Inside the Proof of Work (PoW) sector, 02 November 2026
The Proof of Work sector tracked 27 constituents as of 02 November 2026, with market capitalisation heavily concentrated in its largest member.
Sector Composition and Concentration
As of 02 November 2026, the Proof of Work (PoW) sector covered 27 constituents with a combined market capitalisation of approximately $1.66 trillion. Concentration is extreme: Bitcoin alone accounted for roughly $1.57 trillion of that total, representing well over 94% of the sector's aggregate value. The next largest member, Zcash, carried a market capitalisation of approximately $21.5 billion, illustrating a steep drop-off from the top position. The remaining listed members range from roughly $11.8 billion (Dogecoin) down to $124 million (eCash), with several constituents below $300 million. This skew means sector-level figures are, in practice, heavily proxied by Bitcoin's individual figures.
Fee Stream Availability
Annualised fee data, derived from trailing 30-day activity to 02 November 2026, was available for only six of the fifteen listed members: Bitcoin, Zcash, Dogecoin, Bitcoin Cash, Litecoin, Ethereum Classic, and Dash. Monero, Kaspa, Beldex, Pearl, Bitcoin SV, Conflux, Decred, and eCash all returned null fee figures, meaning no fee-stream comparison can be drawn for those assets on a like-for-like basis. Readers should note that null values may reflect data unavailability rather than the absence of any on-chain fee activity, and no inference about economic activity should be drawn solely from this field.
Distance from All-Time Highs
The percent below all-time high figures across listed members span a wide range as of 02 November 2026. Monero recorded the smallest drawdown among those listed at -24.1% from its all-time high, while Pearl stood at -37.8% and Bitcoin at -38.0%. At the other end, Conflux was -97.3% below its all-time high, Dash -96.8%, Bitcoin Cash -92.6%, and eCash -98.4%. This spread of more than 74 percentage points between the least and most drawn-down members indicates that the sector label groups assets with very different historical price trajectories.
What the Sector Label Does and Does Not Convey
The designation Proof of Work describes a consensus mechanism — the method by which network participants validate transactions and produce new blocks — and nothing more. It does not imply similarity in monetary policy, block-time targets, hashing algorithms, privacy features, governance structures, fee markets, or intended use cases. Several members within this grouping use different hashing functions, operate under distinct issuance schedules, and serve communities with different design philosophies. As a result, aggregate sector statistics such as the combined market capitalisation of $1.66 trillion should be interpreted as a mechanical sum across a technically-defined category, not as evidence that the constituents behave as a coherent asset class. Analysts using sector figures as a proxy for any single constituent, or using any single constituent as a proxy for the sector, should account for the concentration and heterogeneity described above.