With as many as 2,121 cryptocurrencies present in the market today, the net valuation has reached approximately 140 billion dollars. As the first quarter of 2019 marks an end, statistics show that mineable crypto assets are the most valued digital currencies in the present market. In fact, the statistical report also showcases that 68% of the whole cryptoconomy is represented by the leading 8 mineable coins.
The 70% Market Capture by Mineable Coins
If you closely follow the crypto world, you might already know that the crypto market has too many digital currencies out of which only a few have notable fiat value as well as massive support. At present, among the list of 10 topmost market capitalizations, only 4 digital currencies are minable. The remaining have been minted already like XRP of Ripple, XLM of Stellar, a number of ICOs and a small amount of those that utilize the PoS or proof-of-stake technique.
The mineable cryptocurrencies that are in the list of topmost 10 include BTC, BCH, ETH, and LTC. The combined market capitalization of these 4 records about 91.7 billion dollars. Interestingly enough, these coins make up around 65.5% net worth of the total cryptocurrency ecosystem. On the other hand, the remaining group of non-minable digital currencies in the foremost 10 have a combined net worth of approximately 24 billion dollars, that’s 17% of the total crypto economy.
If we consider the list of top 20 cryptocurrency market capitalizations, there are merely 8 mineable digital currencies which are XMR, BSV, ETC, and DASH. Four of these mineable coins stand at a combined valuation of 2.2% or 3.32 billion dollars of the whole economy. That means, all the 8 mineable cryptos together capture about 67.7% dominance in the market and in comparison, hold much more value than the rest of the 2,100 cryptos.
When it comes to mining, anyone can mine the top 8 mineable coins if they have a standard ASIC and GPU machine. However, coins such as ETH and XMR do have a few members in their community who think ASIC resistance in a certain form is good. In fact, when LTC was first established, it was apparently meant to have ASIC resistance features but somehow that didn’t materialize at all.
Use of the Same Mining Pools
One fascinating revelation is, all the 4 mineable coins present in the list of leading 10 have similar mining pools that process the coins. Consider the mining pools of BCH and BTC, you will notice that they overlap. The mining pools of both the cryptos process the crypto tokens on both the networks that also include entities such as Viabtc, Bitcoin.com, Antpool, and BTC.com. Likewise, the network of LTC also has an overlap with the network of BCH and BTC with pools that include Viabtc, F2pool, Antpool, and Poolin.
Also, the overlapped sections on all the 3 networks have dominant hashrate portions in each network. Only ETH records a very small amount of overlapped pools however even that has an exception in the form of F2pool which captures a greater portion of the hash power of ETH.
The conclusion of 2019’s 1st quarter also brings to notice that BCH and BTC both have unknown miners in reasonable numbers. At present, BCH records about 19.4% of its network hash rate being processed by these unknown miners whereas BTC’s unknown miners make up roughly about 23.9% of its current hash rate.
As the world now has a lot of variety in terms of crypto coins, there are also instances where teams of one crypto criticize the mineable crypto coins for draining resources. But going by the data analysis, the mineable cryptos nearly hold two-thirds extra value when compared to the non-mineable digital assets. The fact that a number of leading mining pools in the world are expanding their hash rate which indirectly demonstrates the belief they have in mineable cryptos is also something people have taken into consideration.