While Ether’s market cap has been endlessly scrutinized, the market capitalization of ERC-20 tokens generally manages to stay under the radar.

In fact, there has been very little serious research and attention dedicated to the ERC-20 market as a whole up until now.

In this Santiment report, we take a closer look at the size of the ERC-20 market, its separate evolution over the years and its - if any - correlation to the ‘parent’ market cap of Ethereum.

1. Total Market Capitalization

To calculate the combined ERC-20 market cap, we pulled pricing information on all (853) ERC-20 projects currently in our database (excluding zero-cap projects).

Pricing, on-chain, social and development activity information on all ERC-20 coins is available on Sanbase or via our API.

Below is the collective market capitalization of all ERC-20 projects, compared to the market capitalization