Purpose: This study examined year-over-year (YoY) structural growth dynamics across four major cryptocurrency classes—Bitcoin (BTC), Ethereum (ETH), stablecoins, and altcoins, for the period of 2020–2024. Research

Methodology: A quantitative approach was employed to analyze YoY market capitalization trends across BTC, ETH, stablecoins, and altcoins, from 2020 to 2024, by using data from CoinMarketCap, by analyzing growth patterns through percentage and absolute market capitalization changes, supported by trend visualizations. A multiple linear regression model assessed the effect of time and asset type, with BTC as the reference category. The analyses were conducted using SPSS version 27.

Findings: The findings revealed that 2023 was the period in which none of the cryptocurrency variants performed well due to factors such as regulatory pressure and a global economic slowdown. In contrast, 2024 marked a period of market correction, during which BTC and altcoins experienced a strong resurgence, followed by stablecoins. ETH remained robust throughout the period, supported by decentralized finance (DeFi) applications. Practical

Implications: The results indicated that the cryptocurrency market functioned as a network of fragmented yet interconnected components, and continued to develop under a highly volatile and competitive environment. These findings provided important implications for investors, regulators, and scholars interested in the cryptocurrency market structure, risk behavior, and long-run predictability of cryptocurrencies. Originality/

Value: This study presented a new application for a venue-specific market cap analysis in cryptocurrency spanning over five years. By leveraging YoY analysis, it provided insights into growth variances, market recovery, resilience, and increasing maturity of the crypto market in response to evolving rules and regulations.

1. AELF. (2024). Electric capital crypto developer report 2024: Key takeaways on crypto and blockchain. https://blog.aelf.com/posts/electric-capital-developer-report-2024-key-takeaways-crypto-blockchain
2. Ankenbrand, T., Bieri, D., Cortivo, R., Hoehener, J., & Hardjono, T. (2020). Proposal for a comprehensive (crypto) asset taxonomy. In 2020 Crypto Valley Conference on Blockchain Technology (CVCBT) (pp. 16–26). IEEE. https://doi.org/10.1109/CVCBT50464.2020.00006
3. Annapurna, R., & Basri, S. (2024). Role of emotions in stock investment decisions: A critical review of the literature. Indian Journal of Finance, 18(5), 50–65. https://doi.org/10.17010/ijf/2024/v18i5/173842
4. Aramonte, S., Huang, W., & Schrimpf, A. (2021). DeFi risks and the decentralisation illusion. BIS Quarterly Review. Bank for International Settlements. https://www.bis.org/publ/qtrpdf/r_qt2112b.htm
5. Awasthi, A., & Shaukat, M. (2025). Dynamics of long memory in the cryptocurrency market. Indian Journal of Finance, 19(8), 8–28. https://doi.org/10.17010/ijf/2025/v19i8/175231
6. Banerjee, A. (2018). An empirical study to compute the efficiency of Indian banks during the pre and post periods of recession with the help of data envelopment analysis. Indian Journal of Finance, 12(4), 37–53. https://doi.org/10.17010/ijf/2018/v12i4/122794
7. Ben Yaala, S., & Henchiri, J. E. (2025). Climate risks and cryptocurrency volatility: Evidence from crypto market crisis. China Finance Review International, 15(3), 636–667. https://doi.org/10.1108/CFRI-09-2024-0575
8. Bhattacharjee, S., & Mitra, K. (2024). Volatility concerns for crypto currency investments in India amid fears of inflation. Indian Journal of Research in Capital Markets, 11(1), 8–19. https://doi.org/10.17010/ijrcm/2024/v11i1/173823
9. Cantú, C., Franco, C., & Frost, J. (2024). The economic implications of services in the metaverse. In H.-Y. Chen, P. Jenweeranon, & N. