As The Merge is projected to occur in 27 days, the cryptocurrency community is eagerly awaiting the highly anticipated switchover of the Ethereum network from proof-of-work (PoW) to proof-of-stake (PoS). Only two crypto assets in the top ten market cap rankings will be PoW tokens after Ethereum switches from PoW to PoS, which is a dramatic difference to the top ten nine years ago.
Beginning of the Proof-of-Work (PoS) Era Cryptocurrencies Vanish From the Top Ten Market Cap Rankings
Three stablecoins entered the top ten greatest market cap positions this year for the first time in cryptocurrency history. Along with USDT and USDC, Terra's stablecoin UST entered the top ten during the first week of May, however following the depegging incident, the token dropped out of the top ten coin rankings. Following the collapse of UST, the Binance Smart Chain-issued BUSD stablecoin joined the list of the 10 most valuable coins. As of right now, three stablecoins are still in the top ten.
On August 18, 2013, nine years ago, there were no stablecoins in the top 10 because the stablecoin movement was not at all popular at that time. After running as a PoW chain for seven years, Ethereum will switch to PoS in 27 days, at which point there will only be two currencies in the top 10 that are PoW tokens. Bitcoin (BTC) and Dogecoin will be the final two top PoW crypto tokens still active in the top 10. (DOGE). When the top 10 crypto tokens were largely PoW coins nine years ago in 2013, this trend was likewise not widespread.
Ethereum does not exist and bitcoin (BTC) was trading for $113 per unit on August 18, 2013. Actually, it wasn't until 711 days after August 18, 2013, that the Ethereum blockchain became live, and litecoin (LTC) was the second-largest cryptocurrency token by market cap. When proof-of-stake cryptocurrency assets were first proposed, there were several hybrid proof-of-work and proof-of-stake tokens available in 2013, with peercoin (PPC) taking the lead. PPC was developed by the fictitious developer Sunny King and was the first hybrid PoW/PoS blockchain to be exposed to the cryptocurrency community.
Bitcoin (BTC), litecoin (LTC), namecoin (NMC), peercoin (PPC), feathercoin (FTC), novacoin (NVC), primecoin (XPM), terracoin (TRC), and infinitecoin were among the top 10 PoW and hybrid PoW coins nine years ago (IFC). Only XRP, a non-PoW coin, was among the top ten coins at that time in 2013, and it is still in the top ten coins by market valuation in 2022. Even with ethereum (ETH) reaching the top 10 PoW currencies, there were less PoW coins back on August 23, 2015, over seven years ago.Bitcoin (BTC), litecoin (LTC), namecoin (NMC), peercoin (PPC), feathercoin (FTC), novacoin (NVC), primecoin (XPM), terracoin (TRC), and infinitecoin were among the top 10 PoW and hybrid PoW coins nine years ago (IFC). Only XRP, a non-PoW coin, was among the top ten coins at that time in 2013, and it is still in the top ten coins by market valuation in 2022. Even with ethereum (ETH) reaching the top 10 PoW currencies, there were less PoW coins back on August 23, 2015, over seven years ago.
Doge Hangs on to His Top Ten Spot by a Thread
On August 20, 2017, six PoW coins that had been in the top ten for two years still were there. At that time, PoW coins included BTC, ETH, BCH, LTC, DASH, and ETC. The top 10 rankings no longer include BCH, LTC, DASH, and ETC. In addition, a few additional coins, like IOTA, NEM, and NEO, that had previously held top 10 rankings, have since left their positions. The last PoW coins still present in the top 10 today are DOGE and BTC, which was almost five years ago.
In addition, it's important to remember that the market cap of dogecoin (DOGE), which is currently ranked tenth, is comparable to that of polkadot (DOT). If values alter after The Merge and Ethereum switches to a PoS chain, DOGE might not be among the top ten coins. Out of the top ten highest crypto market capitalizations, BTC will be the only proof-of-work digital asset if DOGE is eliminated and The Merge is successful.
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