No coin can be identified as the highest-potential crypto for the next bull run from the available evidence. The useful takeaway from 2025 is a shortlist to investigate—Bitcoin, Ether, Solana, Hyperliquid and other crypto networks—plus a way to test whether real usage could benefit a token. The figures below are historical, not a current ranking or a forecast. Before comparing investments, check current valuation, liquidity, supply and token economics.
Which crypto could have the most potential in the next bull run?
There is no evidence-based winner in the sources cited here. A network can attract users, developers or transaction activity without that activity creating durable value for its token. And even a token with a strong use case can be a poor investment at an unjustifiably high price.
Instead of treating “highest potential” as a prediction, use it as a screening question: which assets have a credible use case, measurable and recurring demand, token economics that may capture some of that demand, and a valuation that leaves room for risk? The 2025 reports below identify areas to investigate, not expected returns.
What 2025 market and activity data show
Historical figures offer context, but they should not be mistaken for today’s market shares or a forecast. For example, a CoinShares Bitcoin and Ether ETF prospectus states that BTC and ETH together represented 71.4% of the digital-asset ecosystem market capitalization tracked by CoinMarketCap.com on December 31, 2025. The prospectus put alternative digital assets at approximately $1.32 trillion on that same date. Both figures are snapshots, not current market comparisons.
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The a16z crypto State of Crypto 2025 report, published October 22, 2025, offered several other signals, each with important limits:
- Users and addresses: a16z estimated 40–70 million active crypto users and approximately 181 million monthly active onchain addresses. It reported that the address figure was down 18% from the prior year. These are the report’s estimates and methodology, not a universal count of people or proof of sustained demand for any particular token.
- Stablecoin activity: a16z reported $9 trillion in adjusted stablecoin transaction volume over the preceding 12 months, up 87% year over year. Its adjusted measure attempts to filter bots and other artificial activity. It cautions that gross stablecoin volume is not directly comparable to retail card payments.
- Exchange-traded products: a16z reported more than $175 billion in Bitcoin and Ethereum exchange-traded product (ETP) holdings at publication, up from $65 billion a year earlier. The report notes that these products are ETPs, though they are often called ETFs.
- Economic activity: a16z attributed 53% of revenue-generating economic activity in its analysis of blockchain real economic value to Hyperliquid and Solana. This is the publisher’s dated analysis of network activity, not a measure of tokenholder returns or a forecast.
The same report highlighted Bitcoin, Ethereum and its layer-2 networks, and Solana for developer activity, and Solana and Hyperliquid for revenue-generating activity. These are leads for deeper analysis; they do not show that a network’s activity will persist or accrue to its token.
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Crypto assets and themes to investigate—not recommendations
These candidates differ in age, network function and the kind of evidence available. Their appearance here is not a ranking. For each one, separately verify current price, market capitalization, fully diluted valuation, circulating supply, liquidity and the mechanism—if any—by which network use could benefit the token.
Bitcoin (BTC): an established market benchmark
The CoinShares prospectus describes Bitcoin’s first-to-market position, and a16z’s 2025 report said BTC represented more than half of total crypto market capitalization at the report’s publication. That scale makes Bitcoin a useful benchmark when assessing the broader market, but size and historic dominance do not establish future returns. Examine supply, market access, custody and the risks of holding the asset rather than assuming past leadership will continue.
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Ether (ETH): assess the whole Ethereum ecosystem and value capture
Ethereum has a smart-contract ecosystem that includes layer-2 networks. A useful assessment should look beyond activity on the base network: ask where applications and users are active, what fees they pay, and whether activity on connected layers creates demand or other value for ETH. Developer interest in Ethereum and its L2s, noted by a16z in 2025, is a signal to examine—not proof that usage will translate into token value.
Solana (SOL): test whether activity is durable and token-relevant
a16z highlighted Solana for developer activity and revenue-generating economic activity in 2025. Before treating that as an investment thesis, investigate which applications generate the activity, whether it recurs without incentives, and how network fees or other mechanisms relate to SOL. High activity alone does not answer whether the token is attractively valued or captures the network’s economics.
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Hyperliquid: investigate the source and durability of its activity
a16z also highlighted Hyperliquid’s revenue-generating activity. For any related token, verify its specific role and mechanics, the durability of fee generation, trading depth and concentration. A network-level activity statistic does not by itself establish the token’s value, risks or expected return.
Other functional crypto-system assets
An SEC educational page describing its 2026 interpretive guidance lists APT, AVAX, ADA, LINK, DOT and XRP, among other assets, as examples in its discussion of digital commodities. Those examples are not rankings, endorsements or findings that a token is low risk. The SEC’s materials concern U.S. federal securities laws; an asset’s treatment can depend on facts and circumstances, and other jurisdictions may apply different rules. Research each asset’s network role, supply, liquidity, security, legal context and valuation individually.
