Crypto Projects Worth $100M MCAP Drop Sharply From 477 to 388

• Crypto projects over $100M fell from 477 in 2021 to 388 as liquidity consolidates.
• Investor capital is concentrating in Bitcoin, Ethereum, Solana, and key Layer 2s.
• Smaller projects are rising in count but struggling to gain strong market value.

The number of crypto projects valued above $100 million has fallen sharply, with only 388 remaining as of November 13, 2025. According to analyst Route 2 FI, this is a decline from November 2021, when 477 projects surpassed the same level. The drop shows structural changes across the digital asset market as liquidity, investor focus, and capital change toward larger ecosystems.

Altcoin Boom Fades as Liquidity Concentrates

In November 2021, altcoins dominated a euphoric bull market, inflating valuations across hundreds of smaller tokens. Route 2 FI noted that the period represented the top of the last altcoin cycle. 

Since then, many projects have lost substantial value and fallen below $100 million in capitalization. This cycle has been more concentrated around Bitcoin, Ethereum, and Solana. 

Data indicates that capital and trading activity now cluster around these established networks and select Layer 2 ecosystems. This concentration makes it harder for smaller coins to maintain large valuations, even though the overall market capitalization remains high.

The global crypto market’s recent downturn has intensified this imbalance. CoinGecko data shows that total crypto capitalization peaked near $3.5 trillion on November 13 before retreating nearly 20%. That decline erased most of 2025’s gains, leaving many mid-tier altcoins under renewed pressure.

Market Structure Changes and Investor Selectivity

The changing structure of crypto valuations extends beyond price cycles. Route 2 FI pointed out that in 2021, tokens with high fully diluted values (FDV) and small circulating supplies were uncommon, but now they’ve become typical. When big token unlocks happen, more coins enter the market quickly, often pushing prices down.

The TerraUSD and Luna crash showed how inflated FDVs can mislead investors and cause heavy losses. These token models have added new instability, making investors more cautious about newer projects.

At the same time, liquidity has become more concentrated. Route 2 Research analysts noted that big investors now prefer established projects with proven results and steady demand. This “winner-takes-most” trend is directing most of the money to a few top projects, leaving fewer smaller tokens able to hold $100 million values.

Related: Smart Money Concept: The Key to Reading Market Movements

Rising Project Count, Declining Value Distribution

While the number of large-cap projects has decreased, smaller projects continue to grow in number. Route 2 FI reported that digital assets exceeding a $10 million market cap rose from 1,153 in 2021 to 1,227 today. 

However, the analyst expressed surprise that the figure was not higher, given broader market expansion over the past two years. This divergence suggests that although more projects exist, fewer capture substantial market value. 

Many new tokens remain confined to limited liquidity pools or regional exchanges. As capital moves toward leading ecosystems, even growing project counts do not translate into higher mid-cap representation.

Broader economic factors have also affected the market. Higher interest rates, cautious investors, and lower borrowing across exchanges have slowed risky trading. After $19 billion worth of leveraged positions were wiped out in October, most traders have avoided jumping back into volatile altcoins, keeping prices low.

The decline from 477 to 388 projects above $100 million shows a consolidating market structure. Liquidity and confidence now revolve around fewer, proven assets as investors demand stronger fundamentals. Despite the growing number of smaller tokens, capital concentration and tighter investor scrutiny continue to shape a leaner, more selective crypto market.