The past 12 months have been a clear illustration of how differently defensive assets and high-risk investments behave. Below is the raw math, without interpretations or excuses.
Defensive assets: absolute winners of the year
If $100,000 had been invested in precious metals a year ago, the results would look like this:
- Gold — $180,000 (+80%)
- Silver — $342,000 (+242.9%)
Gold’s growth confirms its status as a key defensive asset amid geopolitical and debt-related instability. Silver became a separate phenomenon: a combination of investment demand, industrial use, and supply shortage led to explosive growth that outpaced most markets.
Major crypto assets: below expectations
Even the largest crypto assets over this period failed to protect capital:
Despite its status as “digital gold,” Bitcoin showed negative performance. The reason: global liquidity tightening, rising real interest rates, and reduced risk appetite. Ethereum held up slightly better but also could not avoid losses.
Altcoins: systemic capital destruction
Most altcoins over the year underwent massive revaluation, effectively destroying a large portion of investments:
- DOGE – $32 000 (−68%)
- LINK – $52 000 (−48%)
- AVAX – $32 000 (−68%)
- SHIB – $35 000 (−65%)
- TON – $29 000 (−71%)
- UNI – $35 000 (−65%)
- PEPE – $28 000 (−72%)
- ONDO – $26 000 (−74%)
- APT – $17 000 (−83%)
- TRUMP – $18 000 (−82%)
- SEI – $27 000 (−73%)
- INJ – $20 000 (−80%)
Even projects with strong marketing, institutional partners, or active communities could not withstand the overall liquidity outflow. For most investors, the year ended not with a correction, but with full capital destruction.
Extreme example: speculative tokens
Extremes should be noted, for example, MELANIA — $1,200 (−98.8%)
This illustrates how dangerous assets based solely on hype, political, or media triggers can be. In such instruments, capital doesn’t just decline — it disappears.
Key takeaways
- Defensive assets won
Gold and silver confirmed their role as a safe haven amid instability and rising global debt. - Crypto is not a single asset class
Bitcoin and Ethereum showed relative resilience, but most altcoins were entirely dependent on cheap liquidity. - Altcoins are not investments, they are bets on a cycle phase
Without new capital inflow and accommodative monetary policy, they lose value faster than traditional risk assets. - Hype does not replace fundamentals
Tokens built on media, memes, or politics show near-zero value over the long term.
Conclusion
This year was painful but instructive. It showed that in times of global uncertainty, survival favors those who preserve capital, not those who promise the loudest growth.
The difference between $342,000 in silver and $1,200 in a speculative token is not luck. It is understanding cycles, liquidity, and the role of each asset in a portfolio.
The market reminded us again of an old rule: capital preservation first, pursuit of returns second.
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