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The crypto market continues to evolve as shifts in market capitalization among major digital assets reflect both investor sentiment and fundamental developments.
A recent analysis from CryptoQuant provides a closer look at how top crypto have performed in terms of market cap and drawdowns over the past several months.
BNB, XRP, and Ethereum Show Diverging Trends
One of the most notable shifts has been Binance Coin (BNB) reclaiming its position as the fifth-largest cryptocurrency by market capitalization. BNB’s market cap rose to approximately $92 billion, surpassing Solana (SOL), which now sits at $74 billion.
This shift follows a strong rally in SOL during late 2024, largely fueled by growth in its meme coin ecosystem. However, the attention of speculative activity appears to have transitioned toward the BNB Chain, where similar crypto ecosystem momentum has helped support its recovery.
Another significant market cap development involves XRP. According to CryptoQuant, XRP’s market capitalization increased substantially following the 2024 US presidential election.
Market Cap Evolution of Top Cryptocurrencies
BNB and Bitcoin are currently experiencing the lowest drawdowns among this group, each down approximately 20% from their all-time highs, indicating relatively strong price performance and resilience. pic.twitter.com/dW3tXlvSMG
— CryptoQuant.com (@cryptoquant_com) March 27, 2025
From a valuation of $30 billion in early November, XRP’s market cap climbed to $141 billion by March 2025. The timing of this rise appears to align with the outcome of the US election, which some believe could potentially influence regulatory sentiment around crypto assets.
In contrast, Ethereum (ETH) has faced a more challenging trajectory. After peaking in late 2024, ETH’s market capitalization declined by 50% to around $240 billion as of March 2025.
This sharp drop highlights the current volatility in the altcoin market and raises questions about Ethereum’s ability to maintain its prior valuation levels amid shifting macro and sector-specific factors.
Crypto Price Resilience and Drawdown Metrics
CryptoQuant’s report also evaluated drawdowns—the decline from an asset’s all-time high—as a measure of relative performance. Bitcoin (BTC) and BNB emerged as the most resilient assets among the group, each down approximately 20% from their respective all-time highs.
BNB’s stability has been linked to its continued utility within the Binance ecosystem, including usage for transaction fees and platform-related activities.
Meanwhile, ETH and SOL have struggled to recover from deeper drawdowns. Both assets are currently more than 50% below their previous peaks, highlighting higher levels of volatility and reduced investor momentum.
Although XRP has seen a rise in market capitalization, its price still reflects a drawdown of roughly 36%, indicating that much of the new capital inflow has yet to translate into price recovery.
Featured image created with DALL-E, Chart from TradingView
