A Different Look at Crypto Market and Top Assets, How Dominated Is It?

With Bitcoin regaining market dominance of over two-thirds of the entire combined cryptocurrency capitalization, discussions regarding market share of prominent altcoins have largely left the dominant cryptocurrency discourse. Here is a different outlook on the market and on how the top cryptocurrencies stack up with the rest.

Market dominance flows from alts to BTC since 2018

Market dominance between the top cryptocurrencies by market capitalization has changed over the last year. As of Aug. 19, 2018, as seen in the chart below, the three largest coins comprised 71.95% of the combined cryptocurrency market — an 8% difference to the figures seen now. Meanwhile, the top 15 cryptocurrencies of 2019 are still seeing more dominance than the top 20 of 2018, which represented 90.53%, and the top 25, which came to 91.53%.

One year ago, the 18 largest markets, comprising 1% of the 1,770 cryptocurrencies that were then-listed on CoinMarketCap, represented 89.85% of existing cryptocurrency wealth, while the remaining 99% comprised 10.15% — an 80% greater share than the 5.60% represented by 99% of the digital currency markets today. Compared with 12 months ago, the crypto markets show a redistribution of market dominance from altcoins back to Bitcoin (BTC), with the four largest altcoins among crypto assets posting the largest decline in market dominance. 

Currently, the four largest altcoins comprise 15.7% of the combined crypto market cap, a 42% drop from the 27.07% represented by the top four altcoins in August 2018. Additionally, the market share represented by the fifth- to the 14th-largest alternative cryptocurrencies has slipped from 9.85% of the total crypto value to 8.03%, while the 15th- to 24th-largest altcoins has fallen from 2.97% to 2.26%

BTC, ETH and XRP comprise 80% of combined crypto market cap

Bitcoin currently boasts a capitalization of roughly $179.55 billion, comprising 68.41% of the combined crypto capitalization of $262.45 billion. BTC’s market cap is up by 60% from $112,03 billion 12 months ago, with market dominance gaining by roughly one-third from 51.64%.

Roughly $21 billion worth of BTC changed hands during the previous 24 hours, comprising 33.02% of the combined cryptocurrency trade volume and ranking it as the second most traded crypto asset. 

Ether (ETH) is the second-largest market by capitalization, currently representing 7.55% of the combined crypto market cap with $19.80 billion. Ethereum’s market cap has fallen by 35% from $30.51 billion alongside a 46% drop in market dominance from 14.07%. During the last 24 hours, $7.88 billion worth of ETH was traded, ranking it as the third most traded cryptocurrency at 12.12% of all trades.

The third-largest market by capitalization, XRP, comprises 4.26% of the total combined capitalization, with a market cap of $11.18 billion. Year-over-year, XRP has posted a 17% drop in capitalization from $13.54 billion, and a 32% loss in market dominance from 6.24%.

Approximately $1.11 billion worth of XRP changed hands during the past 24 hours, representing 1.72% of all cryptocurrency trades and ranking XRP as the seventh most traded crypto asset. XRP is currently trading for roughly $0.26. 

The five largest altcoins represent 17% of total crypto value

Bitcoin Cash (BCH) is the fourth-largest crypto asset by capitalization, comprising 2.10% of the combined crypto market cap with $5.25 billion. In one year, BCH has shed 44% of its capitalization from $9,86 billion, while also posting a 54% drop in market dominance from 4.54%. In the last 24 hours, $1.81 billion worth of BCH changed hands, representing 2.74% of all trades and ranking it as the fifth most traded cryptocurrency. 

Litecoin (LTC) is currently ranked fifth by capitalization with $4.70 billion, comprising 1.62% of the total market cap of all cryptocurrencies. LTC’s market cap has increased by 40% from $3.36 billion over 12 months, alongside a roughly 4.50% increase in market share from 1.44%. Litecoin is the fourth most traded crypto asset, with a 24-hour trade volume of $3.18 billion, and with LTC pairings representing 4.92% of all cryptocurrency trades. 

Binance Coin (BNB) has a market cap of $4.25 billion, representing 1.62% of the total value of all cryptocurrencies and ranking it as the sixth-largest crypto asset. Among the top-15 crypto assets of by market cap, BNB is the strongest-gaining market of the past 12 months, ascending 11 rankings amid a 338% increase in capitalization from $970 million and a 260% gain in dominance from 0.45%. BNB is the 13th most traded market, with $294 million worth of Binance Coin changing hands during the past 24 hours, representing 0.45% of all crypto trades. 

BTC-USDT pairings account for 67% of all crypto trades

Tether (USDT) currently represents 1.55% of the combined cryptocurrency market cap, with a capitalization of $4.07 billion. Tether has gained one rank — from eighth to seventh — in the last 12 months, due to a 49% increase in market cap from $2.73 billion and a 24% increase in dominance from 1.25%. USDT is the most traded crypto asset, with a 24-hour volume of $21.6 billion. As such, USDT pairings represent 33.71% of cryptocurrency trades.

EOS is the eighth-largest cryptocurrency, representing 1.25% of the combined crypto market cap with a capitalization of roughly $3.29 billion. In 12 months, EOS has slipped three places from the fifth-ranked crypto asset amid a 31% drop in market cap from $4.81 billion alongside a 44% fall in dominance from 2.22%. 

