The crypto market has experienced a substantial downturn, losing $659 billion in value from its 2025 peak, according to on-chain analytics platform CryptoQuant. The report highlights varying levels of resilience among the top five cryptocurrencies, with Ethereum and Solana posting the steepest losses.
Ethereum and Solana See Steepest Declines
Ethereum (ETH) and Solana (SOL) have taken the biggest hit in the ongoing market correction. ETH’s market capitalisation has fallen by 44% to $240 billion, while SOL dropped 43% to $73 billion. The report notes that Ethereum is now significantly undervalued relative to Bitcoin, with the ETH/BTC ratio declining 72% since September 2022. According to CryptoQuant, ETH has entered its most undervalued range against BTC since January 2020, raising questions over its long-term valuation trajectory.
Bitcoin and BNB Show Relative Strength
In contrast, Bitcoin (BTC) and Binance Coin (BNB) have weathered the downturn with comparatively smaller losses. BTC’s market cap is down 18% to $1.735 trillion, while BNB has declined by just 15% to $91 billion. These two assets have experienced the lowest drawdowns—around 20% from their all-time highs—making them the most resilient among major cryptocurrencies during this market phase.
Bitcoin’s performance, however, comes with a caveat. The CryptoQuant Bull Score Index, which measures market optimism, currently sits at 20—its lowest point since January 2023. This score suggests a weak investment climate, with researchers warning that a prolonged score below 40 could indicate continued bearish conditions.
XRP’s Post-Election Surge Fades
XRP initially saw a strong rally after the 2024 U.S. presidential election, driven by renewed regulatory optimism following Donald Trump’s victory. Its market cap rose sharply from $30 billion to $142 billion by March 2025. However, CryptoQuant notes a cooling in network activity, with active XRPL addresses falling into the 20,000–40,000 range. The fading engagement highlights the challenge of sustaining momentum without broader market or ecosystem growth.
Mixed Signals Define Market Outlook
The divergence among top cryptocurrencies underscores growing uncertainty in the market. While Ethereum and Solana struggle with sharper declines, Bitcoin and BNB have shown more stability. Meanwhile, XRP’s fading rally reflects the temporary nature of hype-driven surges.
With Ethereum’s underperformance reigniting valuation concerns and Bitcoin’s low Bull Score signalling weak investor sentiment, CryptoQuant’s analysis paints a cautious picture of the near-term crypto landscape. Sustained recovery may depend on improved network activity, macroeconomic conditions, and a revival in investor confidence.
