To understand what really happened this cycle, we need to look at data — not emotions.
Let’s start with Bitcoin (BTC).
In Q4 2024, Bitcoin was trading around $52,000.
By Q4 2025, BTC reached a new all-time high of $126,198 — a 142% increase in just one year.
That means Bitcoin grew roughly 1.5× year-over-year, which is a strong performance by any market standard.
Now let’s examine altcoins.
• Ethereum (ETH) climbed from $2,300 to $4,955, marking the highest price in Ethereum’s history, achieved in Q4 2025.
• Solana (SOL) surged from $120 to $295, reaching its all-time high in early 2025.
• Major top-10 assets such as XRP, BNB, XMR, and TRX also printed new all-time highs during 2025.
So if prices reached record levels, why do so many traders consider this cycle “bad”?
The Real Reason
The disappointment didn’t come from poor performance — it came from unrealistic expectations.
• Post-halving expectations were extreme
• Rallies were sharp but short-lived, followed by aggressive pullbacks
• Liquidity was heavily fragmented
A major factor was the explosion of meme coin trading, particularly on Solana.
Meme coin trading volume on Solana alone reached $1.6 trillion, absorbing liquidity that would normally flow into mid- and large-cap altcoins.
The Key Takeaway
The crypto market has evolved.
The old strategy of buying legacy coins and waiting years for them to reclaim previous highs is becoming increasingly ineffective.
Today’s market rewards: • Adaptability
• Timing
• Narrative awareness
• Active risk management
As a small investor, you cannot fight liquidity flows.
You either move with the current — or get left behind.
The cycle isn’t broken.
The rules have changed.
