Grayscale Research has released its quarterly update of the Top 20 crypto assets for Q1 2025, reflecting major market changes following a surge in crypto valuations during Q4 2024.
Bitcoin maintains its position at the top with a market cap of $137.0 billion, while Ethereum follows at $106.8 billion. The update introduces six new assets, emphasizing themes around the U.S. election implications, advances in decentralized AI technologies, and growth in the Solana ecosystem.
New additions by Grayscale
The Q1 2025 update introduces six new assets that align with key market trends. Hyperliquid (HYPE), entering with a $5.7 billion market cap, brings specialized DeFi infrastructure through its on-chain perpetual futures exchange.
The protocol’s high volatility (231%) reflects both the opportunities and risks in the DeFi sector. Ethena (ENA), with its innovative stablecoin solution using Bitcoin and Ether collateral, joins the list with a $2.4 billion valuation.
The AI sector gains stronger representation through Virtual Protocol (VIRTUAL), valued at $2.4 billion. This addition highlights the growing intersection of blockchain and artificial intelligence, with the protocol enabling AI agent creation on Base, Ethereum’s Layer 2 network.
The selection also emphasizes Solana’s ecosystem growth through two additions: Jupiter (JUP), the network’s leading DEX aggregator valued at $1.1 billion, and Jito (JTO), a liquid staking protocol that generated over $550 million in fee revenue during 2024.
Grayscale theme focuses on three key areas
Grayscale’s themes for Q1 2025 focus on three key areas: regulatory implications following the U.S. election, particularly for DeFi and staking services; continued innovation in decentralized AI technologies; and the expansion of the Solana ecosystem.
These themes reflect broader market shifts toward more sophisticated blockchain applications and infrastructure development. The Q1 2025 Top 20 list arrives during a period of significant market expansion, with total crypto market capitalization having grown from $1 trillion to $3 trillion in Q4 2024.
To put this scale in perspective, the crypto market now matches the size of the global inflation-linked bond market and exceeds twice the size of the U.S. high-yield bond market, though it remains smaller than the global hedge fund industry or Japanese equity market.
Volatility metrics across 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) registers 231% volatility, while Virtual Protocol (VIRTUAL) shows 266% – the highest in the list. Even established assets demonstrate substantial price movement, with Chainlink (LINK) showing 120% volatility despite its $14.3 billion market cap.
Grayscal stresses that all top 20 assets are high risk
Grayscale emphasizes that all assets in the Top 20 should be considered high risk, regardless of market capitalization or sector. The inclusion criteria balance multiple factors, including network growth, upcoming catalysts, fundamental sustainability, and token economics.
The Q1 2025 Top 20 represents a carefully balanced distribution across crypto sectors and investment themes. Utilities & Services leads with seven assets, including Chainlink ($14.3 billion) and Bittensor ($3.4 billion), reflecting the growing importance of blockchain infrastructure.
Smart Contract Platforms follows with four assets totaling over $200 billion in market value, demonstrating the sector’s fundamental role in the ecosystem.
