72 of the Top 100 Cryptocurrencies Still Over 50% Below Peak Prices, According to Galaxy Research

A recent report from Galaxy Research indicates that a significant number of top cryptocurrencies have not recovered from their price peaks. As many as 72 out of the top 100 cryptocurrencies are still down more than 50% from their all-time highs. While larger assets like Bitcoin and Ethereum show some resilience, most smaller altcoins have struggled considerably. The report also highlights a worrying trend in the crypto market, revealing a high number of failed projects.

Key Takeaways

72 of the top 100 cryptocurrencies are currently down over 50% from their all-time highs.
Mid- and lower-cap altcoins like Filecoin, The Graph, Tezos, and Polkadot have fallen between 80% and 95% from their peaks.
Large-cap cryptocurrencies, including Bitcoin and Ethereum, are within 30% of their all-time highs.
XRP has surged by 327% year-to-date, despite the overall market downturn.
Over half of all cryptocurrencies have failed, with 1.8 million tokens collapsing in Q1 2025 alone.
Investor sentiment is cautious, with notable figures like Peter Thiel expressing doubt about Bitcoin's future performance.

72 of the Top 100 Cryptos Remain Over 50% Below Peak Prices, Says Galaxy Research

Current Market Analysis: Significant Losses in Major Cryptocurrencies

Galaxy Research has reported that 72 out of the top 100 cryptocurrencies have dropped over 50% from their peak prices. The report indicates that many mid- and lower-tier altcoins, including Filecoin (FIL), The Graph (GRT), Tezos (XTZ), and Polkadot (DOT), have experienced declines ranging from 80% to 95%. This downturn reflects the mismatch between their market performance and the initial excitement generated during their launch periods in the bullish cycle of 2021.

Large-Cap Cryptos: Bitcoin and Ethereum Show Resilience

Despite significant losses among many cryptocurrencies, a few large-cap assets remain relatively strong. Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and LEO Token are reportedly within 30% of their previous peak prices.

In particular, Bitcoin and Ethereum are now just 30% shy of their all-time highs. Meanwhile, XRP has shown impressive growth this year, climbing over 327% year-to-date, despite being 40% lower than its all-time high.

Galaxy Research indicates that over 50% of total market losses stemmed from a single massive liquidity event.

72 of the Top 100 Cryptos Remain Over 50% Below Peak Prices, Says Galaxy Research

The Path Forward: K-Shaped Recovery

Taiki Maeda, founder of HFA Research, shared a chart outlining the potential future trajectory of the cryptocurrency market, suggesting a K-shaped recovery. This means that only top cryptocurrencies like Bitcoin and those with sustainable revenue models are expected to thrive in the coming years. The other side of this trend includes failing sectors such as gaming, AI agents, and overvalued memecoins, which are likely to struggle moving forward.

For cautious investors, Maeda’s analysis suggests focusing on cryptocurrencies like BTC, ETH, SOL, BNB, HYPE, PUMP, and ASTER.

Alarming Trends: Collapse of Tokens

Research from CoinGecko reveals a troubling fact: more than half of all cryptocurrencies have failed. Out of nearly 7 million cryptocurrencies tracked since 2021, around 3.7 million tokens or projects have ceased trading, being classified as failures. In the first quarter of 2025 alone, 1.8 million tokens collapsed, accounting for nearly 50% of all recorded failures.

72 of the Top 100 Cryptos Remain Over 50% Below Peak Prices, Says Galaxy Research

The majority of these failed projects are reportedly linked to the emergence of platforms like pump.fun, which made it too simple to create new tokens. This influx has contributed to a lack of significant “altseason” activity, where the majority of altcoins typically experience robust growth.

Investor Sentiment: Questions on Bitcoin's Trajectory

Investor caution is increasing, particularly with the inconsistent performance of even established cryptocurrencies. Tech entrepreneur and crypto investor Peter Thiel has expressed skepticism about Bitcoin's future price growth. He noted that Bitcoin may be less driven by retail investors due to institutional involvement from players like BlackRock and the government.

When discussing his Bitcoin holdings at the Aspen Ideas Festival, Thiel mentioned, “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.” While he maintains a small position in Bitcoin, he acknowledges that its future will likely be volatile and unpredictable.