When Ethereum’s The Merge Is Completed, There Are Only 2 PoW Coins Left In The Top 10
Once switched to PoS, Ethereum will no longer be a PoW coin.
This year, for the first time in crypto history, three stablecoins entered the top 10 by market capitalization. During the first week of May, Terra’s stablecoin UST broke into the top 10 along with USDT and USDC, but after the crash, it disappeared from the rankings and is currently at 132th at press time.
After the collapse of UST, stablecoin BUSD issued by Binance Smart Chain took its place and remains in the top 10 to date with a market capitalization of $46.2 billion.
9 years ago was the complete opposite. On August 18, 2013, there were no stablecoins in the top 10, because the ‘stablecoin trend’ was not widespread yet. That same year, the top 10 cryptocurrencies were mostly PoW tokens.
However, in the next 27 days, Ethereum (ETH) will convert to Proof-of-Stake (PoS) after operating under the Proof-of-Work (PoW) consensus mechanism for seven years and when that happens. , only two coins in the top 10 are PoW tokens, which are Bitcoin (BTC) and Dogecoin (DOGE).
On August 18, 2013, BTC was trading at $113 and ETH was not launched. In fact, before the Ethereum blockchain was launched on July 30, 2015, Litecoin (LTC) was the second largest cryptocurrency by market capitalization.
PoS crypto assets were already taking shape at the time, and in 2013 there were several PoS tokens associated with PoW, with Peercoin (PPC) leading the way. This is the first PoW and PoS hybrid blockchain introduced to the crypto community and it was created by a developer nicknamed Sunny King.
On August 18, 2013, PoW and PoW hybrid coins in the top 10 cryptocurrencies including Bitcoin (BTC), Litecoin (LTC), Namecoin (NMC), Peercoin (PPC), Furcoin (FTC), Novacoin ( NVC), Primecoin (XPM), Terracoin (TRC) and Infinitecoin (IFC).
The only non-POW token is XRP and XRP is still in the top 10 with a market cap of $16.8 billion at the time of writing. As of August 23, 2015, there were fewer PoW coins in the top 10, even as Ethereum joined the PoW ranks.
At that time, only six PoW coins existed in the top 10, including BTC, LTC, ETH, DASH, DOGE, and BCN. By 2015, PoW and PoS hybrid coins were pushed out of the top 10 and pure PoS networks started to become more popular.
On August 23, 2015, Banx Shares (BANX) and Bithares (BTS) were the most valuable PoS coins. BTS still exists and is worth $0.01 while BANX disappears after serious controversies.
On August 20, 2017, six PoW coins including BTC, ETH, BCH, LTC, DASH, and ETC were still in the top 10 but now BCH, LTC, DASH, and ETC have disappeared from this list. Furthermore, a few other coins that used to be in the top 10 like IOTA, NEM, and NEO are now gone. That was almost 5 years ago and today, Dogecoin and BTC are the last PoW coins in the top 10.
It should be noted that DOGE is in tenth place after surpassing the market capitalization of Polkadot (DOT). When The Merge takes place and Ethereum becomes a PoS chain, it is likely that DOGE will not be able to maintain its position in the top 10. If DOGE falls off the leaderboard and the Merge is completed, BTC will be the only POW digital asset in the top 10 cryptocurrencies in terms of market capitalization.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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