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However, the crypto market is not homogeneous, but rather composed of various ecosystems, each with its own characteristics, features, and use cases. In this blog post, we will explore the market cap size of the top 10 crypto ecosystems, including ETH, ADA, and BTC, and compare them to the sovereign nations in terms of economic output.
Methodology
To measure the market cap size of the crypto ecosystems, we will use the data from CoinGecko 3, which provides a list of the top Ethereum ecosystem coins by market cap, as well as the data for other major crypto platforms and protocols, such as Cardano, Bitcoin, Solana, Binance Smart Chain, Polkadot, Avalanche, Terra, and Cosmos. We will use the data as of October 15, 2021, and aggregate the market cap of all the coins and tokens that belong to each ecosystem. We will also include the market cap of the native coin or token of each ecosystem, such as ETH, ADA, and BTC, as part of the total market cap.
To compare the market cap size of the crypto ecosystems to the sovereign nations, we will use the data from the World Bank 4, which provides the GDP (nominal) of 190 countries and territories for the year 2020. We will use the exchange rate of 1 USD = 0.86 EUR as of October 15, 2021, to convert the GDP values to euros, which is the currency used by CoinGecko to display the market cap values. We will then rank the crypto ecosystems and the sovereign nations by their market cap or GDP size, and find the closest match for each crypto ecosystem.
Results
The following table shows the market cap size of the top 10 crypto ecosystems, as well as their rank and closest match among the sovereign nations, based on the GDP size.
| Crypto Ecosystem | Market Cap (EUR) | Rank | Closest Match | GDP (EUR) |
| Ethereum | 313.6 B | 1 | Denmark | 306.1 B |
| Bitcoin | 846.9 B | 2 | Netherlands | 703.1 B |
| Cardano | 58.9 B | 3 | Croatia | 46.9 B |
| Solana | 38.8 B | 4 | Bahrain | 32.8 B |
| Binance Smart Chain | 32.5 B | 5 | Estonia | 26.5 B |
| Polkadot | 25.7 B | 6 | Iceland | 19.9 B |
| Avalanche | 11.9 B | 7 | Malta | 12.8 B |
| Terra | 10.9 B | 8 | Montenegro | 4.4 B |
| Cosmos | 7.4 B | 9 | Maldives | 4.9 B |
| Shiba Inu | 5.1 B | 10 | Sierra Leone | 3.4 B |
The following chart shows the visual comparison of the market cap size of the top 10 crypto ecosystems and the GDP size of the closest match sovereign nations.
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Analysis
The results show that the crypto market is not only large, but also diverse and dynamic, with different ecosystems offering different solutions and opportunities for the users and developers. The results also show that the crypto market is still relatively small compared to the global economy, as the largest crypto ecosystem, Ethereum, is only comparable to the 35th-largest economy, Denmark, and the smallest crypto ecosystem, Shiba Inu, is only comparable to the 160th-largest economy, Sierra Leone. However, the crypto market is also growing rapidly, as some of the crypto ecosystems, such as Solana, Avalanche, and Terra, have increased their market cap by several times in the past year, and some of the crypto ecosystems, such as Shiba Inu, have emerged as new entrants in the top 10 list.
Conclusion
The crypto market is a fascinating and complex phenomenon, that challenges and transforms the traditional notions and models of the economy and society. By comparing the market cap size of the top 10 crypto ecosystems to the GDP size of the sovereign nations, we can gain some insights and perspectives on the scale, diversity, and potential of the crypto market, as well as the opportunities and challenges that it faces. However, the crypto market is also constantly evolving and changing, and the rankings and values of the crypto ecosystems and the sovereign nations may vary significantly over time. Therefore, it is important to keep updated and informed about the latest developments and trends of the crypto market, and to explore and experiment with the various ecosystems and platforms that it offers.
As always, this is not financial advice, you must always do your own research (DYOR). If you need a starting point, check out our blog section labelled DYOR.