The order of the top 10 coins by market cap has changed. Binance's BNB and Polkadot are now the fifth and sixth largest coins by market capitalization, respectively. To do so, they usurped Chainlink and Bitcoin cash.
The flip, which took place overnight, is due to the sharp rise in price of both BNB and Polkadot (DOT). BNB increased by 15.35% in the past 24 hours to $31, and DOT increased by 14.63% in the past 24 hours to $5.22. Chainlink and Bitcoin Cash's increases were far milder; Chainlink increased by 1.29% to $12.59 and Bitcoin Cash increased by 1.89% to $228.86. Chainlink and Bitcoin Cash are now the seventh and eight largest coins by market cap, respectively.
Market capitalization is calculated by multiplying the price of a coin by its supply. The market caps for each of the four coins are all pretty similar—between $4.2 billion and $4.5 billion. But the spike in price of Binance Coin and Polkadot edged out Chainlink and Bitcoin Cash.
Here are the market caps for each of the coins:
Binance Coin: $4,475,881,823
Bitcoin Cash: $4,237,717,655.
While scuffling occurs down below, the top four coins by market capitalization, Bitcoin, Ethereum, Tether and XRP are way ahead. The market cap of XRP, number four, is $11.1 billion. US dollar-pegged stablecoin is Tether's next, at $14.7 billion. Then Ethereum, at $42.7 billion. And way out in front is Bitcoin, which has a market cap of $193.5 billion.
But all coins band together as one to form the cryptocurrency market's entire market capitalization, which is $345 billion.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.