diff --git a/freqtrade/plugins/pairlist/MarketCapPairList.py b/freqtrade/plugins/pairlist/MarketCapPairList.py
index afe47bdce..a618f72d2 100644
--- a/freqtrade/plugins/pairlist/MarketCapPairList.py
+++ b/freqtrade/plugins/pairlist/MarketCapPairList.py
@@ -18,9 +18,6 @@ from freqtrade.plugins.pairlist.IPairList import IPairList, PairlistParameter
 logger = logging.getLogger(__name__)
 
 
-MODE_VALUES = ['top_rank', 'total_assets']
-
-
 class MarketCapPairList(IPairList):
 
     is_pairlist_generator = True
@@ -36,22 +33,18 @@ class MarketCapPairList(IPairList):
                 'for "pairlist.config.number_assets"')
 
         self._stake_currency = config['stake_currency']
-        self._mode = self._pairlistconfig.get('mode', 'top_rank')
         self._number_assets = self._pairlistconfig['number_assets']
+        self._max_rank = self._pairlistconfig.get('max_rank', 30)
         self._refresh_period = self._pairlistconfig.get('refresh_period', 86400)
         self._marketcap_cache: TTLCache = TTLCache(maxsize=1, ttl=self._refresh_period)
         self._def_candletype = self._config['candle_type_def']
         self._coingekko: CoinGeckoAPI = CoinGeckoAPI()
 
-        if self._number_assets > 250:
+        if self._max_rank > 250:
             raise OperationalException(
-                "This filter only support number_assets value up to 250."
+                "This filter only support marketcap rank up to 250."
             )
 
-        if not self._validate_keys(self._mode):
-            raise OperationalException(
-                f'key {self._mode} not in {MODE_VALUES}')
-
     @property
     def needstickers(self) -> bool:
         """
@@ -61,17 +54,13 @@ class MarketCapPairList(IPairList):
         """
         return False
 
-    def _validate_keys(self, key):
-        return key in MODE_VALUES
-
     def short_desc(self) -> str:
         """
         Short whitelist method description - used for startup-messages
         """
-        num = self._pairlistconfig['number_assets']
-        msg = f"{self.name} - Only include pairs ranked within top {num} market cap."
-        if self._mode == "total_assets":
-            msg = f"{self.name} - top {num} pairs sorted by market cap."
+        num = self._number_assets
+        rank = self._max_rank
+        msg = f"{self.name} - {num} pairs placed within top {rank} market cap."
         return msg
 
     @staticmethod
@@ -84,15 +73,14 @@ class MarketCapPairList(IPairList):
             "number_assets": {
                 "type": "number",
                 "default": 30,
-                "description": "Max market cap rank",
-                "help": "Only use assets with high market cap rank",
+                "description": "Number of assets",
+                "help": "Number of assets to use from the pairlist",
             },
-            "mode": {
-                "type": "option",
-                "default": "top_rank",
-                "options": MODE_VALUES,
-                "description": "Mode of number",
-                "help": "How to interpret the number",
+            "max_rank": {
+                "type": "number",
+                "default": 30,
+                "description": "Max rank of assets",
+                "help": "Maximum rank of assets to use from the pairlist",
             },
             "refresh_period": {
                 "type": "number",
@@ -149,28 +137,19 @@ class MarketCapPairList(IPairList):
         if marketcap_list:
             filtered_pairlist = []
 
-            if self._mode == 'top_rank':
-                top_marketcap = marketcap_list[:self._number_assets:]
+            market = self._config['trading_mode']
+            pair_format = f"{self._stake_currency.upper()}"
+            if (market == 'futures'):
+                pair_format += f":{self._stake_currency.upper()}"
 
-                for pair in pairlist:
-                    base = self._exchange.get_pair_base_currency(pair)
-                    if base.lower() in top_marketcap:
-                        filtered_pairlist.append(pair)
-                    else:
-                        self.log_once(f"Remove {pair} from whitelist because it's not ranked "
-                                      f"within top {self._number_assets} market cap", logger.info)
+            top_marketcap = marketcap_list[:self._max_rank:]
 
