Mainstream Crypto Coins: How Long Can They Lead the Market?

However, with tightening global regulations, accelerated technological updates, and volatile capital flows, the crypto market has officially entered a period of structural adjustment, and this "ironclad rule" is no longer valid. A sharp question has emerged: with this significant market reshuffle, can mainstream coins really continue to "win without lifting a finger," allowing everyone to make money without lifting a finger?

I. Why re-examine mainstream coins?

According to the latest data from CoinMarketCap, BTC and ETH still firmly hold the top two positions in market capitalization, with BTC accounting for approximately 48% and ETH approximately 18%, together representing 66% of the global crypto market capitalization. The top ten list remains largely unchanged, with only minor adjustments to the rankings of a few individual coins. This apparent "stability" can easily lead one to mistakenly believe that mainstream coins are still safe.

However, stepping outside the market capitalization rankings reveals that a stable ranking does not equate to stable returns or controllable risks. Market capitalization ranking is no longer the "sole answer" for investment decisions. Combining data from TradingView and CoinMarketCap over the past year, the performance of mainstream coins has become increasingly divergent, making "easy wins" increasingly difficult. BTC, as a "bellwether," has fluctuated between 45% and 60% over the past year. Although it has generally trended upwards, there have been several periods of pullback exceeding 20%, making simple holding returns extremely unstable. ETH, affected by the Ethereum 2.0 upgrade and the DeFi ecosystem, has experienced fluctuations of 55%-75%, with its periodic gains differing from BTC's by over 30%, showing complete asynchrony.

The divergence among other major cryptocurrencies is even more pronounced: SOL, once a "star coin," suffered a decline of over 40% in the past year due to a weaker-than-expected ecosystem and capital flight; even after a rebound, its returns are still far inferior to BTC and ETH. DOGE, driven by Musk's statements and market sentiment, experiences volatility of 80%-100%, making long-term holding unsustainable. While stablecoins like USDT have maintained a stable price around $1, their trading volume surges to over 35% during market fluctuations, indicating declining investor confidence in major cryptocurrencies.

The core of this divergence is a change in market demand: Today's crypto market no longer solely values ​​size for premiums, but places greater emphasis on liquidity, technological efficiency, and real-world trading scenarios. When market capitalization rankings fail to reflect the true value of a coin, a reassessment of the investment value of major cryptocurrencies becomes inevitable.

II. How is the reshuffling happening?

1. The top ten by market capitalization remain a focus, but no longer represent the "optimal solution." During bull markets, market sentiment is high, and funds flow in. Major cryptocurrencies, relying on consensus and liquidity, can command good premiums, making simple holding seem like a sure way to "win." However, this logic fails in volatile or weak market conditions. Simply holding mainstream cryptocurrencies may not outperform the market and could even lead to losses.

Messari's "2025 Crypto Market Restructuring Report" shows that the top ten mainstream cryptocurrencies by market capitalization had an average return of approximately 18% over the past year, while the "second-tier quality coins" ranked 11-50 had an average return of 32%, far exceeding that of mainstream coins. Trading volume for the top ten coins decreased by 15% year-on-year, while some second-tier coins saw growth exceeding 40%. This indicates that while the top ten mainstream coins remain a focus, they are no longer the optimal investment solution, and funds are flowing from traditional mainstream coins to more promising quality assets.

2. Bull Markets Rely on Faith, Bear Markets Rely on Logic

This is a truth that has held true in the crypto market for over a decade: during bull markets, sentiment dominates the market. Even if a coin lacks technical and application support, as long as it has high popularity and strong consensus, its price can skyrocket. Investors make decisions based entirely on "faith." However, during market reshuffling, as sentiment recedes and bubbles burst, "faith" becomes ineffective. Risk control, trading tools, and execution efficiency become the key to profitability.

Coinbase's user behavior report shows that the number of users using advanced tools such as leverage and contracts has increased by 58% in the past year, while users who simply hold mainstream coins without trading have seen an average decrease in returns of 22%. Clearly, "easy money" during a market reshuffling is unrealistic; skillful use of tools and effective risk management are crucial for stabilizing returns.

3. Platforms and Liquidity: The Hidden Winners

As the advantages of mainstream coins weaken and coin differentiation intensifies, the importance of trading platforms becomes increasingly prominent. A platform's liquidity, security, and tool availability directly impact trading costs and the investment experience. Platforms with core competitive advantages are becoming "hidden winners."

