Crypto Carnage Continues: Small-Cap Tokens Plummet to 2020 Lows

As of November 17th, 2025, the crypto market selloff continues unabated, with the smallest digital assets taking the hardest hit. The MarketVector Digital Assets 100 Small-Cap Index, which tracks the 50 smallest cryptocurrencies in a basket of 100, has plummeted to its lowest level since November 2020, though it has since pared some of those losses.

The downturn has been particularly severe for Bitcoin, the largest cryptocurrency. After reaching a record high earlier in October 2025, Bitcoin has now erased its roughly 30% advance for the year. Meanwhile, so-called altcoins, which are seen as a barometer of risk appetite in the most speculative corners of crypto, have trailed their larger counterparts by a wide margin since the beginning of 2024.

This reversal of fortunes marks a significant shift from past bull markets, where small-cap cryptocurrencies often outpaced their large-cap counterparts as traders sought high-risk, high-reward bets. However, the approval of Bitcoin and Ether exchange-traded products in the US last year has become a focal point for institutional flows, contributing to the current market dynamics.