Crypto Market Sheds $659 Billion From Peak as Ethereum, Solana Lead Declines

The cryptocurrency market has lost $659 billion from its 2025 peak, with major digital assets facing steep declines, according to data from CryptoQuant.

Ethereum (ETH) and Solana (SOL) have been hit hardest, with Ethereum’s market capitalization plunging 44% to $240 billion, while Solana dropped 43% to $73 billion. Bitcoin (BTC) and Binance Coin (BNB), however, have shown relative resilience. Bitcoin’s market cap declined 18% to $1.735 trillion, and BNB slipped 15% to $91 billion, marking the lowest drawdowns among the top five cryptocurrencies.

CryptoQuant’s analysis highlights that Ethereum has entered its most undervalued phase against Bitcoin since January 2020. The ETH/BTC ratio has dropped 72% since September 2022, raising concerns over Ethereum’s long-term valuation relative to Bitcoin.

XRP, which surged after the 2024 U.S. presidential election, has since stalled. Following Donald Trump’s victory, XRP’s market cap skyrocketed from $30 billion to $142 billion by March 2025. However, on-chain activity has declined, with active addresses falling to the 20,000-40,000 range, signaling a slowdown in network engagement.

Investor sentiment around Bitcoin remains weak, with CryptoQuant’s Bull Score Index—a measure of market optimism—dropping to 20, its lowest level since January 2023.

“With a Bull Score of 20, Bitcoin remains in a weak investment environment, reducing the chances of a sustained rally in the near term,” CryptoQuant analysts wrote. “If the score stays below 40 for an extended period, it could indicate prolonged bearish conditions, similar to previous market downturns.”

While Ethereum and Solana struggle with sharper losses, Bitcoin and BNB have emerged as the most stable assets among the top five cryptocurrencies. Ethereum’s underperformance relative to Bitcoin has sparked debates over its valuation, while Solana’s decline mirrors broader risk-off sentiment in the altcoin market.

For XRP, CryptoQuant notes that future growth will likely depend on increased network activity and a broader crypto market recovery. The diverging performance across major cryptocurrencies reflects a mixed and uncertain market outlook, with investors closely watching for signs of a rebound.