Bitcoin makes up nearly half of the $100 billion cryptocurrency market cap. So what makes up the rest?
Cryptocurrencies hit a new milestone this week: $100 billion in combined market capitalization.
The break above the 12-digit threshold is largely attributable to bitcoin, which accounts for nearly half of the entire crypto category.
Bitcoin BTCUSD has more than tripled in 2017, according to crypto pricing site CoinDesk, and has been blowing through $100 milestones at a blindingly fast pace. Bitcoin’s recent gains have brought its market cap to $46 billion. At its current size, bitcoin has surpassed the market capitalization of such major companies as Ford Motor Co. F, Deere & Co. DE, and Delta Air Lines Inc. DAL. It is larger than more than two-thirds of the components of the S&P 500 SPX.
Here’s what that translates into: If an investor were to have put $1,000 into bitcoin in 2010, that stake would be worth tens of millions of dollars today.
But there’s a whole crypto world out there beyond bitcoin: CoinDesk lists more than 800 cryptocurrencies, though most of them are thinly traded and have market capitalizations under $1 million. Only eight cryptocurrencies are worth more than $1 billion, as you can see in our chart.
Second to bitcoin, ethereum is the most widely used product, with a market capitalization of nearly $24 billion. Ethereum has been an even bigger gainer than bitcoin in 2017. It started the year at $7.98 per coin, and is currently trading at $261 — a rise of nearly 3,200% year-to-date.
Ripple — the third-most valuable on this metric, and which is up more than 25% over the past week — recently cracked $10 billion in value.
So what makes up the rest? Here’s a chart breaking it down:
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