Only 4.1% of crypto tokens have outperformed BTC since 2020

Only 4.1% of cryptocurrencies that topped a $50 million market capitalization between 2020 and 2025 have outperformed Bitcoin to date, according to a recent Blockworks Research report. The report said 1,972 cryptocurrencies exceeded the $50 million market cap threshold during that period, but the median return later fell to -97%. It described the crypto market as a pyramid with a broad base and a narrow top. The number of cryptocurrencies with a market capitalization above $1 million hit a record 3,648 in December 2024, while the number above $250 million fell to 102 as of June from 279 in November 2021. Of the 187 cryptocurrencies that outperformed BTC during the 2021 bull market, 86.1% had dropped more than 90% from their November 2021 peak. The report added that OKB was the only cryptocurrency to surpass BTC’s total gain, as the market shifts from broad expansion toward a structure centered on a small number of high-quality assets.