-            else:
-                market = self._config['trading_mode']
-                pair_format = f"{self._stake_currency.upper()}"
-                if (market == 'futures'):
-                    pair_format += f":{self._stake_currency.upper()}"
-                for mc_pair in marketcap_list:
-                    test_pair = f"{mc_pair.upper()}/{pair_format}"
-                    if test_pair in pairlist:
-                        filtered_pairlist.append(test_pair)
-                        if len(filtered_pairlist) == self._number_assets:
-                            break
+            for mc_pair in top_marketcap:
+                test_pair = f"{mc_pair.upper()}/{pair_format}"
+                if test_pair in pairlist:
+                    filtered_pairlist.append(test_pair)
+                    if len(filtered_pairlist) == self._number_assets:
+                        break
 
             if len(filtered_pairlist) > 0:
                 return filtered_pairlist
diff --git a/tests/plugins/test_pairlist.py b/tests/plugins/test_pairlist.py
index 3d26979e1..72fce666d 100644
--- a/tests/plugins/test_pairlist.py
+++ b/tests/plugins/test_pairlist.py
@@ -1517,29 +1517,29 @@ def test_FullTradesFilter(mocker, default_conf_usdt, fee, caplog) -> None:
 
 @pytest.mark.parametrize('pairlists,result', [
     ([
-        # Test top 2 mc
+        # Get 2 pairs
         {"method": "StaticPairList", "allow_inactive": True},
-        {"method": "MarketCapPairList", "mode": "top_rank", "number_assets": 2}
-    ], ['ETH/USDT', 'BTC/USDT']),
-    ([
-        # Test top 6 mc
-        {"method": "StaticPairList", "allow_inactive": True},
-        {"method": "MarketCapPairList", "mode": "top_rank", "number_assets": 6}
-    ], ['ETH/USDT', 'XRP/USDT', 'BTC/USDT']),
-    ([
-        # Test total assets mode, 2 assets
-        {"method": "StaticPairList", "allow_inactive": True},
-        {"method": "MarketCapPairList", "mode": "total_assets", "number_assets": 2}
+        {"method": "MarketCapPairList", "number_assets": 2}
     ], ['BTC/USDT', 'ETH/USDT']),
+    ([
+        # Get 6 pairs
+        {"method": "StaticPairList", "allow_inactive": True},
+        {"method": "MarketCapPairList", "number_assets": 6}
+    ], ['BTC/USDT', 'ETH/USDT', 'XRP/USDT', 'ADA/USDT']),
+    ([
+        # Get 3 pairs within top 6 ranks
+        {"method": "StaticPairList", "allow_inactive": True},
+        {"method": "MarketCapPairList", "max_rank": 6, "number_assets": 3}
+    ], ['BTC/USDT', 'ETH/USDT', 'XRP/USDT']),
 
     ([
-        # Test total assets mode, 5 assets
+        # Get 4 pairs within top 8 ranks
         {"method": "StaticPairList", "allow_inactive": True},
-        {"method": "MarketCapPairList", "mode": "total_assets", "number_assets": 5}
+        {"method": "MarketCapPairList", "max_rank": 8, "number_assets": 4}
     ], ['BTC/USDT', 'ETH/USDT', 'XRP/USDT']),
     ([
         # MarketCapPairList as generator
-        {"method": "MarketCapPairList", "mode": "total_assets", "number_assets": 5}
+        {"method": "MarketCapPairList", "number_assets": 5}
     ],  ['BTC/USDT', 'ETH/USDT', 'XRP/USDT'])
 ])
 def test_MarketCapPairList_filter(mocker, default_conf_usdt, markets, pairlists, result):
@@ -1576,7 +1576,7 @@ def test_MarketCapPairList_filter(mocker, default_conf_usdt, markets, pairlists,
         }
     ]
 
-    default_conf_usdt['exchange']['pair_whitelist'].extend(['BTC/USDT', 'ETC/USDT'])
+    default_conf_usdt['exchange']['pair_whitelist'].extend(['BTC/USDT', 'ETC/USDT', 'ADA/USDT'])
     default_conf_usdt['trading_mode'] = 'spot'
     default_conf_usdt['pairlists'] = pairlists
     mocker.patch.multiple(EXMS,