What Is Rank?
Rank refers to the position held by a cryptocurrency in the market. The rank of a digital currency is typically determined by its market capitalization. Market capitalization, also known as market cap, is calculated by multiplying the price of a cryptocurrency by its circulating supply at a specific point in time.
Some ranking platforms also consider the 24-hour trading volume of an asset. Bitcoin has consistently held the top position since the inception of digital currency.
Ethereum has maintained its position as the second-ranked cryptocurrency, although it was briefly surpassed by Ripple (XRP). XRP usually holds the third position, but it faced security allegations from the SEC, resulting in a significant decline in both market price and rank. The rankings of other coins, apart from Bitcoin, fluctuate based on market sentiment and price movements.
Coins like BTC, ETH, XRP, Tether (USDT), Litecoin (LTC), Bitcoin Cash (BCH), Chainlink (LINK), Cardano (ADA), Polkadot (DOT), EOS (EOS), Monero (XMR), and Binance Coin (BNB) compete for the top ten positions. Market capitalization heavily influences the rank of a cryptocurrency, with investor sentiment and industry news also playing a significant role.
While most individuals track cryptocurrency ranks based on market cap, CoinMarketCap provides the option to adjust rankings based on price, 24-hour and seven-day price changes, volume, and circulating supply.
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