Which Coin Led Crypto Each Quarter Since 2025? Grayscale Has the Answer
Six different cryptocurrencies have topped quarterly performance rankings over the past two years, with Bitcoin never finishing first, according to new Grayscale research.
BNB surprisingly led Q4 2025 despite falling 14%, as all top-10 assets declined that quarter. TRON followed with a 10% gain in Q1 2026, while Hyperliquid jumped 78% to lead Q2 2026. Zcash then posted the biggest gain on the board, rising 260% in Q3 2026.
Bitcoin's Best Finish Was Second
Bitcoin's best quarterly performance came in Q2 2025 when it ranked second with a 30% gain. The cryptocurrency placed third in four quarters and finished last in Q3 2025. Through November 4, Bitcoin was down 7% in the current quarter, ranking third among the top 10 assets.
None of this means crypto is low risk.
Bitcoin Explains Only Half of Crypto Swings
Grayscale's research shows Bitcoin explains only about half of return variation across the FTSE Grayscale Crypto Sectors over three years. The firm's sector data indicates AI tokens depend least on Bitcoin, with sector-specific factors contributing 50% of annualized volatility compared to 35% tied to Bitcoin.
The Currencies sector shows the opposite pattern, with Bitcoin-driven volatility measuring 43% against only 7% from sector-specific factors. Bitcoin's own volatility has fallen to 43%, within the S&P 500 range, with J.P. Morgan projecting a 10% compound annual return over a decade.
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