2025: the year of records for the crypto market and DeFi
2025 has become a turning point for the cryptocurrency market, as some digital assets updated their all-time highs and reached other milestones. As a result, analysts have noted a record-breaking performance in both the overall crypto market and the decentralized finance (DeFi) sector.
Total market capitalization surpassed $4 trillion
In mid-August, according to CoinMarketCap (CMC), the total market capitalization of cryptocurrencies surpassed $4 trillion for the first time, reaching a record $4.2 trillion — the highest in the history of digital assets. Over the past year alone, this figure nearly doubled.
At the same time, the number of cryptocurrencies listed on CMC surpassed 20 million, with 77 of them boasting a market cap above $1 billion as of August.
Bitcoin (BTC) still accounts for more than half of the total crypto market capitalization — 57.7%. However, over the past two months, this share dropped by 12% amid the active growth of altcoins.
Bitcoin hits new ATH
In mid-August, Bitcoin once again renewed its all-time high (ATH), reaching $124,500 for the first time. At its peak, the market capitalization of the leading cryptocurrency hit a record $2.45 trillion.
For $112,000, Bitcoin's market cap stands at $2.23 trillion, placing it seventh among global assets — slightly behind Alphabet (GOOG) and Amazon (AMZN). Meanwhile, Bitcoin has nearly reached 10% of the market capitalization of the world's leading asset, gold.
For comparison, Bitcoin's market capitalization exceeds the GDP of Poland ($1.8 trillion), Australia ($1.9 trillion), and Egypt ($2.2 trillion). At the time of writing, Bitcoin's market cap nearly matches the total crypto market cap just a year ago ($2.26 trillion).
Ethereum (ETH) breaks ATH after nearly 4 years
At the end of August, Ethereum, the leading altcoin by market capitalization, broke its all-time high for the first time since November 2021, reaching $4,950. The previous ATH was just under $4,800.
Ethereum's market cap also surpassed $560 billion for the first time, peaking at $583 billion. Its dominance reached a record 14.4% — the highest since August of last year. Over the last quarter alone, Ethereum's market capitalization has grown by 60%.
BNB also hits record highs
BNB, one of the top five crypto assets by market cap, followed Ethereum's lead, reaching a new ATH of $900 at the end of August.
BNB's market capitalization exceeded $120 billion for the first time. Over the past year, its price has increased by nearly 50%, while its market capitalization has risen by 43%.
Other major altcoins reaching ATH in 2025
ETH and BNB are not the only altcoins setting records in 2025. Solana hit its new ATH of $293 in January.
For a short period, Solana entered the top four cryptocurrencies but eventually gave way to XRP and BNB. As of August, Solana trades at $197.
XRP, meanwhile, came close but has not yet broken its ATH. Nevertheless, XRP entered the top three crypto assets by market cap for the first time, surpassing the largest stablecoin, Tether (USDT).
Sui, a token that traded below $1 for most of its listing history, reached a new ATH of $3.75 in January 2025 and now trades at $3.47.
Total trading volume surpassed $240 billion
The total trading volume of digital assets has reached a record $244 billion since the beginning of 2025. A year ago, this figure barely exceeded $50 billion — meaning it has grown nearly fivefold in just one year, outpacing other market metrics.
However, the absolute record was set in October 2024, when Bitcoin and many other cryptocurrencies surged again. At that time, trading volume surpassed $300 billion. If altseason continues and no major obstacles arise, new trading volume records may be set in the coming months.
Liquid staking TVL hits new highs
The total value locked (TVL) in liquid staking protocols surpassed $80 billion for the first time — nearly double the figure from a year earlier. This now represents more than half of the entire DeFi TVL, which exceeds $152 billion.
Notably, 70% of the liquid staking TVL is concentrated in just three leading protocols: Lido, Binance staked ETH, and Rocket Pool. The total number of liquid staking protocols in DeFi has surpassed 230.
According to Dune, as of August 2025, over 36 million ETH are locked in staking — nearly 30% of Ethereum's circulating supply.
Solana has outpaced Ethereum in this metric: 408 million SOL are staked, a record figure representing over 75% of its total supply of 540 million.
RWA market also hits ATH
The Real World Assets (RWA) sector has become one of the fastest-growing in DeFi. By August 2025, its market volume reached a record $14.9 billion. According to DeFi Llama, this figure has nearly tripled since the beginning of 2024.
About half of this is concentrated in the five largest RWA protocols, each with TVL above $1 billion:
- BlackRock BUIDL — $2.3B
- Ethena USDtb — $1.4B
- Ondo Finance — $1.4B
- Tether Gold — $1.2B
- Centrifuge Protocol — $1.1B
According to the 2025 Skynet RWA Security Report, the tokenized real-world assets market is expected to reach $16 trillion by 2030, driven by institutional investors partnering with decentralized finance (DeFi) protocols.
Solana takes second place by TVL
Amid rapid growth, Solana's ecosystem TVL reached record levels in January 2025, surpassing $11 billion. This placed Solana second in DeFi TVL, behind only Ethereum, which holds over 60% of the market.
As of August 2025, Solana's TVL stands at $10.6 billion, close to its January peak, with its market share rising to 7%. If the SEC approves Solana ETF applications in the second half of 2025, the ecosystem could set new records.
In late 2023, VanEck predicted that Solana would enter the top three cryptocurrencies by market capitalization if spot SOL ETFs were approved. In its updated 2025 forecast, VanEck projects Solana's price could surpass $500 by year-end, with its smart contract platform market share growing from 15% to 22%.