How The Real Coin Market Cap Top-10 Looks Like
A More Accurate Index To Describe The Crypto Market
Index websites keep bothering me for the last two years, and probably anyone that joined the cryptocurrency market earlier than 2020 feels the same.
A while ago, I analyzed the top cryptocurrencies according to their market cap, and we realized how distorted these indexes are, with several tokens reaching unreasonable market caps and prices.
These indexes are completely pointless today.
A new perspective might assist and a new list containing mostly time-tested cryptocurrencies. I removed all of the tokens and stablecoins that shouldn’t be and recreated a fair and far more accurate top-10 cryptocurrency index.
The Real CoinMarketCap Top-10
Here is a much better top-10 index, excluding the anomaly of stablecoins, meme coins, wrapped coins, and centralized Ethereum clones bankrupt VCs pumped into unrealistic valuations and will soon disappear.
I included Chainlink and Cardano, as these two might have some odds of relevancy in the future.
Also, I kept Dogecoin in there for no valid reason. I don’t think Doge has a realistic chance to achieve meaningful adoption besides speculation.
I also kept XRP and LTC, but I’d love to see ZCash and Dash replace them.
Indexes present a distorted image of cryptocurrency containing several centralized networks that failed in 2021 and 2022 in tech terms (Solana, Polygon) and multiple other Ethereum killers that stand no chance.
Still, perhaps Ethereum is also in trouble since PoS history suggests nothing good comes out of it.
Ponzi schemes like Terra Luna and the UST stable vaporware reached there too just months ago, and VC-backed nonsense is still hanging on the top 30.
Shiba Inu and Dogecoin, for no apparent reason, are placed higher than Monero, Litecoin, Bitcoin Cash, Dash, ZCash, and other coins that present a better case regarding P2P payments.
On the top 30, we find Wrapped BTC, Lido Staked ETH, exchange coins like OKB, UNI, and LEO (tokens with no reason to exist), and stablecoins everywhere (USDT, USDC, BUSD, DAI).
Then we have in third place BNB, another pointless centralized token, that created the exchange tokens trend with pointless “native tokens”.
BSC, which boosted BNB’s price, is an overrated Ethereum clone.
While I was one of the first users of Binance, I don’t plan to visit it again. BSC is centralized with 21 validators controlled by Binance. Do we need all these centralized Ethereum clones?
FTX also had a native exchange token FTT, which was among the top 20 while it lasted.
The market has still to wash away many pointless projects it brought upon us since 2020.
Closing Thoughts
Indexes can’t exclude all the debris and the stablecoins that have no reason to be there. They become useless, and Coinmarketcap after the Binance purchase is only getting worse.
While these indexes presented a useful tool in 2017–2020 at some point they became a worthless distraction.
Websites like Coinmarketcap and Coingecko should at least consider removing the wrapped and staked coins, as they didn’t exclude them from the market cap of their original coins, anyway.
Then, they should remove the stablecoins as they only present a distraction that makes these websites useless.
Cover Picture on Pixabay
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