Only 7 Native Tokens Remain in the Green Since the Start of the Year. And It's Not Bitcoin

RBK-cryptoPublished on 2025-12-08Last updated on 2025-12-08

Abstract

Since the beginning of 2025, the majority of major cryptocurrencies have experienced significant double-digit losses, with only seven native Layer-1 (L1) tokens remaining in positive territory, according to data from Coinmarketcap. Notably, Bitcoin (BTC) and Ethereum (ETH) themselves are not among them, having declined by 2% and 5% respectively. The top performers are led by privacy-focused coins. Zcash (ZEC) surged by 600%, and Monero (XMR) rose by approximately 100%, despite facing regulatory pressures and delistings from major exchanges. Dash (DASH), another privacy-oriented token with optional anonymity features, also saw growth of nearly 30%. Bitcoin Cash (BCH), a major Bitcoin fork, increased by almost 40%. Its performance is partly attributed to the absence of venture capital backing, a fully unlocked token supply, and anticipation around a potential spot ETF approval in the US. Exchange-based tokens also performed well. BNB (from Binance) and Hyperliquid's HYPE each grew by around 30%. BNB's rise was fueled by major partnerships and news of potential eased US regulatory oversight, while HYPE benefited from a trader migration to decentralized exchanges (DEXs) amid tightening regulations on centralized platforms. Finally, Tron (TRX) posted a 13% gain. It distinguished itself as the most profitable blockchain network, generating over $207 million in revenue in November, heavily driven by its dominance in USDT stablecoin transactions, which account for 70% of the acti...

"RBC-Crypto" does not provide investment advice, the material is published for informational purposes only. Cryptocurrency is a volatile asset that can lead to financial losses.

Most of the largest crypto assets have recorded double-digit declines of up to 90%, according to Coinmarketcap data since the start of 2025. And only a few base coins of individual blockchains have shown price growth over the same period.

Base cryptocurrencies, or layer 1 (L1) tokens, are the primary coins that operate within their own blockchains and are used to pay fees for transfers and other operations. For example, bitcoin is used in the Bitcoin network, ether in the Ethereum network, and SOL in the Solana network. These tokens are necessary for the network to process transactions or execute smart contracts, i.e., to ensure the operation of applications and services on the blockchain.

Unlike them, other tokens (for example, most NFTs or coins from DeFi services) are created within existing networks (for example, based on Ethereum). Any number of such tokens can be issued, and they do not ensure the operation of the blockchain itself, but only use its infrastructure.

Prices are recorded as of December 8 relative to values on January 1, 2025. The selection includes only those tokens from the top 100 by market cap that cryptocurrency aggregators classify as Layer-1, i.e., native coins of their own blockchains. If we track their dynamics since the beginning of the year, it turns out that by December, only a few coins remain in positive territory.

Since the beginning of January, the prices of Bitcoin and Ethereum have fallen by 2% and 5%, to $92K and $3.16K respectively. And the total market capitalization of the crypto market lost about 3%, dropping to $3.13 trillion.

Privacy Coins

The leaders include two coins from the privacy sector, designed for anonymous transactions — Zcash (ZEC) and Monero (XMR), which are the largest in their category. Both assets operate on a mining basis, meaning the coins are mined using specialized equipment, as is the case with Bitcoin.

The price of ZEC showed growth of 600%, and XMR about 100%, reaching market capitalizations of $6.4 billion and $7 billion respectively. Both assets did not show significant positive dynamics for a long time, and in recent years have been under pressure due to tightening regulatory rules around the world.

Because of this, many major crypto exchanges, including Binance, OKX, and Bybit, had to delist Monero. But ZEC, unlike XMR, faced less pressure because its anonymity is optional — whereas in XMR it is a base feature.

There is another leader in growth since the beginning of the year in this sector — the Dash (DASH) coin, which also has an optional anonymous transaction function. This coin has grown by almost 30%, to a market capitalization of $600 million at a price of $48. This cryptocurrency is distinguished by a hybrid mechanism on which the blockchain operates — it simultaneously uses mining and staking, which involves the possibility of earning passive income for holding coins (as happens, for example, in Ethereum or Solana).

