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Top 10 Cryptocurrencies Make Up 88% Of Crypto Market Cap

top 10 cryptocurrencies make up 88% of crypto market cap
(Last Updated On: November 15, 2023)

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In this time and age, there are more than 21,000 cryptocurrencies on the market and so many choices to choose from. However, only a few cryptocurrencies hold most of the crypto market cap. 

To help you better understand the dynamics of the crypto market, here are the top ten cryptocurrencies that make up 88% of the crypto market cap.

Cryptocurrencies with the Most Market Cap

  1. Bitcoin (BTC) – 38-40% market cap 
  2. Ethereum (ETH) – 18-20% market cap
  3. Tether (USDT) – 7-9% market cap
  4. USD Coin (USDC) – 4-7% market cap
  5. Binance Coin (BNB) – 4-6% market cap
  6. Binance USD (BUSD) – 2-3% market cap
  7. Ripple (XRP) – 1-3% market cap
  8. Cardano (ADA) – 1-3% market cap
  9. Solana (SOL) – 1-3% market cap
  10. Polkadot (DOT) – 1-2% market cap

1. Bitcoin (BTC)

  • 38-40% market cap

Every Bitcoin is slowly pushed into the system. Bitcoins are intentionally kept scarce in order to inhibit inflation. They are added into the system through mining and the total BTC supply is expected to be in the system by 2140. 

As the oldest cryptocurrency out there, it has become much more popular than the others. Even though it has proved to be one of the most volatile investments, BTC continues to reign over the cryptocurrency world with the highest proportion of the total crypto market cap.

2. Ethereum (ETH)

  • 18-20% market cap

Ethereum is the second most popular cryptocurrency after Bitcoin. Being both a cryptocurrency and a blockchain platform, it is favored among developers due to its ease of use in development. Also, it provides smart contracts that allow developers to fully push their databases on the Ethereum blockchain.

Ethereum has experienced massive growth since 2016 and its price has risen from around $11 to $4,500+ in 2021 before falling back to $1500 in 2022. 

3. Tether (USDT)

  • 7-9% market cap

Tether is a much stabler currency compared to other forms of cryptocurrency. It’s backed by fiat currencies like the USD and Euro. Hence, it’s more rooted because its value is tied to either of those currencies. 

Tether’s value is more consistent, therefore, it’s favored by investors who prefer less variability and reliable, safer crypto.

4. USD Coin (USDC)

  • 4-7% market cap

Similar to Tether, USD Coin is based on USD only and is known as a stablecoin due to being backed by US Dollars. USD Coin aims for its value to always be equal to 1 Dollar. Also, USDC is powered by Ethereum.

5. Binance Coin (BNB)

  • 4-6% market cap

Binance is one of the largest crypto exchanges in the world. They not only provided a platform for crypto exchange but also developed their own unique transaction card called BinancePay. 

Binance has also evolved into making its cryptocurrency, The Binance Coin. It can be used for standard crypto coin usage, such as exchange for other forms of currency or trading.

You can also book travel arrangements through BNB. Its price used to be a mere $0.10 when it was first launched, but now, it has spiked up to $276 for a single BNB.

6. Binance USD (BUSD)

  • 2-3% market cap

BUSD is another stablecoin that was created by Paxos and Binance. They wanted to develop crypto that’s based on USD. Paxos is a New York-based blockchain company that offers cryptocurrency-related services like tokenization services, cryptocurrency brokerage services, and so on. 

To maintain this balance, Paxos holds the flow of BUSD in the blockchain system, which is equal to the amount of US Dollars to exist. Similar to most other stablecoins, BUSD allows investors to safely invest and be consistent with their crypto transactions. 

7. Ripple (XRP)

  • 1-3% market cap

XRP is one of the lowest price-per-unit currencies in the crypto market that belongs to a big market share. 

XRP was developed by Ripple. It’s a company that aims to replace the settlement layer between financial institutions. Ripple deducts small amounts of XRPs on transactions done on the coin as a fee for the transaction.

XRP can be used like most other cryptocurrencies to facilitate exchanges of different natures, including exchanges involving some fiat currencies as well. It started with a value of $0.006 and is now $0.32, which is a significant rise in value considering the small amount.

8. Cardano (ADA)

  • 1-3% market cap

Cardano is one of the few cryptocurrencies that opt to incorporate proof-of-stake validation in their blockchain. This method reduces transaction time as well as decreases energy usage. In turn, this leads to lesser environmental impact and eventually lesser costs for the coin to operate on. 

Cardano is also great for development since it works like Ethereum by adding smart contracts of its own and other decentralized applications which ADA powers.

9. Solana (SOL)

  • 1-3% market cap

Solana was a very experimental, development-heavy coin that quickly rose. It uses a unique hybrid system that involves proof-of-stake technology (similar to ADA) and proof-of-history mechanisms to process history faster. This makes sure processing power is used optimally and transactions still stay secure.

This cryptocurrency started at $0.77 and rose to $31.25. It gained traction both as a development achievement and as an efficient cryptocurrency.

10. Polkadot (DOT)

  • 1-2% market cap

Polkadot is the most recent top ten breakthrough coins that is an open-source blockchain cryptocurrency. Its unique aspect is that it opts for interoperability between blockchains. This means it’s very easy to convert to other forms of crypto. 

There are minimal to no exchange fees being applied while converting to or from Polkadot. It enables transactions without a trusted third party.

Polkadot started with an initial value of $0.29 in 2020 and rose to $7.52 with a steady rising trend.


Although there are 21,000 cryptos out on the market, the fact that the vast majority of the total crypto market cap is held by just 10 coins would come as a surprise for many. This also proves what a large number of low-quality cryptocurrencies there may be that just haven’t been through real stress testing.

However, it also highlights that there is huge potential for well-developed crypto projects to enter the market and seize a significant portion of the market. All they need to do is outperform some of the top 10.

Each cryptocurrency has its strengths and weaknesses, yet people continue to invest in this digital currency. In fact, almost 56% of Americans claim to have invested in at least one crypto. Plus, the entire purpose of cryptocurrencies is the learning and discovery of which system is better suited for an individual trader. Many traders may prefer multiple systems, while others prefer focusing on one.

About the author

Dr. Gabriel O'Neill, Esq., a distinguished legal scholar with a business law degree and a Doctor of Juridical Science, is a leading expert in business registration and diverse business departments. Renowned for his academic excellence and practical insights, Dr. O'Neill guides businesses through legal complexities, offering invaluable expertise in compliance, corporate governance, and registration processes.

As an accomplished author, his forthcoming book is anticipated to be a comprehensive guide for navigating the dynamic intersection of law and business, providing clarity and practical wisdom for entrepreneurs and legal professionals alike. With a commitment to legal excellence, Dr. Gabriel O'Neill, Esq., is a trusted authority dedicated to empowering businesses within the ever-evolving legal landscape.