The ranking of the ten largest cryptos, excluding stablecoins, is evolving. Zcash, Monero and Hyperliquid are now entering, while Cardano and Chainlink are retreating. This recomposition reflects a rotation of capital towards more volatile assets, while several major cryptos are going through a difficult period.
In brief
- Zcash ($1,227, $20.8 billion capitalization), Hyperliquid ($85, $19 billion) and Monero ($534, $10.1 billion) enter the top 10 excluding stablecoins.
- Cardano ($0.25, 9.3 billion) and Chainlink ($12.9, 9.9 billion) are leaving this group.
- Over one year, Zcash grew by around 418%, Hyperliquid by 131% and Monero by 79%. At the same time, Cardano loses 61% and Chainlink 25%.
Three entrances, two exits
This recomposition was built gradually. At the end of September, we were already talking about the $24.5 billion in valuation gained by Zcash and Monero in five months. Since then, their progress has contributed to modifying the hierarchy of the market.
According to CoinGecko dataZcash has a capitalization of 20.8 billion dollars, ahead of Hyperliquid, at 19 billion, and Monero, at 10.1 billion. Conversely, Cardano now only weighs 9.3 billion dollars and Chainlink 9.9 billion. The two cryptocurrencies now occupy fifteenth and seventeenth places in the general ranking, which includes stablecoins.
The twelve-month performance illustrates this contrast even better. Zcash gains around 418%, Hyperliquid 131% and Monero 79%. Cardano and Chainlink follow the opposite trend, with losses of 61% and 25%, respectively.
Privacy-focused cryptos are regaining color
Zcash returned to the $1,000 threshold in September, a first since 2018, as we explained in this article: Zcash returned above $1,000 for the first time since 2018.
The price then reached $1,653 on September 27, before correcting by around 25%. Despite this decline, Zcash has increased by more than 500% since its low point on March 8, at $197.
This surge, however, raises questions. In October, hackers turned to Zcash to cover their tracks after the Bitget hack. This type of use could reinforce the distrust of regulators.
Furthermore, speculation remains significant: on October 11, open positions on perpetual contracts reached $3.58 billion, or approximately 17% of Zcash’s capitalization.
Monero also benefits from this interest in privacy. Its annual increase of 79% allows it to slightly exceed Chainlink in capitalization, despite a less spectacular progression than that of Zcash.
Hyperliquid benefits from market rotation
Hyperliquid follows a different trajectory. The platform specializing in decentralized perpetual contracts saw its token grow by 131% in one year, bringing its capitalization to nearly $19 billion.
This performance confirms the arrival of new players among the largest cryptocurrencies, as also illustrated by the entry of NEAR into the top 20 with a valuation of $7.2 billion.
At the same time, several market heavyweights are declining. Over twelve months, bitcoin lost around 25%, ether 33%, BNB 34%, Solana 38% and XRP almost 42%. This weakness favors the restructuring of the ranking, even if it does not guarantee a lasting rotation towards riskier assets.
Finally, the spreads remain tight between several cryptos. Monero, Cardano and Chainlink are within $1 billion in capitalization of each other. A few sessions of increase or decrease could therefore be enough to modify the ranking again.
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