According to the latest data, the total market capitalization of the entire cryptocurrency ecosystem is approximately $2.94 trillion. However, this figure is inflated—stablecoins account for nearly $300 billion, which are essentially just value storage mediums and not true investment assets. Excluding stablecoins, the actual market value of participating crypto assets is only $2.64 trillion.

Even more interesting is the pyramid structure of market cap distribution. The top 20 cryptocurrencies dominate the vast majority. Bitcoin alone accounts for a market cap of $1.74 trillion, nearly 66% of the entire market. Ethereum follows closely behind with a market cap of $344 billion. Further down, BNB and XRP each have over $110 billion, and SOL approaches $70 billion. These three combined form a huge number.

Adding up the market caps of the top 20 cryptocurrencies—BTC’s $1.74 trillion plus ETH, BNB, XRP, SOL, TRX, DOGE, ADA, BCH, LINK, and other major players, along with HYPE, XMR, XLM, ZEC, LTC, LEO—total approximately $2.52 trillion. In other words, the top 20 coins consume over 95% of the entire market’s liquidity.

What about the thousands of smaller coins? They share the remaining over $100 billion. This is the reality of the crypto ecosystem: high concentration at the top, with the long tail projects squeezed out of survival space.