The cryptocurrency market has taken a heavy hit, with the top five cryptocurrencies losing a staggering $659 billion from their 2025 peak, according to data from Cryptoquant.
Ethereum and Solana Take the Hardest Fall
Ethereum (ETH) and Solana (SOL) have seen the biggest losses, with Ethereum’s market cap plunging 44% to $240 billion, while Solana fell 43% to $73 billion. In contrast, Bitcoin (BTC) and Binance Coin (BNB) have been more resilient, with Bitcoin’s market cap dropping 18% to $1.735 trillion, and BNB losing 15% to $91 billion.
Cryptoquant’s analysis suggests that Bitcoin and BNB suffered the least severe drawdowns, with both still holding strong against their historical highs. Meanwhile, Ethereum’s price has entered what analysts call an undervalued territory, with its ETH/BTC ratio hitting its lowest point since January 2020.
XRP’s Rally Stalls Amid Market Uncertainty
XRP initially benefited from optimism following Donald Trump’s election win, pushing its market cap from $30 billion to $142 billion by March 2025. However, that momentum has now fizzled out, with active wallet addresses shrinking to the 20K-40K range, signaling declining network activity.
Bitcoin’s Sentiment Hits a Low Point
Bitcoin’s market sentiment remains weak, as Cryptoquant’s Bull Score Index—which tracks investor optimism—dropped to 20, its lowest level since January 2023. Analysts warn that if the score stays below 40, it could indicate a prolonged bear market similar to previous downturns.
What’s Next for Crypto?
While Ethereum and Solana have struggled, Bitcoin and Binance Coin have held up better, reinforcing their stability in volatile conditions. However, Cryptoquant’s report suggests that XRP’s future growth will depend on increased network activity, while Ethereum’s underperformance has reignited debates about its long-term valuation.
The market remains divided—will this downturn continue, or is a recovery on the horizon?
