Grayscale Data Shows XRP Is Worth Nearly 6% of Bitcoin’s Market Cap.
XRP’s market cap is currently equal to nearly 6% of Bitcoin’s valuation, according to new data from Grayscale Investments, putting XRP well ahead of other assets in the firm’s currency-focused crypto sector outside BTC.
The chart, based on data from Artemis, FTSE Russell and Grayscale, tracks the 30-day average market cap of selected currency-focused crypto assets as a percentage of Bitcoin’s market cap. As of Sept. 28, XRP’s ratio stood around the 5%-6% region.
CoinMarketCap’s Sept. 28 snapshot supports that reading. Bitcoin carried a market cap of approximately $1.678 trillion, while XRP stood at $94.08 billion. This puts XRP at roughly 5.6% of Bitcoin’s market cap.
XRP Holds a Wide Lead Over Other Currency Assets
The Grayscale chart shows XRP maintaining a large gap over other assets classified in the FTSE/Grayscale Currencies Crypto Sector.
Zcash recently climbed above 1% of Bitcoin’s market cap, while Monero sits around the 0.5%-0.7% area. Bitcoin Cash, Litecoin and several smaller currency assets remain below those levels.
Grayscale classifies Bitcoin as the core asset in this sector, while XRP, Bitcoin Cash, Litecoin and Zcash are considered potential satellite holdings. The firm describes XRP as an asset designed around cost-efficient global payments.
XRP Once Reached a Much Larger Share of Bitcoin’s Value
The longer-term chart also shows that XRP’s present 5%-6% ratio remains well below its previous highs.
During the 2017-2018 cycle, XRP’s market cap briefly climbed above 20% of Bitcoin’s market cap, according to the 30-day average shown in the chart. The ratio then declined sharply and spent much of 2020-2024 between roughly 2% and 7%. XRP is currently valued at near…
Another expansion arrived during the late-2024 and 2025 rally, lifting XRP’s relative valuation back toward the upper single digits before the ratio eased toward its current level.
The comparison measures relative market capitalization, not XRP’s price performance alone. The ratio can rise if XRP gains faster than Bitcoin, if Bitcoin falls faster than XRP, or through a combination of both.
What a 6% Ratio Means at Current Valuations
With Bitcoin valued near $1.68 trillion on Sept. 28, a 6% ratio corresponds to an XRP market cap of roughly $100.7 billion.
XRP’s actual market cap on that date was about $94.1 billion, with the asset trading at $1.4963 and approximately 62.88 billion XRP circulating.
For now, Grayscale’s data shows XRP retaining a much larger relative valuation than the other non-Bitcoin currency assets in the sector, while still trading far below the market-cap ratio it reached during its 2017-2018 expansion.
What a Higher XRP-to-Bitcoin Ratio Could Mean for Price
The ratio matters because it compares XRP’s total market value with Bitcoin’s. If XRP’s share rises while Bitcoin’s market cap stays roughly unchanged, XRP’s market cap—and therefore its price—would have to increase.
Using the Sept. 28 figures cited above, with Bitcoin near $1.678 trillion and roughly 62.88 billion XRP circulating, the relationship can be illustrated like this:
| XRP as % of Bitcoin market cap | Implied XRP market cap | Approx. XRP price |
|---|---|---|
| 6% | $100.7B | $1.60 |
| 8% | $134.2B | $2.13 |
| 10% | $167.8B | $2.67 |
| 15% | $251.7B | $4.00 |
| 20% | $335.6B | $5.34 |
| 25% | $419.5B | $6.67 |
The above data assumes Bitcoin’s market cap remains at about $1.678 trillion and XRP’s circulating supply stays near 62.88 billion.
However, the ratio does not move independently of Bitcoin. XRP could gain market share even while its dollar price falls if Bitcoin declines faster. Likewise, XRP’s price could rise while the ratio stays flat if Bitcoin’s market cap increases at a similar pace.
So the key point is that a rising XRP/BTC market-cap ratio signals XRP outperforming Bitcoin on a relative valuation basis. Still, the actual XRP price depends on what happens to Bitcoin’s market cap at the same time.