The crypto market has experienced a significant downturn, with the top five cryptocurrencies shedding $659 billion since their 2025 peak, according to a detailed analysis by Cryptoquant. Here’s a closer look at how major digital assets have performed in this challenging market environment.

Ethereum and Solana Bear the Brunt

Ethereum (ETH) and Solana (SOL) have faced the sharpest losses, with their market capitalizations plunging by 44% and 43%, respectively. Ethereum’s market cap now stands at $240 billion, while Solana’s has dropped to $73 billion.

This steep decline for Ethereum has also impacted its valuation against Bitcoin, with the ETH/BTC ratio falling by 72% since September 2022. According to Cryptoquant, Ethereum’s price has reached a level of undervaluation not seen since January 2020, sparking debates about its long-term prospects.

Bitcoin and BNB Show Resilience

Amid the broader market decline, Bitcoin (BTC) and Binance Coin (BNB) have displayed relative stability. Bitcoin’s market cap fell by 18% to $1.735 trillion, while BNB experienced a modest 15% dip to $91 billion.

Cryptoquant’s Bull Score Index, which measures market optimism, currently stands at 20 for Bitcoin, the lowest since January 2023. The researchers warn that if the Bull Score remains below 40 for an extended period, it could signal prolonged bearish conditions akin to previous market downturns.

XRP’s Rally Stalls After Initial Optimism

XRP enjoyed a brief surge in early 2025, buoyed by regulatory optimism following Donald Trump’s re-election as U.S. President. Its market cap soared from $30 billion to $142 billion by March 2025. However, network activity on XRPL has since stagnated, with active addresses dropping to the 20,000–40,000 range, according to Cryptoquant.

The report highlights that XRP’s future growth will depend on increased network activity and broader market recovery.

Diverging Market Sentiment

The current market downturn has underscored mixed performance among top cryptocurrencies. Ethereum and Solana’s sharper declines contrast with the resilience of Bitcoin and BNB. While XRP’s earlier rally showed promise, it now mirrors the overall subdued sentiment in the market.

Cryptoquant’s analysis paints a cautious outlook for the near term, with market conditions unlikely to favour a sustained rally unless broader factors shift. As the crypto market navigates these challenges, investors remain watchful of key metrics and potential recovery signals.