XRP’s market capitalisation has approached about 6 percent of bitcoin’s market value.

On Sept. 30, blockchain outlet The Crypto Basic reported that asset manager Grayscale Investments presented XRP’s market cap as currently almost 6 percent of bitcoin’s value.

The comparison used 30-day average market caps calculated from Artemis, FTSE Russell and Grayscale data. As of Sept. 28, bitcoin’s market cap was about $1.678 trillion and XRP’s was $94.08 billion, putting XRP at about 5.6 percent of bitcoin’s market cap.

Grayscale classified bitcoin as a core asset in this category, and XRP, bitcoin cash (BCH), litecoin (LTC) and zcash (ZEC) as candidates for supplementary inclusion. It described XRP as an asset designed for cost-efficient global payments.

The gap between XRP and other tokens is also wide. Zcash recently exceeded 1 percent of bitcoin’s market cap, while monero (XMR) stayed in the 0.5 percent to 0.7 percent range. Bitcoin cash, litecoin and other smaller currency-type assets were in lower ranges. Based on current indicators alone, XRP has maintained the highest market-cap share among non-bitcoin assets.

Still, the current level does not carry the same meaning as past peaks. On a long-term chart, XRP’s current 5 percent to 6 percent ratio is far below prior highs. During the 2017 to 2018 cycle, XRP’s market cap at one point topped 20 percent of bitcoin’s on a 30-day average basis. The ratio then plunged, and from 2020 to 2024 it generally moved in a 2 percent to 7 percent range. It then rose back to the high single digits in the late-2024 and 2025 rally before falling to the current level.

This indicator focuses on relative value against bitcoin rather than XRP’s price itself. The ratio can rise if XRP climbs faster than bitcoin, or if bitcoin falls more sharply than XRP. By contrast, even if XRP rises, the ratio may not change much if bitcoin’s market cap grows at a similar pace.

The figures also reflect that structure. As of Sept. 28, with bitcoin’s market cap at about $1.678 trillion, a 6 percent ratio corresponds to an XRP market cap of about $100.7 billion. On the same day, XRP’s actual market cap was about $94.1 billion, its trading price was $1.4963, and its circulating supply was about 62.88 billion tokens.

Ultimately, a rising XRP/bitcoin market-cap ratio is read as a sign that XRP is outperforming bitcoin on a relative-value basis. But XRP’s actual price can vary depending on how bitcoin’s market cap moves over the same period, meaning price direction cannot be concluded from a higher ratio alone.