For example, Binance's research report shows that in the past year, ETH and Ethereum ecosystem tokens accounted for 42% of the platform's total trading volume; during periods of high market volatility, stablecoin daily trading volume exceeded $120 billion; and the average slippage cost for users was only 0.15%, far below the industry average of 0.5%. This confirms a trend: when the platform's evolution outpaces that of the coin itself, market advantages shift towards "platform capabilities," making choosing the right high-quality platform even more important than choosing the right mainstream coin.

III. How Much of the Moat Remains for Mainstream Cryptocurrencies?

Previously, mainstream cryptocurrencies could "win effortlessly," their core advantages being information asymmetry and leading consensus. In the early days of the crypto market, market conditions were opaque, tools were scarce, and ordinary investors struggled to access comprehensive information. Mainstream cryptocurrencies, leveraging their first-mover advantage, formed strong consensus and became the "only choice."

However, as the market matures, market conditions become more transparent, tools are more readily available, and the information advantage is rapidly disappearing. Undeniably, BTC and ETH remain market "bellwethers," but their return curves have diverged significantly: in the past year, BTC's annualized return was approximately 25%, while ETH's was only 18%, a difference of 7 percentage points. Even among mainstream assets, some investors achieve steady profits through strategic approaches, while others simply hold them and underperform the market or even incur losses.

The core difference lies in investors' understanding and strategies: the ability to understand market phases, effectively utilize trading tools, and dynamically adjust strategies. With the disappearance of the information advantage, the "moat" of mainstream cryptocurrencies is constantly narrowing, and the consensus advantage is being replaced by efficiency competition. Holding onto the old logic of "simply holding mainstream cryptocurrencies to make money" is no longer sufficient to keep up with market changes.

IV. What Does This Mean for Investors?

This article does not recommend specific cryptocurrencies, nor does it deny the value of mainstream coins. Instead, it aims to help investors move beyond the misconception that "buying mainstream coins guarantees profits" and establish an investment logic suitable for a period of market reshuffling. Investors need to upgrade their understanding in three ways:

First, shift from static rankings to dynamic structures. Market capitalization rankings are merely market results. Focus should be placed on the coin's technological iterations, application scenarios, capital flows, and trading activity to dynamically assess its true value. Avoid blindly following the trend and holding the top ten mainstream coins.

Second, shift from single-coin holdings to diversified strategies. With increased market differentiation, it's difficult to consistently profit from a single mainstream coin. A diversified portfolio is necessary, encompassing mainstream coins, high-quality second-tier coins, and stablecoins. Utilize trading tools effectively, adjust positions according to market conditions, and balance risk and return.

Third, shift from a coin-centric approach to a platform and liquidity-centric approach. Platforms are crucial during this reshuffling period. The liquidity and security of a high-quality platform directly impact transaction costs and returns. When choosing assets, prioritize choosing a high-quality platform.

V. Strengths, Limitations, and Future Expansion Directions

This article's strength lies in its use of authoritative data from CoinMarketCap and Messari, focusing on market structural changes and providing in-depth analysis of the failure of the "easy win" logic for mainstream cryptocurrencies. It offers detailed case studies and data, catering to both experienced and novice investors. Its limitation is that, due to space constraints, it does not cover specific buy/sell points or details of individual cryptocurrencies, limiting its reference value for investors seeking short-term gains.

Future expansion can focus on three aspects: First, in-depth analysis of individual mainstream cryptocurrencies to clarify their investment value and risks; second, breaking down the performance of different trading strategies in bull and bear markets to provide practical guidance; and third, creating practical tutorials for trading tools based on platform functions to put knowledge into practice.

Conclusion:

In a period of reshuffling, the real question is not "to buy mainstream cryptocurrencies or not"

The global crypto market reshuffling is not the demise of mainstream cryptocurrencies, but rather a sign of market maturity. The breakdown of the "easy win" logic does not mean mainstream cryptocurrencies are worthless, but rather places higher demands on investors—requiring greater rationality, professionalism, and proactive adaptation to market changes.

The current market is transitioning from "wild growth" to "rational maturity." The real issue isn't "whether to buy mainstream coins," but rather whether to abandon old logic. As the market enters a "refined game" phase, understanding market structure, effectively using trading tools, and managing risk are the starting points for the next round of investment opportunities and the keys to long-term success.

Finally, a reminder: This article is for market information and investment education purposes only and does not constitute investment advice. The cryptocurrency market is highly volatile and risky; please make rational judgments, prudent decisions, and prioritize preserving your capital.