BTC $83,466 
ETH $2,686 
USDT $0.9995 
BNB $768.36 
XRP $1.49 
USDC $0.9998 
SOL $118.18 
TRX $0.3378 
ZEC $1,415 
FIGR_HELOC $1.03 XRP market cap nears 6% of bitcoin, Grayscale data shows
Grayscale's Currencies Crypto Sector chart shows XRP far ahead of Zcash, Monero and other non-bitcoin assets.
Key takeaways
- The ratio is near 6%. XRP's $94.08 billion market cap was about 5.6% of bitcoin's $1.678 trillion on Sept. 28.
- XRP leads the sector. Zcash sits above 1% of bitcoin's market cap and Monero around 0.5%-0.7%, both below XRP's reading.
- The past peak was higher. XRP's market cap briefly moved above 20% of bitcoin's in the 2017-2018 cycle on 30-day averages.
What happened
Grayscale's Sept. 29 analysis compares 10 cryptocurrencies with bitcoin (BTC) using 30-day average market capitalizations through Sept. 28. The firm's Currencies Crypto Sector covers blockchains focused on the digital currency use case. XRP carries the largest relative valuation in the group outside bitcoin.
A CoinMarketCap snapshot for Sept. 28 put bitcoin's market cap near $1.678 trillion and XRP's at $94.08 billion, about 5.6% of bitcoin's. Grayscale's figure for XRP is a ratio near 6%. XRP traded at $1.4963 that day, with roughly 62.88 billion tokens circulating.
Other currency assets sit further back. Zcash has moved above 1% of bitcoin's market cap, Monero is around 0.5%-0.7%, and bitcoin cash, litecoin and smaller assets stay below. Grayscale treats bitcoin as the sector's core asset and XRP, bitcoin cash, litecoin and Zcash as possible satellite holdings.
Why it matters
The chart measures relative market value, not XRP's price on its own. The ratio can rise if XRP gains faster than bitcoin, if bitcoin falls faster than XRP, or through a mix of both. A rising ratio signals XRP outperforming bitcoin on a relative basis.
Grayscale's Zach Pandl says the increase is substantial and in line with the sector's history, and he says the token has not reached a valuation ceiling. He also wrote that "Bitcoin is the king of the category." In the 2017-18 cycle, XRP, bitcoin cash, litecoin and dash each reached at least 3% of bitcoin's market capitalization.
What the data shows
- Bitcoin's market cap was about $1.678 trillion on Sept. 28, against XRP's $94.08 billion.
- At bitcoin's Sept. 28 level, a 6% ratio corresponds to an XRP market cap of roughly $100.7 billion.
- Zcash's relative valuation rose from under 0.1% of bitcoin's a year earlier to about 1.5%.
- From 2020 to 2024, XRP's ratio largely sat between roughly 2% and 7%.
- Grayscale's Sept. 11 estimates put Zcash mining rewards at about twice bitcoin's per machine, before electricity, equipment and operating costs.
Background
- In the 2017-2018 cycle, XRP's market cap briefly climbed above 20% of bitcoin's on the chart's 30-day average.
- FTSE Russell and Grayscale review the sector and its constituents quarterly, so classifications can change.
- Litecoin, a peer-to-peer payment network for worldwide transfers, launched in 2011 and runs on open-source software.
Questions readers ask
How does XRP's market cap compare with bitcoin's?
Grayscale's data puts XRP at nearly 6% of bitcoin's market cap. A CoinMarketCap snapshot for Sept. 28 shows XRP at $94.08 billion against bitcoin's roughly $1.678 trillion, a ratio of about 5.6%.
What would a 6% ratio mean for XRP's market cap?
With bitcoin near $1.68 trillion on Sept. 28, a 6% ratio corresponds to an XRP market cap of roughly $100.7 billion, above the $94.1 billion recorded that date.
Has XRP been worth more relative to bitcoin before?
Yes. In the 2017-2018 cycle XRP's market cap briefly moved above 20% of bitcoin's on 30-day averages, then fell to roughly 2% to 7% for much of 2020-2024.
Which assets does Grayscale group with XRP?
Grayscale's Currencies Crypto Sector lists 10 qualifying tokens beyond bitcoin, including XRP, Zcash and Litecoin. XRP, bitcoin cash, litecoin and Zcash are described as potential satellite holdings.
