Grayscale Research has unveiled its updated list of the top 20 crypto assets for the first quarter of 2025, reflecting evolving market trends and key themes shaping the digital asset landscape. The revised list includes six new additions: Hyperliquid ( $HYPE ), Ethena ( $ENA ), Virtuals Protocol ( $VIRTUAL), Jupiter ( $JUP ), Jito ( $JTO ), and Grass ( $GRASS ).

The crypto market witnessed a significant upturn in Q4 2024, driven largely by a favorable reaction to the US election results. According to Grayscale, total industry market capitalization tripled, rising from $1 trillion to $3 trillion during the quarter, as measured by the FTSE/Grayscale Crypto Sectors indexes.

Grayscale noted that the market rally was particularly pronounced in the Smart Contract Platforms sector, where Solana outperformed Ethereum, the category leader.

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