The cryptocurrency market in 2025 and the first months of 2026 continued to demonstrate persistently high volatility despite a gradual increase in institutional participation and the overall maturation of the industry, according to a new report by analysts at CoinGecko. Experts note that the presence of large funds, exchange-traded products, and corporate players has not yet reduced sharp price fluctuations, which remain one of the defining features of digital assets.
According to the study, the strongest price movements in 2025 and early 2026 were concentrated in three segments: privacy tokens, exchange infrastructure, and artificial intelligence-related projects. As a result, the market effectively split into several “volatility clusters,” where capital rapidly rotated between narratives.
The analysts examined the performance of the 100 largest crypto assets by market capitalization across two periods: the full year 2025 and the period from the beginning of 2026 to May 25. This approach allowed them to capture both long-term trends and real-time shifts in market sentiment.
2025: dominance of privacy and infrastructure
The main volatility leader in 2025 was Zcash. Over the year, the token surged by 812.5%, rising from $56.10 to $511.92. Researchers link this strong performance to renewed investor interest in privacy coins amid global debates on financial surveillance, transaction regulation, and data protection.
In essence, the market returned to a fundamental question: where is the line between financial transparency and privacy. Against this backdrop, privacy-focused assets were increasingly seen not just as a technological experiment, but as a tool for financial autonomy.
Second place was taken by WhiteBIT token — WhiteBIT Token — which gained 129.7%. This reflects the growing importance of exchange infrastructure within the crypto economy.
It was followed by Monero with a 124.2% increase and OKB, which rose by 122.9%. These assets further confirm the 2025 trend of capital concentration in mature and functionally relevant projects.
At the same time, certain AI-related tokens moved in the opposite direction. The Artificial Superintelligence Alliance lost around 84.3% of its value. Analysts attribute this to the repricing of several AI assets following a speculative boom and subsequent adjustment of market expectations.
Thus, 2025 can be characterized as a “reallocation of illusions” phase, where capital exited overheated narratives and moved into more understandable infrastructure and privacy segments.
2026: sharp shift toward AI narrative
A very different picture began to emerge in 2026. According to the report, the largest price movements are now concentrated primarily in the artificial intelligence sector, reflecting a shift in investor focus.
The absolute leader was Venice Token. Over the first six months of 2026, it surged by 1051.2%, rising from $1.64 to $18.88. Analysts attribute this dramatic increase to changes in tokenomics, buyback mechanisms, and strategic partnerships, including collaboration with OpenClaw.
Second place went to SkyAI with a gain of 837.9%, followed by Siren, which rose by 647.3%.
The top five most volatile assets also included DeXe and Unibase.
Market cycle shift
According to analysts, the contrast between 2025 and early 2026 reflects a deeper shift in the market cycle. While investors in 2025 focused on relatively mature infrastructure projects with clear utility, in 2026 volatility shifted toward newer AI-driven assets with higher risk and greater speculative potential.
The market continues to follow a familiar crypto pattern: consolidation in understandable assets is followed by a renewed search for high-growth narratives, even if they come with increased uncertainty.
Experts emphasize that despite growing institutional participation, the crypto market remains highly narrative-driven. AI, privacy, and infrastructure rotate as dominant themes, but one characteristic remains unchanged: rapid capital reallocation and sustained high volatility, which persists even amid the industry’s ongoing maturation.
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