We take for granted that the current top 10 cryptocurrencies in the market have always been there. However, five years ago things looked completely different than today. According to a recent report released by DataLight, the market has substantially changed during that period of time.
There are only three digital currencies that remained among the top 10 since 2014. We are talking about Bitcoin (BTC), Litecoin (LTC) and XRP. According to this study, Bitcoin was the largest digital asset in the market with $7.5 billion market capitalization.
Bitcoin was followed by Litecoin, with a market cap of $0.4 billion. XRP was in the third position with a market value of $120 million. It is possible to see that Litecoin had 5.33 percent of Bitcoin’s market capitalization. Although many things changed, Litecoin remained with 5.01 percent of Bitcoin’s market cap.
In five years, XRP was able to surpass Litecoin in terms of market capitalization. Nowadays, XRP has a market cap 285% larger than Litecoin.
At that time, there were other digital currencies among the top ten, including Peercoin (PPC), Dogecoin (DOGE), Nxt (NXT), Omni (OMNI), Namecoin (NMC), BitShares (BTS), and Quark (QRK). From these coins, only Dogecoin and BitShares remain among the top 100.
New virtual currencies have also appeared in the space. Ethereum (ETH) surpassed both XRP and Litecoin and became the second largest digital asset. EOS (EOS), Bitcoin Cash (BCH), Tether (USDT), Stellar (XLM), Tron (TRX) and Binance Coin (BNB), are new virtual currencies among the top ten.
Meanwhile, Peercoin, Omni, Namecoin and Quark are far from the top 200 and some of them could eventually disappear in the near future.
In the future, new projects and coins will be able to enter the top 10 while others will be falling. It is worth mentioning that although Bitcoin lost part of its market share, it has never been close to losing the first position in the market. It might be possible for Bitcoin to remain in this way for several months in the future.