Grayscale Research has released its quarterly update of the Top 20 Crypto Assets for the first quarter of 2025, reflecting major market changes following the surge in crypto asset values during the fourth quarter of 2024.
Bitcoin maintains its position at the top with a market cap of $137.0 billion, followed by Ethereum at $106.8 billion. The update introduces six new assets, highlighting topics around the implications of the US election, advances in decentralized AI technologies, and growth in the Solana ecosystem.
New additions from Grayscale
The Q1 2025 update introduces six new assets that align with key market trends. Hyperliquid (HYPE), which enters with a market cap of $5.7 billion, brings a specialized DeFi infrastructure through its permanent on-chain futures exchange.
The protocol’s high volatility (231%) reflects both opportunities and risks in the DeFi sector. Ethena (ENA), with its innovative stablecoin solution that uses Bitcoin and Ether collateral, joins the list at a $2.4 billion valuation.
The AI sector is getting stronger representation through Virtual Protocol (VIRTUAL), valued at $2.4 billion. This addition highlights the growing intersection of blockchain and artificial intelligence, with a protocol that allows AI agents to be created on Base, the Ethereum Layer 2 network.
The selection also highlights the growth of Solana’s ecosystem through two additions: Jupiter (JUP), a leading online DEX aggregator valued at $1.1 billion, and Jito (JTO), an ongoing staking protocol that generated more than $550 million in fee revenue during 2024. year.
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The grayscale theme focuses on three key areas
Grayscale’s Q1 2025 topics focus on three key areas: regulatory implications following the US election, particularly for DeFi and staking services; continued innovation in decentralized AI technologies; and expansion of the Saltwater ecosystem.
These themes reflect broader market shifts toward more sophisticated blockchain applications and infrastructure development. The Top 20 list for the first quarter of 2025 comes during a period of significant market expansion, with the total crypto market capitalization rising from $1 trillion to $3 trillion in the fourth quarter of 2024.
To put this scale in perspective, the crypto market now matches the size of the global inflation-linked bond market and doubles the size of the US high-yield bond market, although it is still smaller than the global hedge fund industry or the Japanese stock market.
Volatility metrics among the Top 20 reveal important risk considerations for investors. The highest volatility appears in newer sectors, with DeFi and AI-focused tokens showing 90-day price volatility ranging from 200% to 266%.
For example, Hyperliquid (HYPE) records 231% volatility, while Virtual Protocol (VIRTUAL) shows 266% – the highest on the list. Even established assets show significant price movement, with Chainlink (LINK) showing 120% volatility despite its $14.3 billion market cap.
Grayscal emphasizes that all 20 largest assets are high risk
Grayscale emphasizes that all assets in the Top 20 should be considered high risk, regardless of market capitalization or sector. Inclusion criteria balance multiple factors, including network growth, upcoming catalysts, underlying sustainability, and token economics.
The first 20 quarters of 2025 represent a carefully balanced distribution across crypto sectors and investment themes. Utilities & Services leads the way with seven assets, including Chainlink ($14.3 billion) and Bittensor ($3.4 billion), reflecting the growing importance of blockchain infrastructure.
They are followed by Smart Contract Platforms with four assets with a total market value of over USD 200 billion, demonstrating the fundamental role of the sector in the ecosystem.
