Top 10 ledger-native tokens by market capitalization

Authors: Jan Spörer, Marcel Kaiser, Philipp Sandner

Last changed: 7th September 2019
Originally posted: 7th September 2019
Data from: 28th July 2019

Market capitalization of ledger-native tokens in USD (July 2019). Figure and data provided by the International Token Standardization Association (ITSA) e.V.

You are invited to download this figure and distribute it or use it for your own purposes. This figure is free for use. For reference, please use “(TOKENBASE, 2019)” and “TOKENBASE, version of July 2019, International Token Standardization Association (ITSA), see” in the footnote.

At the top of the list with a market capitalization of over 170.9 billion USD stands Bitcoin. Ethereum’s market capitalization represents only one-eighth of this value with 22.4 billion USD, followed by Ripple (XRP) with 13.5 billion USD. Ripple is the main token for a payment protocol designed to settle remittances, currency exchanges, etc.

Ledger-native tokens are the main tokens that were issued directly on the original ledger of the respective technology. Conversely, ERC20 tokens, for example, are based on the Ethereum blockchain and represent tokens that are built on top of the base platform (which in the ERC20 case would be Ethereum). An example for an ERC20 token would be the Basic Attention Token (BAT), which attempts to correctly price human attention in online advertisement. This decentralized ad exchange platform is built on the Ethereum platform.

This graphic was created with data from ITSA’s TOKENBASE framework. ITSA enables its members to access data relevant for a wide array of analyses.


About ITSA

The International Token Standardization Association (ITSA) e.V. is a not for profit association of German law that aims at promoting the development and implementation of comprehensive market standards for the identification, classification and analysis of DLT- and blockchain-based cryptographic tokens.


So far various reputable organizations have already committed to join ITSA as associated founding members, reaching from corporates (e.g. Commerzbank’s Main Incubator, Bank Frick, MME, Börse Stuttgart) over associations (e.g. Bundesverband deutscher Banken, the German Investment Funds Association BVI), startups (e.g. Cashlink, solarisBank, CryptoTax, and Ambrosus) and universities (e.g. Frankfurt School of Finance and Management, University of Mainz, TU Munich, Hasso Plattner Institute or UCL Centre for Blockchain Technologies in London) to private members (one of the co-creators of the ERC20 standard).


Are you also interested in becoming a member of ITSA and in contributing towards holistic market standards for the global token economy?

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