[Digital Today reporter Jinju Hong (홍진주)] Bitcoin (BTC) has not given up the No. 1 spot by cryptocurrency market capitalisation at any point since 2018. While the top-tier structure did not change much through repeated sharp rises and falls in the market, project turnover below it is analysed to have happened quickly.

On April 9 (local time), blockchain outlet BeInCrypto tracked annual rankings of the top 15 cryptocurrencies by market capitalisation since 2018 and found Bitcoin stayed No. 1 in every cycle. There was no change in its ranking despite bear markets, tighter regulation in major countries and the emergence of new projects.

Survival among the top ranks diverged clearly over the same period. Ethereum (ETH) has consistently held No. 2 since 2018, and while XRP’s ranking moved up and down, it never fell out of the top 10. Of 20 projects that were in the top ranks as of 2018, only three maintained a presence through 2026: Bitcoin, Ethereum and XRP.

In contrast, many altcoins seen as leading projects at the time have disappeared from the top ranks. IOTA (IOTA), NEM (XEM), Dash (DASH), Neo (NEO), Qtum (QTUM), EOS (EOS), Bitcoin Gold (BTG), Nano (XNO), Verge (XVG) and Ethereum Classic (ETC) were once in the spotlight as promising projects, but have all now slipped outside the top 20.

Volatility was particularly pronounced in the No. 6 to No. 15 range. Projects in this bracket saw big swings in ranking even within a single cycle, and some completely exited the top tier in a short period. The analysis said a repeated pattern emerged in which higher market-cap rankings are more stable, while lower-ranked projects see greater volatility, including jumps of 10 places within one cycle or dropping out of the rankings.

New entrants into the top ranks also showed market turnover. Solana (SOL) was not in the spotlight early on but later surged into the top tier, and meme coin Dogecoin (DOGE), which started as a joke project, also established itself in the top 10. More recently, a structure has also taken shape in which relatively newer projects such as Hyperliquid (HYPE), which did not exist in 2018, compete with established leaders that have been in the market for close to 10 years.

This trend also shows that market-cap rankings carry meaning beyond simple price moves. A project that led one cycle can disappear in the next cycle, and even market-cap rankings that seem solid can be reshuffled over a few years.

Ultimately, data from the past 8 years show polarisation in the cryptocurrency market. The very top has become firmly entrenched, while constant turnover continued below it. Only a very small number of projects survived over the long term, and most fell behind in the battle for rankings. It is another confirmation of the fast pace of generational change in the cryptocurrency market.