Started with Bitcoin (CRYPTO: BTC), launched in 2009, the crypto market has grown exponentially and today offers more than 20,000 unique crypto tokens for investors to choose from.
While bitcoin remains popular with 95% of today’s crypto investors, meme coins have been all the rage in 2021 and continue to attract investor attention despite their higher volatility.
After peaking at a market cap of over $3 trillion in November 2021, crypto markets have been in a sustained bear market ever since.
comprehensive bitcoin, Ethereum (CRYPTO:ETH), altcoins, stablecoins and meme coins, investors may be interested in how these segments of the crypto space have fared relative to the broader market.
Let’s focus on how the best blue-chip cryptocurrencies have fared against the biggest meme coins this long crypto winter.
Bitcoin and Ethereum
The top two spots in the cryptocurrency market have traditionally been reserved for Bitcoin and Ethereum, with the two together accounting for nearly 60% of the total market capitalization of the entire cryptocurrency exchange-traded space.
In fact, they have also shown similar price action, with Bitcoin and Ethereum down 65% and 63% respectively from their all-time highs.
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Long-term investors would still be sitting on a healthy profit, given that both cryptocurrencies continue to trade well above pre-COVID levels.
This particular statistic has repeated itself in every previous bear cycle, with both Bitcoin and Ethereum eventually heading for a new ATH.
Tether, USD coin and Binance coin
The other three spots on the top five cryptocurrency list have some surprising winners. while both tether (CRYPTO:USDT) too USD coins (CRYPTO: USDC) are stablecoins and are pegged to the US dollar binance (CRYPTO: BNB) a cryptocurrency native to the Binance chain.
The fact that the third and fourth places are occupied by stablecoins reflects the rapid increase in the adoption of stablecoins in the crypto community.
Compared to Bitcoin and Ethereum, stablecoins are known for their price stability and their value increases in tandem with the US dollar. As the dollar continues to rise against a basket of fiat currencies, both USDT and USDC will appreciate accordingly.
Both stablecoins managed to increase their market capitalizations, although Bitcoin, Ethereum and other altcoins fell rapidly from their peaks in November 2021.
Binance, on the other hand, has seen a sharp price correction, although it is outperforming Bitcoin and Ethereum.
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The BNB token is trading about 52% below its all-time high of $686 on May 10, 2021.
The token has a market capitalization of more than $50 billion and is an indication of the increasing number of transactions and developments in the Binance ecosystem.
In fact, the Binance token is an integral part of many of Binance’s blockchain-based projects, such as Binance Chain, Binance Smart Chain, Binance Academy, and Trust Wallet.
Parent company Binance is one of the largest cryptocurrency exchanges in the world based on daily trading volume and is determined to bring a new finance to the world.
The curious world of meme coins
Defined as cryptocurrencies inspired by memes, Meme Coins hit the market in 2021.
The most popular meme coin and with the largest market capitalization among this class of cryptocurrencies is Dogecoin (CRYPTO:DOGE).
Inspired by an image of a Shiba Inu dog that went viral as a meme across the internet, Dogecoin enjoys the support of a large community of investors and prominent influencers, including Elon Musk, who is often nicknamed “DoGFather”.
Dogecoin hit an all-time high of 73 cents on May 7, 2021, and has seen its price drop more than 90% since then.
Regardless, the meme coin is extremely popular in the crypto community, especially among Gen Z investors.
Shiba Inu (CRYPTO:SHIB) is the second largest meme coin with a market cap of $6.8 billion compared to Dogecoin’s $9.5 billion.
Like Dogecoin, the Shiba token has fallen about 85% from its all-time high of $0.000086 reached on October 27, 2021, wiping out billions of dollars in investor assets along with Dogecoin.
Takes the next three spots on the list of best meme coins Dogelon Mars (KRYPTO:ELON), Baby DogeCoin (CRYPTO: BabyDoge) and Samoyed coin (CRYPTO: SAMO), all of which have significantly smaller market caps than Dogecoin or Shiba Inu.
The prices of these tokens have fallen by as much as 99% for ELON, 92% for SAMO and 82% for BabyDoge.
Needless to say, the entire meme coin class has underperformed other altcoins and represents a much riskier proposition for crypto investors.
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