Well-known crypto analyst Aat de KWAASTENIET presented the new cryptocurrency ranking system in his Medium blog post. Instead of taking into account their market capitalization, he focuses on the number of nodes.
He clarified that the price of a given cryptocurrency is not be the only factor that should be taken into account when evaluating these assets. De Kwaasteniet argues that the industry attaches great importance to "high market capitalization", which is not entirely true:
“Let’s say, John launches and cryptocurrency and calls it JohnDoeCoin. He sets up the blockchain in such a way that at the beginning there are 100 million JohnDoe’s (the so-called pre-mined tokens). Then, he goes to his friend William and asks if he wants to buy one JohnDoe from him for €10. According to the market cap definition, JohnDoeCoin now has a market cap of €1 billion and CoinMarketCap ranks it around the 10th place.”
“It is fairer to make a comparison between [cryptocurrencies] that have made more or less the same start and that have obtained and enlarged their circulation supplement through mining as Satoshi Nakamoto intended.”