake Layer-1 blockchain with an overall market dominance of 1.57%. Cardano aims to create a transparent, fair, and secure decentralized society on its platform. And to pay for services and resources in the ecosystem, ADA—Cardano’s native coin—comes in handy.

Growth prospects

ADA has been shedding gains for over a year. Yet, it stays perched on the sixth spot in this list. For now, the price is holding steady at $0.80, but it may not be completely unreasonable to expect it to show some strength if it manages to cross $0.87 in the near term. Let’s hope.

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7. Solana

Current Market Cap: Over $26 Billion 

Background

If you are interested in a blockchain platform that’s known for its unimaginable transaction speeds and a unique consensus mechanism, Solana is the one to consider. 

Arguably one of the most scalable decentralized ecosystems of the modern era, Solana relies on cost-effectiveness and supports decentralized applications—especially the DeFi-specific ones. And it can process up to 65,000 transactions per second. 

Its native token, SOL, can be used for staking, paying network-specific transaction fees, and securing voting rights on the platform. Also, SOL has a market share of close to 1.56%.

Growth prospects

SOL is currently trading close to $83, losing close to 18% over the past month or so. However, the buyer action at the counter might increase mid-term if SOL manages to breach $84.51 levels with high volumes.

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8. Avalanche

Current Market Cap: Over $18 Billion 

Background

Avalanche deserves a special mention for being one of the more eco-friendly cryptos around. But that’s not all. Touted as an Ethereum challenger, Avalanche, bolstered by its native AVAX token, is a breeding ground for DeFi products and dApps.

Also, Avalanche is one of the more scalable ecosystems around. It focuses on solving the Blockchain Trilemma—a term used to refer to the fact an ecosystem is often forced to choose between three things: security, scalability, and degree of decentralization. Plus, it holds 1.11% of the crypto market share.

Growth prospects

Currently trading at $71.23, AVAX is already up by over 100%. The “Mooning” effect readily puts Avalanche at the 8th position, making it one of the big league assets to look up. The momentum seems positive for now, and buyers might be further intrigued if AVAX manages to cross $74.80.

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9. Polkadot

Current Market Cap: Over $17 Billion

Background

Known for its cross-chain (blockchain interoperability) expertise, Polkadot is a Layer-0 blockchain (an ecosystem that underlines any Layer-1 chain) that aims to become a decentralized web in the years to come. And network participants and users can pay for the services and even procure platform voting rights using the DOT token.

Growth prospects

DOT hasn’t had the best year; despite trading at $18, it did lose close to 50% of its existing gains. However, there is momentum at the counter, and DOT might have some legs to surprise us with, provided it manages to breach the $18.36 mark.

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10.  Dogecoin

Current Market Cap: Over $15 Billion

Background

The only memecoin to feature on this list, Dogecoin has long outgrown the joke it once was. An inflationary crypto asset with unlimited supply, Dogecoin has been endorsed by Elon Musk, who is quite a significant crypto influencer these days. 

Musk and Taylor

P.S: Image is for informational purposes only. We do not endorse views. Do not consider it as investment advice.

DOGE, the native token of Dogecoin, is more like a penny crypto asset, and it is mostly the huge circulating volume that drives the market cap through the roof.

Growth prospects

As of today, DOGE is trading at $0.11, which is still a 100% increment year-on-year. In the short to mid term, DOGE is showing conservative momentum, waiting for the price to go beyond the 0.12 mark, and it may be a little while before buyers start showing interest.

Dogecoin meme

Source: Giphy

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The Bottom Line

Despite the big names on this list, the rankings in the crypto realm are anything but absolute. For instance, Terra seems to be breathing down Ripple’s neck for the fourth spot, and any deep correction in XRP might push it to the fifth spot.

And memecoins like DOGE and Shiba Inu (SHIB) that once belonged to the top 8, are now down due to the recent dip in prices followed by token burning.

Notwithstanding the frequent change in rankings, most of the mentioned crypto assets are bellwether picks worthy of detailed analysis.

Interested in checking out any of the mentioned crypto assets! Download the CoinSwitch app and explore the Top 10 space better.

Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.

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Ananda Banerjee

Content Writer

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