Despite some of the cryptocurrency markets showing signs of recovery, there are other trends well worth keeping an eye on. Over the past few months, it became apparent the US$1bn market cap club member size has declined significantly. Just 12 coins manage to reach this threshold, even though two of them risk falling out if a minor bearish trend were to materialize.
Tron and Cardano are on the Bubble
Whereas the cryptocurrency market cap list had dozens of currencies above $1bn in valuation in 2017, things look very different today. That is only to be expected, as the year 2018 and most of 2019 has not yielded too much excitement in the price department. Bitcoin has managed to claw back up to over $7,500, but the other markets are not necessarily showing too much action in recent weeks.
As a result, there are now just over 12 cryptocurrencies, tokens, and assets that have a market cap of over $1bn. That list includes the obvious top currencies, although both Tron and Cardano are on the verge of dropping below this threshold again. For speculators and investors, that may be something to worry about, although it won’t make that much difference in terms of value per individual coin. Maintaining a healthy market cap level is always preferable, but in this volatile industry, that is much easier said than done.
Monero and LEO Want to Move up
As is usually the case when two currencies are on the verge of dropping below this threshold, there are always projects which are close to surpassing the $1bn level as well. In the case of LEO and Monero, there is still a ways to go, albeit the gap to reaching this threshold is not all that big. Both projects need $150,000 and $23m respectively to make this cut.
As such, the coming weeks and months may prove to be very interesting for the communities of these four projects combined. While it is not exactly an achievement to surpass this milestone in terms of market valuation, it has become somewhat of a “target’ for any cryptocurrency, tokens, or asset which wants to “hang” with the big guns. No other currencies come close to hitting the $1bn mark at this time, although that situation can always change when people least expect it.
Where Did X, Y, and Z go?
Some noteworthy coins have lost all feeling with the top 12 in recent months. That list includes IOTA, Dash, Ethereum Classic, NEO, and NEM, to name just a few. All of these currencies have had their market cap reduced to $750m or even as low as $369m. Not the turn of events people had expected following the crazy price action in 2017. Those traders still waiting for an altcoin season may need to bide their time for a while longer. It seems unlikely any market outside of the top 15 will see sustainable crazy gains again in the near future.