Bitcoin is a distributed, mine-able crypto currency. Its not a token on another chain like any number of ICO zygotes of Etherium, it is not a closed blockchain owned or controlled by some shadowy orginisation, its not a proof of stake coin controlled by an oligarchy of who knows who. Btcoin is the real thing.
That is not to say it is without its problems, but Bitcoin and other coins that are mine-able and distributed are the bedrock of the revolution. Bitcoin is number 1. Then when you look at the table of Crypto by marketcap you realise that many in the list are EC20 tokens or blockchains that arent what the Bitcoin movement is all about.
Tokens are great but as the SEC maintains they are more like securities than currency.
So what happens when you strip out all the unmine-able tokens and coin and strip back to the metal of Crypto that is distributed and permissionless?
For a start you get a lot less coins that you would expect and what is more the market shrinks. The top 100 coins in this filter have a $192bn total market cap with Bitcoin 59% of the market. The master like of all top 100 blockchain instruments has a marketcap of $261 billion with Bitcoin only taking a 44% of the market share, here that is meaningless. An ICO token has little to do with the purpose of a Bitcoin or visa-versa. It is wrong to mix these instruments up together because they share little in common beyond the buzz of blockchain technology.
What is more interesting still is while the 100th biggest instrument of the combined list has a market cap, the 100th biggest mine-able distributed cryptocurrency has a mere $5m market cap. A full 74% of the top 100 are instruments aligned to Satoshi Nakamoto’s dream of distributed, permissionless, trust-less cryptocurrency that set the blockchain boom going.