2025 became one of the most contrasting years in the history of the crypto market. Headline-making records, large-scale losses, and unexpected victories of individual segments and assets marked it.
Record market indicators and key crypto assets
In October 2025, according to CoinMarketCap data, the total cryptocurrency market capitalization exceeded $4 trillion for the first time, reaching an all-time high of $4.28 trillion.
During the same period, Bitcoin updated its absolute maximum, rising to $126,000 — more than 80% above the previous ATH recorded in November 2021. Leading altcoins also showed historical peaks:
However, after rapid growth, the market faced a sharp reversal. Against the backdrop of global economic instability and rising geopolitical tensions, including trade conflicts between the US and China, the fourth quarter became the weakest of the year.
By the end of 2025, the total cryptocurrency market capitalization had fallen to $2.96 trillion — 44% below the October peak.
Bitcoin lost more than 30% from its ATH and 20% since the beginning of the year, dropping to $87,400. Most altcoins experienced even deeper corrections:
- Ethereum — a decline of over 40% from the peak and 12% since the beginning of the year;
- BNB — down 39% from ATH, while still showing nearly 20% growth for the year;
- Solana — a drop of 58% from the maximum and 35% since the beginning of the year.
The following results were also recorded among the top ten cryptocurrencies:
Worst performers of the year
Among the top-100 cryptocurrencies, the sharpest declines in 2025 were shown by:
Overall, almost half of the digital assets in the top 100 lost more than 50% of their value.
DeFi: growth of RWA and decline of traditional segments
The situation in the decentralized finance sector was mixed. Real-world assets (RWA)* and lending became the leaders of the year. Total value locked (TVL)* in RWA more than doubled — from $7.7 billion to $17 billion. The DeFi lending market saw TVL increase by 28% to $63 billion.
* RWA (Real World Assets) — a decentralized finance segment related to the tokenization of real assets (real estate, bonds, commodities, monetary claims, and other off-chain assets) and their use in blockchain protocols for investment, lending, and settlements.
* TVL (Total Value Locked) — a metric reflecting the total value of crypto assets locked in smart contracts of DeFi protocols. It is used as a key indicator of the scale, liquidity, and activity of decentralized financial platforms.
At the same time, traditional segments showed a decline:
- TVL of decentralized exchanges decreased by about one third, to $16.8 billion;
- liquid staking* fell by more than 7%, to $54.6 billion;
- restaking* lost over 22%, dropping to $18.6 billion.
* Liquid staking — a staking model in which users lock crypto assets to participate in securing a blockchain but receive a liquid derivative token (LST) in return, representing their share of the staked funds and accrued rewards. This token can be freely used in other DeFi protocols without waiting for the lock-up period to end.
* Restaking — an advanced form of staking in which already staked assets or their liquid derivatives are reused to secure and operate additional blockchain protocols or services, allowing users to earn extra income.
Stablecoins and anti-records
The stablecoin market set a new record: its capitalization exceeded $300 billion for the first time, reaching $316 billion by year-end.
At the same time, 2025 became a record-breaking year for fraud and hacking losses. According to Chainalysis, criminals stole $3.4 billion worth of crypto assets during the year, $1.2 billion more than the previous year. Around 70% of the total damage came from just three major incidents.
Best cryptocurrencies of 2025
One of the notable leaders was the OKB token, which grew by 117% since the beginning of the year and approached the $107 level.
Privacy-focused cryptocurrencies showed an even more impressive performance. Zcash rose by more than 800% to $509, while Monero increased by 136% to $459. Experts attribute this to growing interest in confidential transactions amid increased regulatory pressure.
The absolute favorite was the AB token from the RWA segment: its price increased by more than 2,700% and reached $0.0045.
An unexpected leader of the year was the memecoin PIPPIN, which surged by 5,909% and entered the top-100 cryptocurrencies by market capitalization. After a mid-year decline, the token reached a new all-time high of $0.61 in the fourth quarter.
As a result, only 13 of the top 100 cryptocurrencies posted positive returns by the end of 2025.
Forecasts for 2026
Bitwise analysts expect 2026 to be a “bullish”* year for the crypto market. In their view, Bitcoin may move beyond the traditional four-year cycle and set new highs, while volatility* of significant assets will decrease and correlation with stock indices will weaken.
* “Bull market” — a phase of the market cycle characterized by sustained price growth, prevailing optimistic investor sentiment, and increased investment activity.
* Volatility — a metric reflecting the degree of price fluctuations of an asset over a specific period; high volatility means sharp and frequent price changes, while low volatility indicates more stable price movement.
The launch of more than 100 crypto ETFs* is also expected, which could make such instruments mainstream for investors.
* Crypto ETF (exchange-traded fund based on crypto assets) — an investment instrument traded on stock exchanges that tracks the price of a cryptocurrency or a basket of digital assets, allowing investors to gain exposure without directly owning cryptocurrencies.
VanEck experts add that miners will increasingly use AI infrastructure, while stablecoins will continue to strengthen their positions in B2B payments and international settlements.