I have analyzed the Top 100 Projects by Market Cap to understand the various industries/ segments (applications) which has been disrupted by Blockchain. For data reference, I have taken help from our good friends at Coingecko. Data as on 23rd April 2019  has been considered. The Market Cap of the Top 100 Projects as on this date was 176 552 M USD.

Assumptions:

  • Even though there are several other indicators, to keep things simple, Market Cap has been kept as the primary indicator.
  • Segment classification has been considered as shown in Coingecko.
  • Some smaller segments have been clubbed under broader classifications.
  • The Analysis Scope: Top 100 Projects by Market Cap.
  • All numbers are in Million USD

Let us have a look at the analysis now:

Market Cap Overview – The actual Top Projects               

Though we consider the projects in Top 100 by Market Cap as the biggest projects,  Bitcoin and Ethereum together contribute about 65% of the Market Cap (Bitcoin – 55%, Ethereum – 10%). The Top 16 Projects contribute to 91% of the Total Top 100 Market Cap

This shows that Top 100 might not be always a right indicator and the Top 100 Bucket is only used for ease of representation.

Industry/ Segments covered by the Top 100 Projects

A broader classification gives us 16 segments which are impacted by Blockchain.

As on 23rd April 2019, these segments contribute to about 176 522 M USD Market Cap.

Rank Segment  Market Cap in M USD %ge Market Cap
1 Cryptocurrency  $ 125 536 71.12%
2 Smart Contract Platform  $ 37 145 21.04%
3 Exchange Tokens  $ 4 447 2.52%
4 Stable coins  $ 2 711 1.54%
5 Token  $ 2 313 1.31%
6 Privacy Coin  $ 1 997 1.13%
7 Business Platform  $ 545 0.31%
8 Protocol  $ 493 0.28%
9 Infrastructure  $ 366 0.21%
10 Finance Banking  $ 277 0.16%
11 Storage  $ 185 0.10%
12 Entertainment  $ 159 0.09%
13 Business Services  $ 121 0.07%
14 Software  $ 92 0.05%
15 Big Data  $ 81 0.05%
16 Energy  $ 53 0.03%
Grand Total  $ 176 522 100%

 

If we do a Pareto, we will see that the Top 6 segments contribute to about 98.66% of the Market Cap. Also, various segments are missing in the list. This shows that we are still in a very infant stage and Blockchain’s penetration and distribution across broader segments is still a Work in Progress.

Quick observations from the above graph:

  • Cryptocurrencies still hold a majority of the Market Share.
  • Smart Contract Platforms has steadied down in Market Cap, this is because, most of these projects are still under Development (Re-Development Phase), and none of them have been a stand-out game changer (yet). That being said this is the most important segment and once Development gathers speed and Problems fixed, this segment will see a massive upsurge.
  • Exchange Tokens are the winners, with Binance Coin leading the way, reaching All-Time High during a depressing Bear Market.
  • Stable coins are very important to gain mass adoption and seeing them in the Top 6 is a good assurance.

Let us now break down into each of these categories

Segments by Number of Projects

Smart Contract Platform has dethroned Cryptocurrencies in this area.

Now let us combine a Segments contribution to the Market Cap and Number of Projects per segment

Segments % Count of Projects in Top 100 % Market Cap Share in Top 100
Smart Contract Platform 25.00% 21.04%
Cryptocurrency 22.00% 71.12%
Token 11.00% 1.31%
Exchange Tokens 7.00% 2.52%
Privacy Coin 6.00% 1.13%
Stablecoins 5.00% 1.54%
Finance Banking 5.00% 0.16%
Infrastructure 4.00% 0.21%
Business Platform 3.00% 0.31%
Protocol 3.00% 0.28%
Entertainment 2.00% 0.09%
Business Services 2.00% 0.07%
Storage 2.00% 0.10%
Big Data 1.00% 0.05%
Software 1.00% 0.05%
Energy 1.00% 0.03%

 

The above table is very interesting

  • 22% of the Top 100 falls under ‘Cryptocurrency’ contributes to 71.12% of Marketshare
  • However, 25% of the Top 100 falls under ‘Smart Contract’ Platform but contributes only to 21.04%. The high number of projects demonstrates the potential of this segment which is ready to Break Off any time soon.
  • The meteoric rise of Exchange Tokens is to be noted.

We will now go through the  top projects in each segment:

Segmentwise Top Projects

Cryptocurrency

The Cryptocurrency Segment is ruled by Bitcoin and XRP, together contributing 87% of the market share under this segment.

Total Market Cap: 125 536 M USD

Smart Contract Platform              

The Smart Contract Segment is more diversified with Ethereum and EOS the biggest players contributing to about 64% of the Market Share under this segment.

Total Market Cap: 37 145 M USD

Exchange Tokens

Binance Coin is the Single Most important contributor in this segment, with a Market Cap ~6.5 times higher than its next immediate (Kucoin Shares)

Total Market Cap: 4 447 M USD

Stablecoins

Tether rules in this segment with 76% Market Share, 8 times bigger than its next immediate USDC

Total Market Cap: 2 711 M USD

Tokens

‘Tokens’ is a broad segment where multiple utilities have been clubbed.

Total Market Cap: 2 313 M USD

Privacy Coins

Total Market Cap: 1 997 M USD

 

Business Platforms

Total Market Cap: 545 M USD

 

Protocol

Total Market Cap: 493 M USD

Infrastructure

Total Market Cap: 366 M USD

Finance Banking

This segment is very evenly distributed among its 5 players

Total Market Cap: 277 M USD

The situation gets thinner in the next segments

Storage

Total Market Cap: 185 M USD

Entertainment

Total Market Cap: 159 M USD

Business Services

Total Market Cap: 121 M USD

Software

Total Market Cap: 92 M USD

Big Data

Total Market Cap: 81 M USD

Energy

Total Market Cap: 53 M USD

Key Takeaways

  • The market is still immature and needs to go through many twists and turns before attaining maturity
  • The Top 16 Projects contribute to 91% of the Total Top 100 Market Cap
  • Cryptocurrencies and Smart Contract Platforms are still ruling, with other segments still in a very nascent stage. This proves that they still have some way to go before mass adoption.
  • 25% by Volume of the Top 100 falls under ‘Smart Contract’ Platform but contributes only to 21.04% by Market Cap. The high number of projects demonstrates the potential of this segment which is ready to Break Off any time soon.
  • Cryptocurrency Exchanges are gaining steam.

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