This week, payments giant PayPal Opened the doors for all U.S. users to explore the company’s latest cryptocurrency offerings ahead of time.
While definitely a substantial advancement for the cryptoeconomy, the news also stirred a bit of commotion in the industry. But what’s the reason?
The controversy erupted because many insiders felt PayPal’s support should prioritize the likes of bitcoin (BTC) and Ethereum’s ether (ETH) instead of coins like bitcoin cash (BCH) and litecoin (LTC), which they consider less critical.
It’s a fascinating and engaging debate, and to be upfront: I believe in a diverse blockchain future where interoperability reigns supreme.
That being said, it’s hard to ignore the glaring truth today: Bitcoin and Ethereum are far ahead in innumerable ways compared to virtually all other crypto ventures, and they’re expected to remain central for a good while. In all fairness, Ethereum-driven initiatives have shaped 2020’s cryptoeconomy landscape significantly throughout.
Some factions are frustrated saying that the present fundamentals haven’t kept pace with the crypto markets. So, what if we re-evaluated the current 15 top coins based on market cap, especially giving a nod to Ethereum projects?
In this discussion, I plan to suggest a more realistic outline of the top 15 crypto assets by market cap as we move into 2021.
How the Top 15 Looks Now
Per the crypto analytics platform, the present list of top 15 cryptocurrencies by market capitalization is as follows: Messari Bitcoin Cash (BCH) – $259 – $4.8 billion market cap
- Bitcoin (BTC) – $16,140 – $299 billion market cap
- Ethereum (ETH) – $469 – $52.8 billion market cap
- Tether (USDT) – $1 – $16.7 billion market cap
- Ripple (XRP) – $0.272 – $9.2 billion market cap
- Chainlink (LINK) – $12.69 – $4.9 billion market cap
- Binance Coin (BNB) – $27.77 – $4 billion market cap
- Litecoin (LTC) – $63.9 – $4.2 billion market cap
- Wrapped Bitcoin (WBTC) – $16,072 – $1.9 billion market cap
- Polkadot (DOT) – $4.49 – $3.95 billion market cap
- Cardano (ADA) – $0.105 – $3.36 billion market cap
- Bitcoin SV (BSV) – $160 – $2.9 billion market cap
- USD Coin (USDC) – $0.99 – $2.8 billion market cap
- EOS (EOS) – $2.56 – $2.4 billion market cap
- Monero (XMR) – $112.78 – $2 billion market cap
- That shows the current top 15. But what if we sifted through and replaced the more dormant 'ghost chains' with more dynamic projects? Let’s explore!
To begin, let’s speculate that bitcoin, ether, and USDT will hold their ground as the leading coins in 2021. Even though I do foresee ETH potentially overtaking BTC’s market cap, for now, it seems BTC, ETH, and USDT will occupy the top three spots in this sequence.
Re-examining Crypto’s Top 15
Let’s contemplate removing the ‘ghost chains’—those blockchains with barely any activity recently—from the top 15 first. Projects that fall into this category include: Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Cardano (ADA), Bitcoin SV (BSV), and EOS (EOS ).
What next, then?
I’m not saying these projects are finished or will never reach new heights. My point is that they might gradually lose ground to more active projects in the near future, and this exercise helps us picture what that shift might resemble.
If we eliminate these mentioned ‘ghost chains’ and boost the next in line, the cryptosphere’s top 15 projects might appear like this:
A New Top 15
This revised portrayal of the top 15 seems logical and convincingly genuine. While the scenario suggests ghost chains will diminish further, ultimately making way for more exciting projects.
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Chainlink (LINK)
- Binance Coin (BNB)
- Polkadot (DOT)
- USD Coin (USDC)
- Monero (XMR)
- Wrapped Bitcoin (WBTC)
- Dai (DAI)
- Filecoin (FIL)
- Uniswap (UNI)
- Aave (AAVE)
- Zcash (ZEC)
- Maker (MKR)
Predicting the future is tricky, and this landscape could drastically transform, but I wouldn't be startled if, in a year, the top cryptocurrencies resemble this configuration.
Let’s delve deeper into this revamped top 15 view...
Points of Note
Bitcoin – Over the past year, interest in BTC has surged among mainstream participants. Big-name investors and major firms like PayPal are diving in deeper than ever, asserting Bitcoin’s place as the digital-era’s gold.
- – Ethereum, along with its flourishing decentralized finance (DeFi) framework, was the runaway hit in the cryptosphere throughout 2020. Leading this charge was ETH, Ethereum’s core currency. Whether you think of it as digital crude or the grease of the value-driven internet, it's set to remain a leading coin for quite some time.
- Ethereum – Though not without flaws, USDT remains the stablecoin beloved by many in the crypto community. Short of a significant peg incident, this status seems unlikely to change anytime soon.
- Tether – To see Chainlink’s LINK climb to the fourth-largest crypto is simply extraordinary. Once a dubious prospect, Chainlink’s decentralized oracles now bolster a myriad of DeFi endeavors, and this shift is being increasingly acknowledged.
- Chainlink – Binance’s native coin, BNB, underscores the exchange's unchallenged powerhouse status in the crypto scene. Its presence in the top tokens feels fitting (currently ranking 8th by market cap according to Messari).
- Binance Coin – Of the so-dubbed 'Ethereum Killers,’ Polkadot stands out distinctly. Although still in its infant stages, it seems the most likely to escalate and compete with Ethereum’s dominance. I recognize DOT at position #6.
- Polkadot USD Coin – A combined effort by Centre and Coinbase, USDC has soared in DeFi popularity this year. It’s conceivable that one day, USDC could dethrone Tether in the stablecoin domain. For now, I see USDC at #7.
- Monero – XMR is the reigning pinnacle in privacy coins, with its steady usage on the darker corners of the web. I foresee it maintaining this role for the foreseeable future, making Monero's placement justified.
- Wrapped Bitcoin – As the leading tokenized bitcoin on Ethereum, WBTC’s momentum is only set to soar from now as more users leverage BTC in DeFi activities.
- Dai – Often seen within DeFi’s top protocol, MakerDAO, DAI is consistently favored in the ecosystem. Expect its adoption rate to continue rising.
- Filecoin – Filecoin’s new decentralized storage outlook is intriguing, and FIL’s trajectory could go in any direction from here. At the moment, I’m content with its spot at #11.
- Uniswap – Ethereum’s jewel in the DeFi crown, Uniswap, showed its mettle. I suspect we might see it ascend close to the top five in the future.
- Aave – Bursting onto the DeFi spotlight this year, Aave hasn’t slowed down, consistently offering remarkable innovations. It’s well-positioned to unseat ghost chains in the crypto rankings.
- Zcash – Compared to Monero, ZEC offers a more mainstream-friendly privacy option, warranting its spot in the top 15 over 'ghost chains,' in my view.
- Maker – As noted, MakerDAO represents the elder statesman of DeFi lending. Observing one of DeFi’s original and trusted platforms in the top 15 would indeed reflect a transformed cryptoeconomy.
- William M. Peaster is a seasoned writer and editor, focusing on Ethereum, Dai, and Bitcoin stories in the crypto world. His work has graced platforms like Blockonomi, Binance Academy, and Bitsonline. He’s fascinated by smart contracts, DAOs, dApps, and the Lightning Network. He’s also diving into Solidity! Reach him on Telegram at @wmpeaster.
