Jul 29, 2022 - Economy

Looking back on the cryptocurrency horse race

Data: CoinMarketCap; Chart: Kavya Beheraj/Axios
Data: CoinMarketCap; Chart: Kavya Beheraj/Axios

Cryptocurrency might change the world, but, until then, it's a horse race. Mainly, coins are fighting to get to third place.

Why it matters: Coins that get a lock in their position at the top are likely to have found what tech people call "product-market fit." That is, some set of people has found them decisively useful in some way.

  • Coins still bouncing around on the charts are looking for their place in the world.

Details: This chart looks backward from the top 10 cryptocurrencies by market cap today, and where they have stood in the CoinMarketCap rankings every summer going back to 2017.

Of note: Bitcoin has always led this chart. Ethereum is solid but if you go back a little farther, it traded places with xrp a few times.

  • There's been a lot of battle for all the other spots.

Stablecoins jump out. Note the rapid ascents of tether, usd coin and binance usd.

Also, note the white space to the left. Empty rankings on the chart are where once buzzy but now mostly forgotten cryptocurrencies sat when they still looked interesting.

  • Names like nem, dash, iota and eos held places there, among others. Such coins and their like are now found way down in the rankings.

What we're watching: DOGE, crypto's comeback coin, keeps on hanging on in the rankings. Much wow!

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