In this paper we analyze the spinning motion of the hovering magnetic top. We have observed that its motion looks different from that of a classical top. A classical top rotates about its own axis which precesses around a vertical fixed external axis. The hovering magnetic top, on the other hand, has its axis slightly tilted and moves rigidly * Also with the Department of Physics, University of California, San Diego, La Jolla, 92093 CA, USA 1 as a whole about the vertical axis. We call this motion synchronous, because in a stroboscopic experiment we see that a point at the rim of the top moves synchronously with the top axis.We show that the synchronous motion may be attributed to a small deviation of the magnetic moment from the symmetry axis of the top. We show that as a consequence, the minimum angular velocity required for stability is given by 4µHI 1 /I 2 3 for I 3 > I 1 and by µH/(I 3 − I 1 ) for I 3 < I 1 . Here, I 3 and I 1 are the principal and secondary moments of inertia, µ is the magnetic moment, and H is the magnetic field. For comparison, the minimum angular for a classical top is given by 4µHI 1 /I 2 3 both for I 3 < I 1 and for I 3 > I 1 . We also give experimental results that were taken with a top whose moment of inertia I 1 can be changed. These results show very good agreement with our calculations.