The world of cryptocurrency continues to defy traditional finance models as it evolves quickly. Looking at the market cap of the top 50 cryptocurrencies for July 2023, several interesting observations and trends emerge.
Top Cryptocurrencies By Market Cap
Bitcoin & Ethereum
As expected, Bitcoin (BTC) and Ethereum (ETH) continue to dominate the market with a total market cap of $596 billion and $228 billion, respectively. Over the past month, Bitcoin has shown a positive growth of 19.39%, despite a slight dip in the past week, solidifying its status as the top player. Ethereum, on the other hand, has been slightly more volatile, with an overall growth of 8.79% over the past month, despite a recent dip in the last week.
Stablecoins
Tether (USDT) and USD Coin (USDC), stablecoins pegged to the US dollar, maintaining their place in the top 5 with little fluctuation in value, demonstrating their role as safe harbors during market turbulence.
Other Major Cryptocurrencies
One surprise is BNB (Binance Coin) in the fourth position, with a market cap of $38 billion. It’s seen a surge of 4.68% over the past 24 hours, indicating a more active trading period.
Solana (SOL), ranked 9th, shows an impressive performance with an 11.29% increase over the past week and a staggering 41.42% rise in the last 30 days. It seems to be gaining ground fast, likely due to its potential to provide fast, secure, and scalable blockchain solutions.
Bitcoin Cash (BCH), despite its relatively low rank at 14th, saw a remarkable monthly growth of 172.65%, suggesting that it may be emerging from the shadow of its predecessor, Bitcoin.
Top 10 Cryptocurrencies By Market Cap
| Rank | Name | Symbol | Market Cap | 24h change | 7d change | 30d change |
|---|---|---|---|---|---|---|
| 1 | Bitcoin | BTC | 596,592,467,514 | 1.48% | -1.97% | 19.39% |
| 2 | Ethereum | ETH | 228,096,280,559 | 1.61% | -3.62% | 8.79% |
| 3 | Tether | USDT | 83,364,686,258 | -0.02% | -0.02% | -0.02% |
| 4 | BNB | BNB | 38,297,143,421 | 4.68% | -1.08% | 2.97% |
| 5 | USD Coin | USDC | 27,332,652,649 | -0.01% | -0.02% | 0.01% |
| 6 | XRP | XRP | 25,030,418,691 | 1.96% | -2.33% | -5.02% |
| 7 | Cardano | ADA | 10,173,785,076 | 2.07% | -2.76% | 9.70% |
| 8 | Dogecoin | DOGE | 9,207,259,037 | 0.20% | -4.29% | 7.35% |
| 9 | Solana | SOL | 8,661,620,365 | 1.00% | 11.29% | 41.42% |
| 10 | Litecoin | LTC | 7,099,667,782 | 0.07% | -9.89% | 26.42% |
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Other Highlights
Toncoin (TON) at 17th place, shows a peculiar trend with negative growth rates in the past week and month, indicating a potential bearish outlook for this digital asset.
Shiba Inu (SHIB), another meme coin following Dogecoin, is holding its position at 19th with a market cap of over $4 billion, showing a 13% growth in the last 30 days despite recent minor dips, proving that meme coins still hold sway in the market sentiment.
UNUS SED LEO (LEO), in the 21st position, shows promising growth in the past week and month with 6.54% and 14.59%, respectively, indicating increasing investor interest.
An interesting observation is that many cryptocurrencies outside the top 20, like Chainlink (LINK), Uniswap (UNI), and Stellar (XLM), are showing healthy growth over the past month, suggesting that investors are diversifying their portfolios, recognizing value beyond the top-rated digital currencies.
