By Andrea Gnetti, Carlo Liotti e Davide Olivieri (CEO, Partner e Associate Manager in Excellence Payments)
Cryptocurrencies primarily designed for payments — that is, designed to transfer value quickly, directly, and without intermediaries — were the only ones to show a positive performance between March 2024 and March 2025.
Within the sample of the top 100 cryptocurrencies by market capitalization, the Payment cluster grew from $1.473 trillion to $1.785 trillion (+21%), while the average token return rose from $72,351.35 to $82,971.35 (+15%).
This result was mainly driven by Bitcoin, supported by the approval of ETFs in the United States and by the strengthening of its role as a digital safe-haven asset.
In a context of general market contraction, cryptocurrencies used as payment instruments stood out for their perceived solidity and a simple, long-established narrative.
The analysis: what we considered
The analysis was conducted on the top 100 cryptocurrencies by capitalization as of March 31, 2024 (source: CoinMarketCap.com), with results updated to March 30, 2025.
The cryptocurrencies were divided into six major thematic categories.
It is important to highlight that within this sample there are profoundly different types of assets — from cryptocurrencies (tokens created as a means of exchange or store of value) to service tokens (used to access services or functions of protocols), and even some cases similar to security tokens (linked to real assets or financial rights) — each characterized by specific market dynamics and appreciation drivers.
Thus, the recorded performances reflect not only the overall trend of the sector but also the heterogeneous nature of the assets analyzed: some are driven by speculative logic or financial narratives, others by technological adoption, and others still by regulatory contexts or yields associated with tokenized real assets.
Stablecoins were excluded, as they are not significant for evaluating price and capitalization dynamics.
Two cryptocurrencies that, following their merger into other projects, were delisted from exchanges, were also excluded.
For each cluster, the percentage change in capitalization and the average return, intended as the variation in unit price between the two dates, were calculated.
Analysis by category
Positive performance
Payments
In the analyzed period, this category was the only one to register significant growth. Capitalization rose from $1.473 trillion to $1.785 trillion (+21%), and the average return recorded a +15%.
The result was mainly driven by Bitcoin, boosted by the approval of spot ETFs and renewed institutional interest.
It should be noted that, despite growing adoption for transactional purposes, the main motivation for purchasing these assets remains, in many cases, speculative.
Bitcoin, in particular, continues to be considered by much of the market more as an investment instrument than as a currency for exchange.
Exchange Tokens
These tokens ended the year with slightly increased capitalization (+2%) and stable average return (0%).
The solidity of the underlying platforms supported the value of the tokens, although the lack of new functionalities or use cases limited speculative interest.
Negative performance
Infrastructure (L1 and L2)
These cryptocurrencies recorded a –43% contraction in capitalization and a –51% average return.
The strong competition among various blockchains and the difficulty in translating technical innovation into perceived value contributed to this decline.
DeFi (Decentralized Finance)
The DeFi cluster suffered a –54% loss in capitalization and a –64% average return.
The increase in usage did not translate into an increase in token value, due to excessive issuance, governance problems, and fragile economic models.
Data, Oracles & Interoperability
This cluster saw a –51% decrease in capitalization and a –57% drop in average return.
The lack of recognition of the economic value of the tokens, often used exclusively to fuel the infrastructure, weakened investor confidence.
Community, Gaming & Fan Tokens
This was the most penalized category, with a –45% decrease in capitalization and a –85% collapse in average return.
After a speculative boom period, many projects revealed structural limits and poor sustainability, leading to a significant user retreat.
It is worth remembering that many of these projects were not created as investment instruments but are based on logics of entertainment, belonging, or utility within digital ecosystems.
Conclusion
The 2024–2025 period marked a phase of consolidation for the cryptocurrency market, with strong differences among categories and a general slowdown in performance compared to previous years.
The only sector to emerge positively was the Payments cluster, driven by Bitcoin, which benefited from favorable structural and institutional factors.
However, even in this area, the interest as an investment asset continues to prevail over its actual use as a payment instrument.
For the rest of the market, it was a physiological contraction: a resizing consistent with the maturation phase of the ecosystem.
Projects with fragile economic models, no longer credible narratives, or unclear utility were progressively downsized.
The decline also affected technologically strategic sectors, such as infrastructures and DeFi, which, despite remaining central, still struggle to translate adoption into real value for investors.
The emerging picture is that of a sector gradually moving away from generalized enthusiasm towards a more selective logic, where only projects capable of demonstrating concrete value, sustainability, and a long-term vision will have space to establish themselves.
