HKAN | Nov 2025

According to a recent analysis by Galaxy Research, a staggering 72 of the top 100 cryptocurrencies are still trading more than 50% below their all-time highs, despite the broader market’s recovery and renewed optimism surrounding Bitcoin and Ethereum.

The data highlights a sharp contrast between the performance of major cryptocurrencies and smaller altcoins, many of which continue to lag far behind their previous peaks from the 2021–2022 bull market cycle.

Market Recovery Still Uneven

While Bitcoin (BTC) and Ethereum (ETH) have staged impressive rebounds over the past year, the report underscores how most altcoins have yet to recover, with many remaining in deep drawdown territory.

Galaxy Research analysts point out that this disparity reflects a shift in investor sentiment toward quality and liquidity — with capital increasingly consolidating in the most established digital assets.

In short, the market’s recovery remains uneven, suggesting that investors are favoring long-term resilience over speculative opportunities.

Altcoins Still Struggling for Momentum

Many of the top altcoins — including tokens that once soared during the peak of the bull cycle — are now struggling to regain traction.
Even projects with strong fundamentals and active development have seen their prices stagnate well below their previous highs, signaling a cautious sentiment across the altcoin market.

Galaxy’s findings reveal that a large portion of these assets have lost 60–80% of their market value since their all-time highs, even as Bitcoin dominance continues to climb.

This trend reflects what analysts describe as a “flight to safety” within crypto, where investors prefer holding Bitcoin and stablecoins during uncertain macroeconomic conditions.

Investors Reassessing the Market

The research also suggests that many investors are reassessing their long-term strategies, focusing on utility, regulatory compliance, and ecosystem growth rather than hype-driven speculation.

In previous bull cycles, altcoins were often driven by marketing and momentum. But as the market matures, traders appear more selective — evaluating projects by real-world use cases and institutional adoption potential.

This broader recalibration could lead to a healthier and more sustainable market, even if price recoveries remain slow in the short term.

Bitcoin Leading, Altcoins Waiting

Bitcoin’s resurgence — bolstered by growing institutional demand and ETF inflows — has not yet fully translated into a broad-based altcoin rally.

While a few select projects in AI, Layer 2 scaling, and DeFi have seen renewed interest, the majority of tokens continue to underperform relative to BTC, reinforcing Bitcoin’s dominance as the market’s anchor asset.

Galaxy Research notes that historically, altcoin recoveries tend to lag behind Bitcoin during the early stages of a bull cycle, often catching up only once BTC stabilizes at new highs.

The Bottom Line

Despite renewed optimism across the crypto sector, most digital assets are still deep in correction territory.
Galaxy Research’s findings reveal that 72 of the top 100 cryptocurrencies remain over 50% below their all-time highs — a reminder that the market, while recovering, is far from fully healed.

The ongoing divergence between Bitcoin and altcoins highlights a maturing investor landscape, where capital increasingly flows toward proven, long-term assets.

As market conditions evolve, traders are watching closely to see which projects can reclaim their former momentum — and which will fade into history.