Coinrank, a platform which uses several metrics to rank the crypto coins has given Ethereum top rank for second consecutive month. The world’s second largest cryptocurrency has got a perfect score of 100 on all three parameters which the platform uses and hence, has stood above the rest in this month’s ranking again.
Cardano, with a market cap of $ 42.91 billion follows Ethereum with the scores of 99 on two of the three scales. Decentraland (MANA) with a total market cap of $944.55 million has been ranked third in the list.
Among other major cryptocurrencies, Solana has been ranked 7th, XRP 8th and Chainlink has been given 9th position in the list. Polygon (MATIC) with the 63rd rank and Polkadot with 81st seeding also find a spot in the top 100.
Surprisingly, world’s largest cryptocurrency has received 108th rank as it has only got a score of 64 out of 100 on the parameter of Developer rank. The three scales which Coinrank uses to give its own score are called Fundamental rank, Developer rank and Social rank which we will talk about later.
Even though BTC scored 100 on the other two scales, its score of 64 on one metric pulled its overall rank down.
Binance Coin was placed at 166th position while the popular meme based coin Dogecoin, with a score of only 39 on the parameter of Developer rank, was slotted at 204th position.
Explaining the parameters
The three parameters named as Fundamental rank, Developer rank and Social rank are an accumulation of several factors at one place.
Fundamental rank is measured on the basis of things like Market Cap, Trading volume, Turnover ratio and Exchanges & currency pairs. On the other hand, Developer rank is measured on the basis of number of commits coming to or going away from a network over a certain period of time.
The number of commits added on Ethereum network in the last month was 888 when the average is 50. With Bitcoin, it was 138 commits being added in last 4 weeks. Cardano though, had 1069 commits coming to its network in last month which is an even bigger number than Ethereum’s.
Along with Commits, lines of codes being added to or subtracted from a crypto network also plays a role in assigning a Developer rank.
The last scale, called as Social rank clearly only measures the popularity. It includes the number of Reddit subscribers, Twitter followers, Telegram users, Facebook followers along with the popularity of the official website of the coin/network.