What is Rank?
Let's find out Rank meaning, definition in crypto, what is Rank, and all other detailed facts.
Rank is the position of a digital currency in the market that is usually determined by its market cap. In order to define the market cap of a currency, you have to multiply the circulating supply at any given time with the price of the currency. Though some ranking platforms additionally take into account the 24-hour trading volume of the asset.
At the moment, Bitcoin is ranked as the number one currency and it has been like that since the beginning of crypto. Other digital currencies tend to fluctuate in the list but Ethereum has strongly sealed the second place. Though it was once overshadowed by Ripple (XRP). XPR usually used to rank in third place but after some security accusations with the SEC, its price and rank dropped.
Since a cryptocurrency's ranking is heavily influenced by its market cap, investor attitudes and industry news are extremely important. The coins that are competing for the Top 10 ranking positions include Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB), U.S. Dollar Coin (USDC), XRP, Terra (LUNA), Cardano (ADA), Solana (SOL), and Avalanche (AVAX).