KEYTAKEAWAYS
-
Market Capitalization Basics: Market cap represents the total market value of a company's shares or cryptocurrency and is calculated by multiplying the price by the circulating supply.
-
Significance of Market Cap: Investors monitor market cap to gauge a company's size, compare with peers, and strategize investments, important for assessing potential growth and market stability.
- Top 10 Cryptocurrencies by Market Cap (2024): Bitcoin leads the market, followed by Ethereum, Tether, Solana, and BNB in the top five, with Dogecoin, XRP, USDC, Cardano, and TRON completing the ranking
CONTENT
Explore market cap: a key financial metric reflecting the total market value of a company’s shares or crypto assets. CoinRank also discusses the top 10 cryptos by market cap in the article.
*This article has been updated in April 2025.
WHAT IS MARKET CAP?
You may often read the word “market capitalization” (often abbreviated as “market cap“) in the financial news. It denotes the market value of a financial product or asset and essentially represents the total cost required to purchase that product or asset in the market.
Market cap is most commonly associated with stock markets, where it is used to estimate the valuation of a company. Commonly seen in news headlines, statements like “Google’s market cap has exceeded $2 trillion” or “Tesla’s market cap has bounced back to $584.4 billion” revolve around this concept.
The same principle applies to crypto by market cap, as digital currencies gain mainstream adoption. This article explores:
- The importance of market cap
- How to calculate it
- Key factors affecting it
The top 10 crypto by market cap in 2025 for reference
HOW DO YOU CALCULATE MARKET CAP?
Typically, a company’s market cap is calculated by multiplying the total value of its publicly traded shares by the current market price of the share. In the case of cryptos, the calculation correlates the price per currency unit with the total number of circulating digital tokens.
Crypto Market Cap = Current Price per Coin * Circulating Supply
For example:
- If Bitcoin (BTC) is priced at 93,000 with 19.5million coins in circulation,its market cap would be:
93,000 * 19,500,000 = $1.8135 trillion
This formula helps investors assess a cryptocurrency’s size and dominance in the market.
WHAT AFFECTS MARKET CAP?
Based on the calculation formula in the section above, the main factors influencing market cap are the price and circulation of the product (stock).
Two primary factors influence crypto by market cap:
1. Price Fluctuations
- Bullish trends or increased demand can drive prices up, boosting market cap.
- Negative news (e.g., regulatory crackdowns) may decrease prices, lowering market cap.
2. Circulating Supply
- If a crypto’s circulating supply increases (e.g., new coins mined), market cap rises if the price remains stable.
- Fixed-supply cryptos (like Bitcoin) may see market cap growth solely from price appreciation.
WHY IS MARKET CAP IMPORTANT?
One might wonder why investors consistently monitor market caps. The market cap serves as a key indicator for investors to gauge the scale of an investment target within the market and to compare it with competitors in the same industry to strategize their investments accordingly.
For example, in the U.S. stock market, companies are categorized by size: “large-cap” stocks are valued over $10 billion, “mid-cap” stocks between $2 billion and $10 billion, and “small-cap” stocks between $300 million and $2 billion. Investors use these classifications to guide their investment allocations.
Similarly, in the crypto market, investors can assess crypto by market cap to find out the investment potential and market sentiment towards it, which can also indicate potential future trends.
Investors track market cap because it helps:
- Compare different cryptos (e.g., Bitcoin vs. Ethereum).
- Gauge market sentiment (high market cap = higher trust).
- Determine investment strategies (large-cap vs. small-cap cryptos).
Understanding crypto by market cap helps investors diversify portfolios effectively.
CRYPTO BY MARKET CAP 2025 RANKING – TOP 10 CRYPTOS
Here, we list the top 10 cryptos in 2025 so readers can have a better understanding of the concept of crypto by market cap:
1. Bitcoin (BTC):
- Market Cap (2025): ~$1.63 trillion
- First and most dominant crypto.
- Fixed supply of 21 million coins (scarcity drives value).
- Reached $80,000+ in 2025 due to institutional adoption.
As the pioneering crypto, Bitcoin has always been a crucial market benchmark. Its price has steadily increased with growing interest in the crypto market, reaching an all-time high of $106,136 in the first quarter of 2025, before surging even higher to nearly $90,000 in November following the U.S. presidential election.
