Inside the Proof of Work (PoW) sector, 26 September 2026
The Proof of Work sector tracked 29 constituents as of 26 September 2026, with market capitalisation heavily concentrated in a single asset.
Sector Composition and Concentration
As of 26 September 2026, the Proof of Work (PoW) sector covered 29 constituents with a combined market capitalisation of approximately $1.78 trillion. Concentration is pronounced: Bitcoin alone accounted for roughly $1.69 trillion of that total, representing the overwhelming majority of sector weight. The next-largest constituent, Zcash, carried a market capitalisation of approximately $26.0 billion, followed by Dogecoin at $15.3 billion. The remaining constituents shown each fall below $11 billion, with several below $500 million. This graduated distribution means that sector-level figures are, in practice, dominated almost entirely by a single asset.
Fee Stream Availability
Of the 15 largest members listed, eight carry a reported annualized fee figure (annualized from the trailing 30 days to 26 September 2026): Bitcoin ($84.1 million), Zcash ($1.6 million), Dogecoin ($295,613), Bitcoin Cash ($26,694), Litecoin ($162,060), Ethereum Classic ($9,502), Dash ($8,784), and Monero is listed but carries a null fee value. The remaining seven constituents shown — Monero, Kaspa, Beldex, Bitcoin SV, Pearl, Decred, Conflux, and eCash — return no fee data at all. The absence of a fee figure may reflect data unavailability, methodological exclusions, or network characteristics; the JSON does not distinguish between these possibilities. Readers should treat comparisons involving fee-to-market-cap ratios with caution given this gap in coverage.
Distance from All-Time Highs
The spread of drawdowns from each asset's all-time high (as of 26 September 2026) is wide. The shallowest drawdown in the listed set belongs to Pearl at -13.3%, while the deepest belongs to eCash at -97.6%. Bitcoin stood at -33.2% below its all-time high, and Monero at -30.1%. Several assets — Dash, Bitcoin Cash, Conflux, Ethereum Classic, and eCash — registered drawdowns exceeding -90%. The range from roughly -13% to nearly -98% illustrates substantial divergence in price history across constituents sharing the same sector label.
What the Sector Label Does and Does Not Convey
The label Proof of Work describes a shared consensus mechanism: these networks use computational work to produce and validate blocks. It does not indicate that the assets are comparable in monetary policy design, use case, privacy architecture, block time, hashing algorithm, fee structure, developer activity, or liquidity profile. Two assets can both be classified as PoW while differing materially on every economically relevant dimension. The 7-day return figures (trailing 7 days to 26 September 2026) ranged from -2.9% to +159.5% across the listed members, which is itself an illustration of how loosely the shared label constrains actual market behaviour. Analysts aggregating this sector should account for the concentration effect and the heterogeneity masked by a single classification.