Grayscale: XRP's Near-6% Bitcoin Valuation Sets a Benchmark for Zcash

Grayscale included a chart in its Sept. 29 analysis comparing 10 cryptocurrencies’ market capitalizations with bitcoin’s, using 30-day averages through Sept. 28. Market capitalization measures a cryptocurrency’s circulating supply multiplied by its price. The chart shows $XRP above the other nine tokens by relative valuation, while Zcash’s recent rise lifts it above monero (XMR), bitcoin cash, and litecoin. These comparisons measure each token’s market capitalization against bitcoin’s, rather than its share of the entire cryptocurrency market.

$XRP’s Near-6% Valuation Frames Zcash’s Growth Potential

$XRP currently has a market capitalization approaching 6% of bitcoin’s, providing a larger relative valuation than $ZEC in Pandl’s comparison. $ZEC’s value increased from less than 0.1% of $BTC’s a year earlier to approximately 1.5%, using Artemis analytics data through Sept. 28.

Historical valuations underpin the argument that competing digital currencies can command a larger share of the category than $ZEC currently holds. During the 2017-18 market cycle, $XRP, bitcoin cash (BCH), litecoin, and dash (DASH) each reached at least 3% of bitcoin’s market capitalization. Pandl describes the recent increase as substantial but consistent with the sector’s history. He argues that the token has not reached a valuation ceiling.