The cryptocurrency gained over 30% since election day, as markets responded positively to President-elect Trump’s anticipated crypto-friendly stance, further cementing Bitcoin’s position as the leading crypto by market cap.
The total supply of Bitcoin is capped at 21 million coins, which means that once all coins are mined, the circulating supply will reach its limit, potentially driving the price even higher.
2. Ethereum (ETH):
- Market Cap (2025): ~$250 billion
- Powers DeFi, NFTs, and dApps.
- No max supply, but burn mechanism (EIP-1559) reduces inflation.
- ETH 2.0 upgrades improve scalability.
The price of ETH has risen alongside the diverse applications of Ethereum. ETH peaked at over $4,600 in November 2021 before declining, and while it reached $4,000 in 2024 Q1, it has since shown mixed performance, fluctuating between $3,000 and $3,500, and notably underperforming compared to Bitcoin and other smart contract platforms.
In March 2025, the Ethereum price is $2,000.ETH continues to maintain its position as the second highest-valued crypto by market cap, though at a considerable distance from its all-time high. Unlike BTC, ETH does not have a fixed supply, which adds a variable in considering its long-term market cap.
3. Tether (USDT):
- Market Cap (2025): ~$143 billion
- Pegged 1:1 to the US dollar (low volatility).
- Dominates crypto trading pairs.
As a stablecoin, Tether is pegged to the US dollar and is less prone to volatile price fluctuations compared to other cryptos, unless an unexpected event such as LUNA crash happens. The primary factor affecting Tether’s market cap is its circulating supply, dependent on market demand and supply dynamics.
4. XRP(XRP)
- Market Cap (2025): ~$140 billion
- Designed for fast, low-cost cross-border payments (used by banks & financial institutions).
- Operates on the XRP Ledger (settlements in 3-5 seconds).
- Fixed supply of 100 billion XRP, with gradual releases by Ripple.
XRP’s market cap is driven by institutional adoption (e.g., partnerships with Santander and Bank of America), regulatory developments like its 2025 SEC case resolution, and growing demand for fast, low-cost cross-border payments as an alternative to SWIFT—making its value utility-based rather than speculative.
Developed by Ripple Labs, XRP has maintained its position as a top 10 crypto through both challenges and triumphs. Initially designed to revolutionize international money transfers, XRP gained significant momentum after winning key legal battles against the SEC in 2023.
The cryptocurrency, which once reached an all-time high of $3.84, has seen renewed market interest following the U.S. presidential election, as investors anticipate a more crypto-friendly regulatory environment.
Despite its volatile history, XRP continues to be a significant player, with its value driven by both its practical utility in cross-border payments and improving regulatory outlook.
5. BNB (BNB):
- Market Cap (2025): ~$91 billion
- Used for Binance trading fee discounts.
- Fixed supply (200 million BNB).
Native to the Binance Chain, BNB has gained popularity and attention due to its various applications, growing nearly 600 times in price since its launch. BNB ranks as the fifth largest crypto by market cap. Like BTC, BNB has a fixed total supply set at 200 million coins, and its limited future supply will be a significant factor in its price and market cap trajectory.
6. Solana (SOL):
- Market Cap (2025): ~$70 billion
- Faster & cheaper than Ethereum.
- Growing DeFi and NFT ecosystem.
Often dubbed the ‘Ethereum killer,’ Solana has risen in the ranks by market cap due to its versatile applications (like smart contracts and DeFi) and its resolution of Ethereum’s issues with congestion and efficiency. SOL reached a high of $250 in November 2021 and has climbed back to near $200 in 2024 after the falling price. SOL recently pulled back to $125.
More notably, SOL’s surge following the U.S. presidential election has propelled it past BNB to become the fourth-largest crypto by market cap in 2024, as markets anticipate a more favorable regulatory environment under President-elect Trump.
The ‘memecoin craze’ of early 2025 combined with Solana’s popularity among institutional investors and its reputation for low-cost DeFi trading have all contributed to this remarkable ascent.
7. USDC (USDC)
- Market Cap (2025): ~$60.11 billion
- Fully regulated stablecoin backed 1:1 by US dollar reserves.
- Preferred for DeFi transactions due to transparency and compliance.
- Issued by Circle and available on multiple blockchains (Ethereum, Solana, etc.).
