CQ Research
Market Cap Evolution of Top Cryptocurrencies
MARKET CAP EVOLUTION. BNB Market Cap Returns to the Top 5. BNB recently overtook Solana (SOL) in terms of market capitalization, reaching around $92 billion, while SOL now trails at $74 billion. SOL’s market cap surged strongly in late 2024, largely driven by the explosive growth of its meme coin ecosystem. However, as momentum shifted, the spotlight on meme activity has increasingly moved to BNB Chain, contributing to BNB’s recovery and helping it regain its position as the 5th-largest cryptocurrency by market cap. XRP Benefits from the U.S. Election. XRP’s market capitalization has significantly increased since November 2024, around the time when Donald Trump won the U.S. presidential election. XRP’s market cap climbed from $30 billion in early November 2024 to $141 billion by March 2025. Ethereum’s Market Cap Drops by 50%. Ethereum’s (ETH) market capitalization has experienced a notable decline since its peak in late 2024, dropping 50% to approximately $240 billion by March 2025. PRICE ACTION BTC and BNB Show the Strongest Resilience. BNB and Bitcoin are currently experiencing the lowest drawdowns among these group, each down approximately 20% from their all-time highs, indicating relatively strong price performance and resilience. BNB’s stability is particularly notable, as it has maintained a consistently shallow drawdown range throughout the observed period. This resilience is partly driven by practical utility across the Binance ecosystem, all of which require users to actively hold BNB. ETH and SOL Struggle with Deep Drawdowns. Ethereum (ETH) and Solana (SOL) have suffered more severe declines, with drawdowns of over 50%, reflecting weaker recovery momentum and higher volatility. XRP Lags Despite Market Cap Growth. XRP also shows a significant drawdown of around 36%, despite its recent increase increase in market capitalization, suggesting price still lags historical highs.