I've been meaning to write about this for the past week or two, but CoinMarketCap has been discriminating quite heavily against PayCoin since the coin first launched. Well, they have apparently decided it's time to change their tune.
Up until now, CoinMarketCap has been using only the publicly mined portion of PayCoin when calculating the market capitalization, with a double asterisk denoting that there was a "significant premine". Note that the vast majority of PayCoin was put into the hands of HashPoint owners and miners ten days ago, so CoinMarketCap has been very slow to change their stance. What's ironic is that you could make that same case against many other coins, including coins that weren't mined at all (e.g. NXT, Ripple, MasterCoin, etc.) but the total number of coins in existence is still used for those. But I can't really blame them for being at least a bit cautious.
The net result is that instead of 12.325 million XPY multiplied by the current price, only 0.325 million was being used, resulting in XPY being ranked down around #20 (or lower) instead of in the top five. Now, however, the total circulation of XPY has been bumped up to 12,325,674 on CoinMarketCap, and with a current price of over $12 that puts PayCoin... right into the number three spot, surpassing even Litecoin. In fact, the market cap of PayCoin is now about 1.5X that of Litecoin. Wow!
This is, by far, the most successful launch of any coin seen to date. Within weeks of public availability, PayCoin has overtaken Litecoin, and let's be honest: Ripple isn't really in the same category as other cryptocurrencies. So effectively, PayCoin is now the number two cryptocurrency for market capitalization, and PayBase still hasn't come online yet. (But soon, my precious, soooon....)
Ironically, even now the current numbers on PayCoin are still incorrect, as there are 12,375,676 XPY in circulation (so CoinMarketCap is off by 50,000). I'm not sure that matters too much, and perhaps the charts are only updated a few times per day. With the number three spot secured (number two if you don't include Ripple), the next hurdle is a quite a bit further off. PayCoin is still only about 21% of Ripple's market cap, and more importantly Bitcoin is valued at roughly 27X PayCoin. But we're looking at 17 days old vs. nearly five years, so let's just wait and see.
Market cap isn't the only area where PayCoin is thriving either. Looking at trading volume -- and again, this is before PayBase is even fully launched -- PayCoin is ranked number four overall. In trade volume, LTC is still #2 with Ripple #3. What's interesting is that Bitcoin is only about 16X the trade volume of XPY, and with features like PaySave we could easily see the trading volume on PayCoin shoot up. It's going to be an interesting week, regardless!