Bitcoin Cash (BCH)

Bitcoin Cash is the most famous hard fork (a modified copy of the code) of Bitcoin, involving the splitting of the network into two independent structures. Although BCH operates separately from the parent network (Bitcoin), they share a common transaction history and list of addresses up until the launch of BCH.

As of December 8, the market capitalization of BCH is at $12 billion with a token price of about $600 — a growth of almost 40% since the beginning of the year.

Bitcoin Cash, like ZEC and XMR, is one of the few projects that operates on a mining basis. The blockchain is also known for the people who supported this project. For example, Roger Ver, who was one of the first public supporters of Bitcoin over 14 years ago, but with the launch of BCH, switched to actively promoting it.

The project is also distinguished by the absence of venture investments and a 100% unlocked coin supply. That is, in BCH there are no assets locked up by investors awaiting future unlocks, as is often the case in the crypto market, acquired at a price significantly lower than the market price.

Demand for BCH may also be supported by expectations of the launch of exchange-traded funds (ETFs) in the US based on Bitcoin Cash. Grayscale applied to launch such an ETF back in early autumn 2025, but the US regulator has not yet given approval.

Exchange Tokens

The list of leaders in price growth since the beginning of January also includes two cryptocurrencies that are simultaneously native to blockchains and represent the crypto exchange sector — BNB Chain (BNB) and Hyperliquid (HYPE). Both assets grew by about 30%, to $125 billion and $10.3 billion respectively, with asset prices of $910 and $30 respectively as of December 8.

BNB is developed by the largest exchange, Binance, and HYPE by the largest decentralized exchange for trading futures contracts, Hyperliquid.

Both coins received the main impetus for price growth this year when their quotes updated historical records. For BNB, the figure reached $1.37K in October. The HYPE record is at $60 in September of this year.

The growth of BNB is accompanied by news of major partnerships by Binance, for example with the financial industry giant Franklin Templeton. As well as reports that the exchange is negotiating with the US Department of Justice for an early termination of US authorities' supervision of the exchange's activities.

In 2023, the exchange pleaded guilty to charges of violating anti-money laundering laws, paying a fine of $3.4 billion. The founder of the exchange, Changpeng Zhao, personally paid a $50 million fine, served a four-month prison sentence, and was released in September 2024.

In October, US President Donald Trump pardoned Zhao, this happened after several months of lobbying efforts and support from Zhao for the Trump family's crypto project — World Liberty Financial.

Hyperliquid's growth in 2025 occurred against the backdrop of increased scrutiny of major exchanges by US and European regulators, when some traders switched to decentralized platforms, including Hyperliquid.

This is confirmed by the fact that decentralized exchanges (DEX) are occupying an increasing share in perpetual futures trading on the crypto market. The share of futures trading volume on DEXs relative to classic crypto exchanges (CEX) grew throughout 2025 to a record 18.4% in November — almost four times the figure from December 2024.

In addition, the platform maintains a focus on open architecture, transparency, and rejection of venture capital, which enhances community trust. So, for example, unlike Binance, any person with internet access can see all trader transactions and operations on Hyperliquid online. Such openness has created a viral effect, where deals by major players are published on social networks.

Tron (TRX)

Tron has long been among the leaders in market capitalization, ranking eighth by capitalization in the Coinmarkecap ranking at the beginning of December with a figure of over $27 billion. The price of TRX was $0.286 — an increase of 13% since January 1.

Tron is the most profitable blockchain network on the crypto market. For example, the blockchain's revenue for November exceeded $207 million, while Ethereum's revenue was less than $8 million, Solana's was about $3 million, and BNB Chain's was about $1.5 million, according to TokenTerminal.

Tron is almost the only blockchain on the market that shows a pronounced dependence on the USDT stablecoin from issuer Tether, which has become a key driver of activity on the network. According to Tronscan, about 70% of all transactions on the blockchain involve USDT. Currently, 42% of the entire USDT supply is circulating on the network, or $79 billion, according to Defillama.

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