Chris Fernando 
The overall cryptocurrency market experienced limited movement in the first half of 2025, despite discussions around tariffs, a looming recession, ongoing conflicts, and expectations of crypto-friendly policies in the U.S. According to TradingView, the total market capitalization of cryptocurrencies increased by 3% to $3.27 trillion over the six-month period.
This performance was uneven across different assets, with Bitcoin (BTC) largely supporting the market. Bitcoin climbed 13% in the first half of 2025, outperforming the broader market. In contrast, Ethereum’s Ether (ETH), the second-largest crypto asset, decreased by 25%, and Solana (SOL) fell by nearly 17%. Smaller and higher-risk tokens experienced more substantial declines, with TradingView’s OTHERS index, which excludes the top 10 assets by market capitalization, plunging 30%.
Despite the subdued start to the year, some analysts foresee potential for an upturn. Joel Kruger, market strategist at LMAX Group, noted that July has historically been a strong month for crypto, with average returns of 7.56% since 2013.
“We enter a period that has traditionally delivered stronger returns,” said Kruger. “With the second half of the year historically producing outsized gains, the broader setup remains encouraging.”
Kruger also highlighted that the trend of incorporating digital assets beyond Bitcoin into treasury strategies is growing, with more firms planning to accumulate assets like ETH.
Analysts at Coinbase also maintain a positive outlook for the second half of the year, attributing it to a favorable macroeconomic environment, potential interest rate cuts by the Federal Reserve, and increasing regulatory clarity in the U.S. as lawmakers advance legislation for stablecoins and the broader crypto market.
However, Bitfinex analysts cautioned that the next couple of months could be less active. Their Monday report indicated that the third quarter, beginning in July, has historically been the weakest for Bitcoin, averaging only 6% gains since 2013.
“This is also where average volatility is subdued, adding to our bias of range bound price action continuing for longer,” the authors noted.
