A new Galaxy research has observed that 72 out of the top 100 cryptocurrencies are down over 50% from their all-time high prices.
The research revealed that many mid- and lower-cap altcoins, such as Filecoin (FIL), The Graph (GRT), Tezos (XTZ), and Polkadot (DOT), are still down between 80% and 95% from their record highs, as many fail to live up to the hype from the high FDV launches during the 2021 bull cycle.
In the midst of extended losses, a handful of large-cap assets, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and LEO Token, are within 30% or less of their previous peaks.
Bitcoin and ETH Within 30% of ATH While XRP Surges 327% YTD
Although most losses from large-cap assets arise from the recent liquidation, with Galaxy estimating that the singular event accounted for over 50% of total losses.
Also showing relative strength amongst the large caps is XRP, which sits 40% below its all-time high and is amongst the few cryptos that have posted new highs this bull run, up over 327% year-to-date.
However, the research shows that despite rising institutional participation from ETFs and the Trump administration’s crypto-friendly policies, most of the crypto assets have yet to recover even half of their lost value.
Taiki Maeda, founder of HFA Research, shared a chart detailing how the crypto market would move from here as it tries to recover and attempt new highs towards the end of 2025.
His illustration shows that there’d be a K-shaped recovery where only top cryptos like Bitcoin and others with buyback mechanisms and recurring revenue generation models would survive going forward.
He added that the other end of the curve lies dead crypto sectors like Gaming, AI agents, memecoins with overvalued infrastructure, and those with large token unlock schedules that could dilute their supply.
Looking at this, it means investors who are trying to be cautious in the current market, going by Maeda’s thesis, would only favor cryptos like BTC, ETH, SOL, BNB, HYPE, PUMP, ASTER
1.8 Million Crypto Tokens Died in Q1 2025 Alone
CoinGecko research shows that over 50% of all cryptocurrencies have failed. Of the nearly 7 million cryptocurrencies accounted for since 2021, 3.7 million crypto tokens/projects have since stopped trading and are considered failed.
The first quarter of 2025 alone saw the collapse of 1.8 million tokens, making up 49.7% of all recorded project failures.
Additionally, most of the issued and failed tokens can be attributed to the launch of pump.fun, which simplified the process of creating tokens, leading to a flood of meme coins and low-effort projects entering the market.
This, according to some crypto analysts, is why there hasn’t been any major “altseason” this cycle, where the majority of altcoins rally explosively.
Peter Thiel Says He’s Not Sure If Bitcoin Goes Up Much From Here
Investors are also getting cautious with the sideways performance and volatility of even established blue-chip cryptos.
Crypto investor and tech entrepreneur Peter Thiel believes that Bitcoin doesn’t have much upside left because it has been co-opted by institutions like BlackRock and the government, and is no longer retail-driven.
When asked at the Aspen Ideas Festival in Colorado about his Bitcoin holdings, Thiel responded:
“Have I sold any of my Bitcoin? I still hold some. I didn’t buy as much as I should have. I’m not sure it’s going to go up that dramatically from here. We got the ETF addition, and I don’t know who else buys it quickly from here.”
He added that he still has a small position and believes it probably can still go up, but it’s going to be a volatile, bumpy ride.
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