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AVAX, MORPHO made it to the Top 20 of Grayscale while XRP, ADA continue to be excluded - Why is that?
All assets in cryptocurrency are closely linked to blockchain technology, and they all share a fundamental market structure. However, that is where the commonalities end, as each type of asset has its own distinct characteristics and different applications. These assets include a range of noteworthy software technologies with widespread applications in areas such as consumer finance, artificial intelligence (AI), media, entertainment, and many other fields.
The list of "Top 20 altcoins for Q3 2025" newly released by Grayscale shows subtle yet noteworthy changes in the cryptocurrency investment landscape.
The state of the crypto market in Q2 2025
In the second quarter of 2025, the crypto market experienced a period of significant volatility, influenced by global factors such as tariffs and military developments in the Middle East. The overall index of the FTSE/Grayscale Crypto Sectors, weighted by market capitalization, remained almost unchanged compared to the previous quarter. However, some segments saw substantial growth, thanks to the strong increase in Bitcoin prices, reaching up to 30% during this period.
Blockchain Indicators
Blockchain is not a business, but its economic activity and financial health can be measured in similar ways. Three key measures to assess on-chain activity include the number of users, transactions, and transaction fees. Due to the anonymous nature of blockchain, analysts often use "active addresses" ( blockchain addresses with at least one transaction ) as an imperfect proxy to estimate the actual number of users.
However, the financial health of blockchain in Q2 2025 is quite mixed. On the positive side, the average number of transactions on smart contract platforms has increased significantly, reaching over 130 million transactions, equivalent to about 1,500 transactions per second, an increase of nearly 30% compared to the same period last year. On the negative side, transaction fees on the blockchain have broadly decreased, particularly the transaction fees from memecoin activities on Solana — a factor that previously contributed significantly to the revenue from transaction fees in earlier quarters. Currently, the effective transaction fee on smart contract platforms averages at 0.03 USD (, which is three cents per transaction ). However, despite this slight decrease, transaction fees over the past year have remained at levels between 5 billion and 10 billion dollars, reflecting the stability and sustainability of the crypto market in the long term.
Each quarter, Grayscale Research analyzes hundreds of digital assets and presents a list of the Top 20 notable assets in the cryptocurrency world. These assets are selected based on various factors, including network growth and adoption, upcoming catalysts, the sustainability of fundamentals, token valuation, and potential risks. In this quarter, Grayscale has added two new assets to the Top 20 list, which are Avalanche (AVAX) and Morpho (MORPHO), reflecting a focus on real-world adoption and the momentum of these ecosystems.
Grayscale explains that these decisions are primarily based on the specific performance of each project and market trends in each segment, especially in the field of smart contract platforms.
What draws the attention of many is the fact that XRP and Cardano (ADA) continue to be excluded from the list, even though both of these tokens are experiencing strong development. This raises important questions about the indicators and market trends that are shaping the choices of institutional investors.
Although Lido still maintains its position in liquidity staking and Optimism continues to be an important technology supporting Layer 2 networks, short-term instability in the market has led to the decision to eliminate them.
For Lido, the change in staking regulations in the United States could create competition from centralized staking services, affecting transaction fees. Meanwhile, although Optimism has widespread adoption, the OP token has yet to record significant revenue growth.
Grayscale also points out the ambiguity surrounding Optimism's long-term vision for the "superchain", especially considering Ethereum's rollup interoperability development plans.
The removal of prominent altcoins such as XRP and ADA has created a marked change in market sentiment. Both of these tokens have seen a significant decline in value recently: ADA dropped by 4.1% to $0.55, while XRP is fluctuating around $2.1. This indicates that the choices of institutions are based not only on historical performance but also reflect the complex factors within the current crypto market context.
Investing in cryptocurrency is a highly risky field, due to high volatility and uncertainties such as smart contract vulnerabilities and regulatory changes. The assets in Grayscale's Top 20 list are all highly volatile and not suitable for every investor. Therefore, investing in cryptocurrency needs to be carefully considered within the context of each individual's portfolio, as well as specific financial goals.
In the context of rapidly developing technology trends such as blockchain and AI, the cryptocurrency market continues to be an attractive yet challenging field, requiring investors to be cautious and have a clear strategy to ensure long-term success.
Emma