The crypto market cap — the value of all the cryptocurrency tokens in circulation — is currently sitting at $2.6 trillion, according to CoinMarketCap data. It tipped the $3 trillion mark on Nov. 9, but has since fallen again. To give some context, the market caps of Apple and Microsoft, the two biggest companies in the world, are roughly $2.5 trillion each.

But it’s a bit misleading to compare a whole industry to a single company. Here are four ways to understand that figure.

1. Crypto is still a small percentage of global equity

According to Statistica, the total value of global equity trading worldwide was $37.69 trillion at the end of the second quarter of this year. At that point, crypto’s market cap was about $1.4 trillion — just 3.7% of that total.

For all the headlines and excitement around the crypto industry, it still only accounts for a small percentage of global equity.

2. Bitcoin accounts for more than a third of crypto’s total market cap

Bitcoin (BTC), the first and largest cryptocurrency, has a market capitalization of around $1 trillion, which accounts for 38% of the whole industry.

While it’s not realistic to compare the cryptocurrency industry to big companies, we can compare individual coins to similarly sized companies. Bitcoin’s market cap puts it on a level with top-10 global companies like Tesla or Meta (Facebook).

3. There are now over 14,000 cryptocurrencies

According to CoinMarketCap, there are now over 14,000 available cryptocurrencies. Some of these…

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