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How to compare a crypto asset’s potential
Use the same questions for every candidate. A credible thesis should connect observed use to the token itself, while accounting for price, risks and uncertainty.
| What to examine | Questions to ask | Why it matters |
|---|---|---|
| Utility and paid usage | What is the network used for? Are users paying fees? Does activity recur, and is it organic or incentive-driven? | Transaction counts alone may not show durable demand or value capture by the token. |
| Developers and ecosystem | Are developers building and maintaining applications? Is activity spread across applications or concentrated in a few? | Developer participation can be a forward-looking signal, but it does not prove future adoption. |
| Token economics | What are the circulating and total supplies, issuance schedule, burns, staking or lockups, and upcoming unlocks? How could use accrue to the token? | Supply changes and the token’s role can materially affect scarcity, incentives and value capture. The SEC’s 2025 ETP disclosure statement identifies token generation, issuance, supply changes and network fees among topics relevant to understanding an asset and product. |
| Liquidity and access | Where does it trade? Is there meaningful trading depth? How are prices benchmarked, and what custody or product options are available? | Thin liquidity can make observed prices harder to rely on and can complicate buying or selling. Product structure and access also vary. |
| Security and decentralization | Has the network faced attacks? How are miners or validators incentivized? Are governance, infrastructure or ownership concentrated? | Operational failures and concentrated control can affect network function and an asset’s value. |
| Regulation | Which jurisdiction matters? What is the legal context for this particular asset and product, and are there relevant current regulator or court actions? | Rules and legal outcomes can affect access, liquidity and operations. Classification is fact-specific and time-sensitive. |
| Valuation | What are the current market capitalization and fully diluted value? What assumptions support the price, and what would invalidate the thesis? | A compelling network story does not establish that its token is attractively priced. Compare figures using current, consistent data. |
For token economics, be especially precise about the link between the network and token. A network may generate fees while tokenholders receive no direct claim on those revenues. Staking rewards may reflect new issuance rather than external income; burns can be smaller than issuance; and activity can be concentrated in applications whose users do not need to hold the token for long. Read the token’s actual mechanics rather than inferring value capture from a network’s popularity.
Risks that can outweigh a promising narrative
Crypto assets can lose value rapidly, and technical or market risks can compound one another. The SEC Division of Corporation Finance stated on July 1, 2025: “SEC rules require a discussion of the material factors that make an investment in the issuer and product speculative or risky.” Its examples include volatility, private-key theft, platform fraud, network attacks, ownership concentration, and security or operational failures.
The same SEC statement describes disclosure topics useful for evaluating crypto exchange-traded products and their underlying assets: network use cases and fees; how tokens are generated, minted, mined, staked, locked or burned; supply changes; trading venues and regulation; benchmark construction; net asset value; custody; service providers; and fees. These disclosures can help explain a product, but do not eliminate investment risk.
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- Price and liquidity: prices can move sharply, and an asset may be difficult to sell at a desired price if trading depth is limited.
- Custody and security: losing private keys can mean losing access; exchanges and other platforms can also face theft, fraud or operational failures. A hardware wallet may help with direct-custody practices, but it does not make an investment safe or remove the need to protect recovery information.
- Network and incentive risk: attacks, software failures, governance concentration, or a loss of miner or validator incentives can disrupt a network.
- Regulatory uncertainty: legal treatment and access can change by jurisdiction and over time. The SEC’s crypto assets resources page, updated September 25, 2026, links to U.S. materials; its educational page, reviewed May 15, 2026, describes categories under referenced 2026 interpretive guidance. These materials do not settle every legal question or apply worldwide. The SEC notes that a tokenized security can give holders rights materially different from the underlying security.
- Competition: crypto networks compete for developers, adoption, exchange listings, liquidity and market value. CoinShares’ prospectus discusses that competition alongside hacking, manipulation, DeFi security and regulatory uncertainty; as issuer disclosure, it is a useful risk inventory, not proof that every risk will occur.
A practical way to build a shortlist
- Choose a use case. Decide what kind of activity you think may grow—such as payments, smart-contract applications or trading—before picking a token associated with it.
- Verify recurring activity. Look for paid, sustained usage and identify whether incentives or a small number of applications dominate it. Treat published estimates as estimates and note their dates and methods.
- Trace activity to the token. Read the token’s supply schedule and mechanics. Write down exactly how, if at all, network demand could create token demand or value for holders.
- Check current market conditions. Compare market capitalization, fully diluted value, circulating supply, unlocks and liquidity using current, consistent data—not a historical market-share snapshot.
- Stress-test the thesis. Consider competition, technical failures, custody, concentration and legal developments. Decide what evidence would make you change your view.
The sources linked here provide dated context rather than a current cross-asset screen of valuation, liquidity, supply and token value capture. Use them to frame questions, then verify current figures and the applicable legal context before making a financial decision.
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