Bitcoin SV (BSV) is the ninth-largest crypto asset with a market cap of $2.41 billion, comprising 0.92% of all cryptocurrency value. BSV is the 12th most traded cryptocurrency, representing 0.51% of all trades and with $330 million worth of BSV changing hands during the last 24 hours. 

Monero (XMR) currently ranks 10th by market cap, with a capitalization of $1.37 billion, comprising 0.52% of the combined cryptocurrency market cap. XMR has retained its ranking from 2018 despite a 15% drop in capitalization from $1.61 billion and a 30% drop in market dominance. 

Some altcoins have lost market share since 2018

Stellar’s Lumen (XLM) is the 11th-ranked crypto asset by market cap, representing 0.51% of cryptocurrency value with a capitalization of roughly $1.35 billion. In one year, XLM has fallen five places from sixth amid a 68% drop in market cap from $4,18 billion and a 73% loss of market share from 1.92%. 

Utility token Unus Sed Leo (LEO) comprises the 12th-largest crypto asset with a capitalization of roughly $1.21 billion. It was just launched in May 2019, equating to 0.46% of the combined cryptocurrency market cap. 

Cardano’s ADA currently posts a market cap of $1.18 billion, representing 0.45% of the combined cryptocurrency capitalization and ranking ADA as the 13th-largest digital asset. In 12 months, ADA has fallen four places from the ninth-largest crypto asset alongside a 56% drop in market cap from $2.66 billion and a 63% drop in dominance from 1.22%.

Tron’s TRX is the 14th-largest market, representing 0.43% of the combined cryptocurrency capitalization with a market cap of $1.13 billion. TRX has slid two places since ranking 12th one year ago amid a 23% drop in capitalization from $1.46 billion. TRX has also posted a 36% drop in market share from 0.67%. TRX is the 10th most traded crypto asset, with TRX pairings equalling $481.63 million in 24-hour trade volume.

Dash (DASH) comprises the 15th-largest crypto asset, representing 0.32% of the total crypto capitalization with a market cap of nearly $842.36 million. In 12 months, Dash has slipped one position, while posting a 34% drop from 1.28 billion and a 46% reduction in market dominance from 0.59%. Dash pairings equate 0.26% of all cryptocurrency trades, with a 24-hour trade volume of roughly $170.28 million.

BNB and LINK post strongest 12-month performance among top cryptos

Chainlink (LINK) is the 16th-largest crypto asset with a capitalization of $809.02 million, representing 0.31% of the combined cryptocurrency market cap. Of the top 25 cryptocurrencies by capitalization, Chainlink has posted the strongest performance since August 2018, gaining roughly 665% in market cap from $105.79 million alongside a 532% gain in dominance from nearly 0.05%.

The 17th-ranked cryptocurrency by market cap, Tezos (XTZ), represents 0.30% of cryptocurrency value with a capitalization of $780.90 million. Tezos has gained one rank in 12 months despite a 6% loss in market cap from $833.02 million and a 21% reduction in dominance from 0.38%. 

Neo (NEO) has a market dominance of 0.26%, ranking as the 18th-largest cryptocurrency with a capitalization of approximately $682.52 million. In one year, Neo has fallen three ranks from 15th to post a 46% drop in market cap from $1.27 billion and a 55% reduction in dominance from 0.58%. NEO is the 14th most-traded crypto asset, with Neo’s 24-hour trade volume of $294.80 million accounting for 0.44% of all cryptocurrency trades.

Iota’s MIOTA is the 19th-largest cryptocurrency, representing 0.25% of the combined crypto capitalization with a market cap of nearly $663,83 million. Since August 2018, MIOTA has fallen eight positions from the 11th-largest crypto asset amid a 56% slide in capitalization from $1.50 billion and a 64% drop in dominance from 0.69%. MIOTA is the 77th most traded cryptocurrency, with Iota’s 24-hour trade volume of $6.13 million.

Ethereum Classic (ETC) is the 20th-ranked crypto asset by market cap with a capitalization of $622.12 million, comprising 0.24% of the total value of the combined cryptocurrency markets. ETC has fallen seven positions from 13th alongside a 55% drop in capitalization from $1.39 billion and a 62.5% reduction in market share from 0.64%. ETC pairings represent 0.75% of all cryptocurrency trades, with ETC ranking as the ninth most traded digital asset with a 24-hour trade volume of $479.51 million.

The cryptocurrencies that are ranked 20-25 in the list (ATOM, XEM, MKR, USDC and CRO) represent 0.9% of the total cryptocurrency market value with a capitalization of just over $2,339 million. Their 24-hour trade volumes come to around $320 million.

Over 2,425 crypto markets represent less than 6% of total cap 

Of the 2,450 cryptocurrencies currently listed on CoinMarketCap, the 25 largest cryptocurrencies, comprising 1% of the total number of crypto assets, represent 94.40% of the combined value manifest in the total combined digital currency markets. As such, the remaining 99% of all crypto assets comprise just 5.60% of the total value currently manifested in the cryptocurrency markets.

One year ago, 99% of altcoins comprised over 10% of the entire crypto capitalization, signalling that many alternative cryptocurrencies have struggled to regain strength following the 2018 bear market. Further, the 10 largest altcoins have given approximately one-third of their market share back to BTC, dropping from 34% of the combined crypto capitalization to roughly 22% today.