We analyzed the 100 most popular coins tracked on CoinTracker (defined as the number of unique users holding the coin), and indexed them against Bitcoin’s popularity from 1-100.
June 19, 2019 · 3 min read
Inspired by Robinhood, we decided to take a look at the relative popularity of different cryptocurrencies on CoinTracker, compared with their market cap.
We analyzed the 100 most popular coins tracked on CoinTracker (defined as the number of unique users holding the coin), and indexed them against Bitcoin’s popularity from 1-100. You can review the full list here.
Here are the top 25 most popular cryptocurrencies tracked on CoinTracker, and their market capitalization as of the week of June 12th:
Observations:
Several coins are much more popular among CoinTracker users than their market cap might suggest:
On the flip side, there are several coins with a far higher market cap than their popularity would suggest, including: XRP, EOS, BNB, and BSV.
This dynamic could be caused by any number of different factors:
In conclusion, we have found there is considerable variability between a coin’s market capitalization and its apparent popularity on our platform among real investors.
While analysis of the popularity of cryptocurrencies among CoinTracker users is only one data point, similar to the findings from the recent Bitwise report which found that over 95% of cryptocurrency exchange data may be fraudulent, it suggests there is much to be learned from investigating data gauging authentic cryptocurrency interest.
CoinTracker helps you calculate your crypto taxes by seamlessly connecting to your exchanges and wallets. Questions or comments? Reach out to us @CoinTracker.
Disclaimer: this post is informational only and is not intended as tax advice. For tax advice, please consult a tax professional.