I haven't looked properly at the top 100 cryptos by market cap since probably 2021, during that last bull run, sitting in my cabin in Portugal caught up in a DEFI wonderland....
A lot has changed since then!
I mean in cryptoland, not in my life, well yes in my life, but I'm here talking ONLY about cryptoland.
I'm not particularly encouraged by what I see in the top 100.
What I see is a handful of tokens with what I'd call genuine utility but mostly absolute shitcoins. There's literally no way to tell what's going to blow up next!
And there's a lot I don't recognise in the top 100 coins...
The top 10
Obviously BTC/ ETH/ Tether, that's standard...
But then about the only other coin I rate in the top 11 is Cardano, I can't believe fucking Shib is in there at 11. Two meme coins in there, and an out and out scam coin at number 10.
REALLY NOT ENCOURAGING!
Although at least USDC is holding up there at 8, so we have a genuine large cap stable coin alternative to USDT.
The next biggest....
OK so cross-chain and DEFI protols and a couple of classics seem to feature here, this is BETTER! But Pepe, please just fuck off.
Coins in the top 100 have NEVER heard of....
- 14 SUI
- 23 Aptos
- 30 Kaspa
- 32 Bonk
- 33 MANTRA
- 35 Bitsensor
- 36 dogwifhat
- 38 AIA
- 40 Stacks
- 45 Mantle
- 49 Injective
- 52 Celestia
- 54 SEI
- 56 Bitget token
- 60 Brett
Actually that's ENOUGH I can't face going any further, although I did look down the list and and at number 64 there's a crypto called Peanut the Squirrel with a Market Cap of $1.4 Billion.
I'm not even sure I can face doing a deep dive into any of the above, I might just find it too depressing!
Top 100 coins I think might have some merit besides BTC....
These are the ones I know anything about and either hold or would consider holding....
- 9 ADA
- 22 LTC
- 29 Render
- 42 VeChain
- 44 ATOM
- 58 RUNE - PROBABLY the most undervalued coin in the top 100....?
- 83 AKT.
I could also add in BNB, maybe AVA, POL, but these are all variations on the DEFI theme.
FINAL THOUGHTS...
Am I missing something or is the top 100 just filled with SOL generated shitcoins that are best avoided, or is that what Crypto has become in 2024, gambling on irrational pumps orchestrated by discordant tech billionaires who literally have more money than they know what to do with.
Or maybe I'd be singing a different tune if I'd have backed just one of these top 100 shitcoins...?!?