At the epicenter of the downturn: underrated cryptocurrencies in 2025
The crypto market is replenished every year with thousands of new Web3 projects, and the number of tokens is measured in millions. For example, in 2024 alone, according to various estimates, more than 2.5 million new tokens appeared.
Most crypto projects fail after a few months or years. According to a joint report by Alpha Quest and Storible, more than 70% of crypto projects launched after 2020 have already shut down. However, against the backdrop of popular "hyped" cryptocurrencies such as Solana (SOL), XRP (XRP), and Binance Coin (BNB), some projects that may seem fundamentally strong are considered underrated cryptocurrencies*.
* Underrated cryptocurrencies are digital assets whose market value is significantly lower than their potential value based on technology, infrastructure, applicability, developer activity, or the project's fundamental indicators. In other words, these are projects with a strong foundation but temporarily undervalued by the market for various reasons. Such cryptocurrencies may hold long-term growth potential if their fundamental advantages attract the community's and investors' attention.
Today, interest in such assets is growing, as investors increasingly consider underrated cryptocurrencies an opportunity to enter promising projects before their next growth phase.
1. Polkadot (DOT)
Polkadot is an ecosystem of interconnected (interoperable) open-source blockchains. Polkadot blockchains can link to each other, work as a single network, and exchange data.
The Polkadot protocol consists of a "core" or parent network (the Relay Chain) and parachains that run in parallel to the main blockchain. In addition, Polkadot includes bridges that enable interaction with external blockchains such as Ethereum and even Bitcoin. The Polkadot team was one of the first to introduce a cross-chain ecosystem connecting various, even incompatible, blockchains.
Polkadot developers created their own consensus mechanism called Nominated Proof-of-Stake (NPoS), a modification of the Proof-of-Stake algorithm. Unlike classical PoS, NPoS-based blockchains select node operators (validators) based on their stake and nominations from other interested parties.
The native cryptocurrency of the Polkadot network is DOT, which serves as the main "fuel" for the ecosystem and is used for governance, staking, and ensuring network security. DOT tokens are also required to connect parachains to the parent network via a mechanism known as bonding*.
* Bonding is a mechanism of locking DOT tokens for a specific period to connect a parachain to the Polkadot leading network. These tokens are not spent or transferred; the system temporarily holds them as collateral. When the slot lease ends, the locked tokens are fully returned to their owners. Bonding serves as a security and commitment mechanism, allowing Polkadot to allocate limited resources (parachain slots) to the most motivated participants.
In 2021, DOT ranked among the top ten cryptocurrencies by market capitalization. However, after the crypto winter began in 2022, Polkadot's performance began to deteriorate, and the token gradually lost ground.
As of December 2025, DOT ranks 30th on CoinMarketCap with a market capitalization of $3.45 billion. The price of DOT is $2.10, which is 96% below its all-time high (ATH) of $55. This makes DOT one of the most undervalued cryptocurrencies.
2. Internet Computer (ICP)
Another notable player in the crypto industry is Internet Computer, which has also joined the list of underrated cryptocurrencies. The ICP token debuted in May 2021 — right in the middle of alt-season. For this reason, ICP became one of the most expensive cryptocurrencies at listing: almost immediately after reaching exchanges, its price hit an all-time high of $750.
However, ICP turned out to be significantly overvalued at launch, and within two months the altcoin lost more than 23×, dropping to $32. During the crypto winter that continued from 2021 to 2023, the price of ICP kept falling.
As of December 2025, ICP trades at $3.3, down more than 99.5% from its listing price. Many crypto enthusiasts consider Internet Computer one of the most underrated cryptocurrencies.
The main reasons for ICP's undervaluation include loss of investor interest amid the sharp price collapse, increasing competition among blockchain networks, and the technological complexity of the project. At the same time, Internet Computer has a developed ecosystem with more than 2,000 dApps and 1.5 million weekly active users.
3. Polygon (POL)
Polkadot and Internet Computer are not the only underrated cryptocurrencies. The list also includes the POL token, formerly known as MATIC. The Polygon team introduced the first Layer-2 (L2) scaling solution for the Ethereum blockchain back in 2017, named initially Matic Network.
In 2020, Matic Network was rebranded as Polygon. It was Polygon that sparked the trend of L2 networks, of which more than 60 now exist. Despite being a pioneer in L2 networks, its native token, POL, has lost its market leadership to Mantle (MNT) and, as of December 2025, ranks second in the Layer-2 sector with a market capitalization of $1.3 billion.
The price of POL is $0.12 — more than 90% below its March 2024 peak of $1.29. POL is considered one of the underrated cryptocurrencies because it plays a critical role in the large Polygon and Ethereum ecosystems.
Polygon is often called one of the key representatives of the "infrastructure underrated cryptocurrencies" group, since its contribution to L2 development is disproportionate to its current market valuation.
4. Cosmos (ATOM)
Cosmos enables the creation of interoperable blockchains and connects them into a unified ecosystem. For this reason, the Cosmos protocol is often called the "Internet of Blockchains." Moreover, Cosmos is significantly more efficient than Ethereum, and transaction fees are much lower.
Despite its advanced infrastructure and technological sophistication, the native token ATOM is considered one of the most underrated cryptocurrencies.
As of December 2025, ATOM ranks 59th among all cryptocurrencies with a market capitalization of $1.08 billion. Since its ATH of $44.7 in September 2021, ATOM's price has fallen by almost 95% to $2.24.
5. VeChain (VET)
The VeChain project introduced one of the first "logistics" blockchains, demonstrating that the use cases for decentralized technologies extend far beyond simple transactions. However, this did not prevent the project's native token, VET, from being included on the list of underrated cryptocurrencies.
The VeChain team provides a blockchain for supply-chain tracking across multiple industries — from food and pharmaceuticals to automotive manufacturing. The project collaborates with well-known brands such as:
- BMW
- H&M
- Groupe Renault and others
According to CoinMarketCap data for December 2025, VET ranks 61st among all cryptocurrencies, with a market capitalization of slightly over $1 billion. The price of VET is $0.012 — more than 95% below its ATH of $0.27 set in April 2021.
VET is clearly one of the most underrated cryptocurrencies, as it complies with MiCA regulations and provides real-world business solutions, helping companies address critical logistics issues, including counterfeit supply prevention.