Top 50 Cryptocurrencies By Market Cap
| Rank | Name | Symbol | Market Cap | 24h change | 7d change | 30d change |
|---|---|---|---|---|---|---|
| 1 | Bitcoin | BTC | 596,592,467,514 | 1.48% | -1.97% | 19.39% |
| 2 | Ethereum | ETH | 228,096,280,559 | 1.61% | -3.62% | 8.79% |
| 3 | Tether | USDT | 83,364,686,258 | -0.02% | -0.02% | -0.02% |
| 4 | BNB | BNB | 38,297,143,421 | 4.68% | -1.08% | 2.97% |
| 5 | USD Coin | USDC | 27,332,652,649 | -0.01% | -0.02% | 0.01% |
| 6 | XRP | XRP | 25,030,418,691 | 1.96% | -2.33% | -5.02% |
| 7 | Cardano | ADA | 10,173,785,076 | 2.07% | -2.76% | 9.70% |
| 8 | Dogecoin | DOGE | 9,207,259,037 | 0.20% | -4.29% | 7.35% |
| 9 | Solana | SOL | 8,661,620,365 | 1.00% | 11.29% | 41.42% |
| 10 | Litecoin | LTC | 7,099,667,782 | 0.07% | -9.89% | 26.42% |
| 11 | TRON | TRX | 6,995,421,798 | -0.47% | 0.09% | 12.13% |
| 12 | Polygon | MATIC | 6,925,897,670 | 7.46% | 3.45% | 24.68% |
| 13 | Polkadot | DOT | 6,250,117,445 | 2.14% | -5.21% | 15.65% |
| 14 | Bitcoin Cash | BCH | 5,469,351,637 | 4.92% | -2.56% | 172.65% |
| 15 | Wrapped Bitcoin | WBTC | 4,826,711,766 | 1.18% | -1.96% | 19.12% |
| 16 | Avalanche | AVAX | 4,734,985,212 | -0.45% | 2.51% | 18.09% |
| 17 | Toncoin | TON | 4,725,561,563 | 1.01% | -4.64% | -9.39% |
| 18 | Dai | DAI | 4,645,957,073 | 0.10% | 0.02% | 0.05% |
| 19 | Shiba Inu | SHIB | 4,502,763,697 | -1.01% | -1.79% | 13.00% |
| 20 | Binance USD | BUSD | 4,046,433,776 | 0.01% | -0.01% | 0.02% |
| 21 | UNUS SED LEO | LEO | 3,715,901,430 | 0.64% | 6.54% | 14.59% |
| 22 | Chainlink | LINK | 3,366,331,407 | 1.60% | -6.26% | 22.49% |
| 23 | Cosmos | ATOM | 3,241,484,619 | -1.44% | -7.14% | 14.71% |
| 24 | Uniswap | UNI | 3,071,662,921 | 1.25% | -6.00% | 31.59% |
| 25 | Monero | XMR | 3,035,684,767 | 0.03% | -2.15% | 20.41% |
| 26 | TrueUSD | TUSD | 2,945,512,319 | 0.02% | -0.02% | 0.39% |
| 27 | Ethereum Classic | ETC | 2,717,106,104 | 1.79% | -4.68% | 28.08% |
| 28 | Stellar | XLM | 2,707,395,062 | 1.22% | -6.57% | 23.54% |
| 29 | OKB | OKB | 2,589,501,417 | 3.00% | -3.62% | 3.49% |
| 30 | Filecoin | FIL | 1,901,445,122 | 0.46% | -10.39% | 26.66% |
| 31 | Internet Computer | ICP | 1,817,548,139 | 2.48% | -8.45% | 10.61% |
| 32 | Lido DAO | LDO | 1,766,213,030 | 3.82% | -8.85% | 10.24% |
| 33 | Hedera | HBAR | 1,545,587,348 | 1.11% | -6.06% | 6.50% |
| 34 | Aptos | APT | 1,511,162,677 | 1.15% | -4.87% | 22.23% |
| 35 | Arbitrum | ARB | 1,448,065,263 | 0.33% | -3.49% | 15.81% |
| 36 | Cronos | CRO | 1,420,079,369 | -0.82% | -1.32% | 5.63% |
| 37 | VeChain | VET | 1,365,799,082 | 0.55% | -8.90% | 21.47% |
| 38 | NEAR Protocol | NEAR | 1,251,443,954 | 0.70% | -7.66% | 12.19% |
| 39 | Quant | QNT | 1,244,501,545 | 0.18% | -6.54% | -0.36% |
| 40 | The Graph | GRT | 1,050,909,145 | -0.55% | -14.20% | 14.46% |
| 41 | Aave | AAVE | 1,030,671,478 | -2.53% | -3.78% | 35.92% |
| 42 | Maker | MKR | 913,712,812 | -4.83% | -6.09% | 49.32% |
| 43 | MultiversX | EGLD | 911,690,105 | 2.85% | -1.87% | 18.08% |
| 44 | Stacks | STX | 900,056,877 | 0.06% | -12.19% | 16.89% |
| 45 | Algorand | ALGO | 848,625,874 | 0.62% | -12.08% | 0.90% |
| 46 | BitDAO | BIT | 818,811,902 | 2.87% | -10.48% | 4.55% |
| 47 | EOS | EOS | 800,625,475 | -0.53% | -4.91% | 6.99% |
| 48 | Bitcoin SV | BSV | 792,943,646 | 0.62% | -13.10% | 50.12% |
| 49 | The Sandbox | SAND | 787,547,453 | 1.26% | -6.46% | 10.95% |
| 50 | Optimism | OP | 783,019,076 | -0.33% | -9.99% | 12.27% |
In conclusion, while the market leaders remain dominant, the strong performance of certain altcoins suggests that the cryptocurrency market continues to evolve and diversify. Investors should keep an eye on the growing altcoins and look beyond the dominant players for potential investment opportunities. The rapid growth of certain coins also highlights the dynamic nature of the crypto market, suggesting that investment decisions should consider not only market cap but also other factors like utility, community, and underlying technology.