As one of the biggest stablecoins, USD Coin (USDC) has established itself as a trusted digital asset pegged to the US dollar at a 1:1 ratio. Circle’s USDC has gained significant traction in the crypto market, particularly in U.S.-focused exchanges and DeFi applications, with its supply growing by $1.6 billion to reach nearly $60 billion.
The stablecoin’s commitment to regular audits and transparent reserve backing has made it a preferred choice for institutional investors and DeFi users, solidifying its position among the top crypto by market cap.
8. Dogecoin (DOGE)
- Market Cap (2025): ~$25 billion
- Started as a meme coin but gained mainstream adoption.
- Inflationary supply (5 billion new DOGE minted annually).
- Used for tipping and payments (accepted by Tesla, AMC, etc.).
Originally created as a memecoin, Dogecoin has emerged as one of the most surprising success stories in the 2024 crypto market. The cryptocurrency has shown remarkable growth, surging 145% since the U.S. presidential election, significantly outpacing both Bitcoin and Ethereum’s gains during the same period.
While still trading below its all-time high of $0.73 from 2021, DOGE’s recent performance has been largely attributed to Elon Musk’s continued endorsements and his public support for President-elect Trump, demonstrating how influential figures can impact crypto valuations. Dogecoin has high market liquidity, with daily trading volume reaching $1.05 billion
9. Cardano (ADA)
- Market Cap (2025): ~$22.83 billion
- Peer-reviewed blockchain focused on scalability and sustainability.
- Uses proof-of-stake (Ouroboros protocol).
- Growing DeFi ecosystem after smart contract rollout.
Known for its research-driven approach, Cardano (ADA) has established itself as a leading smart contract platform. Despite facing regulatory challenges in 2023, ADA demonstrated resilience with a 50% growth rate in November 2024. In 2025, the crypto market price has been highly volatile, but ADA’s market cap ranking has remained relatively stable.
The platform’s focus on improving network capacity, transaction speed, and cost efficiency continues to attract long-term investors to this innovative blockchain.
10. TRON (TRX)
- Market Cap (2025): ~$22.11 billion
- High-throughput blockchain for decentralized content sharing.
- Dominates stablecoin transfers (over 50% of USDT transactions).
- Fixed total supply of 100 billion TRX.
TRON has proven itself as a high-performing blockchain platform with consistent growth throughout 2024. After reaching its 200 millionth account in late 2023, TRON’s market cap grew by 24% in Q3 2024 to $13.5 billion. In March 2025, TRON’s market capitalization stabilized at $22 billion.
The platform achieved a record $10 billion in Total Value Locked (TVL) in March 2024, further strengthened by its strategic partnership with Chainlink as its official oracle provider. TRON’s active user base and deflationary token economics continue to drive its expansion.
More articles about the crypto market:
- Crypto Bull Market 2024: What It is and When to Buy
- 2024 Crypto Market Predictions Backed by Technical Analysis
- 2024 Top 5 Crypto Market News Websites
- A Review of Crypto Market Trends in the First Half of 2024
FINAL THOUGHTS ON CRYPTO BY MARKET CAP
Tracking crypto by market cap helps investors identify stable assets (like Bitcoin) and emerging opportunities (like Solana). While large-cap cryptos are safer, mid-cap and small-cap coins offer higher growth potential—albeit with more risk.
FAQS
- What is market cap?
Market cap denotes the market value of a financial product or asset and essentially represents the total cost required to purchase that product or asset in the market.
- How do you calculate market cap?
Normally, a company’s market cap is calculated by multiplying the total value of its publicly traded shares by the current market price of the share. For cryptos, the calculation correlates the price per currency unit with the total number of circulating tokens.
- What affects the market cap?
The main factors influencing the market cap are the price and circulation of the product (i.e. crypto, stock).
- Why is market cap important?
The market cap serves as a key indicator for investors to gauge the scale of an investment target within the market and to compare it with competitors in the same industry to strategize their investments accordingly.
- What are the top 5 cryptos by market cap?
To date (November 2024), the top 5 cryptos by market cap are BTC, ETC, USDT, SOL, and BNB (from high to low).
▶ Buy Crypto at Bitget
CoinRank x Bitget – Sign up & Trade to get $20!
