XRP, LTC, BSV to Leave Top-10 as DeFi Assets Rise: Analyst Qiao Wang

Mon, 06/22/2020 - 10:30
Vladislav Sopov
Crypto investor and researcher Qiao Wang expresses doubts about DeFi asset valuation but foresees that they may challenge the superiority of some crypto behemoths
Cover image via twitter.com

Startup investor and advisor Qiao Wang, who recently left the Messari analytical team, predicts that the current landscape of the Top-10 cryptocurrency assets by market capitalization may be on borrowed time.

Overvalued challengers

Mr. Wang admits that he is treating the ongoing euphoria over the decentralized finance sector and its assets as overhyped. Many of the DeFi native coins may be heavily overvalued.

Image via Twitter

However, he can hardly wait for the revolution in the list of Top-10 of cryptocurrencies by market capitalization. As DeFi native and governance assets may break into this ranking, some of its veterans could be forced to make way for them.

The analyst and investor even mentioned three of the first assets that could find themselves in a new position in the ranking. According to him, XRP, Litecoin (LTC) and Bitcoin SV (BSV) may be replaced by surging DeFi tokens very soon.

Commenters on his tweet also added Bitcoin Cash (BCH) to the list of the condemned behemoths of the blockchain sector.

Insane road to Top-10

At press time, not one asset from the DeFi sector is currently ranked among the Top-10 cryptocurrencies by market capitalization. Right now, a product needs to be valued at over $2.14B to join this elite club, according to statistics from the independent platform Coingecko.

The most likely contender to break into this list is Compound (COMP), the governance and rewards asset of the Compound autonomous protocol. As covered by U.Today Crypto News, this asset has been experiencing an enormous rally with triple-digit daily gains.

Yesterday, it took only 24 hours for this asset to surpass Ethereum Classic (ETC), Dash (DASH), IOTA (MIOTA) and VeChain (VET) in terms of market capitalization.

Its most popular competitor, Maker (MKR) is on the brink of leaving the Top-30 of this ranking. Its capitalization is now 65% lower than that of Compound (COMP).

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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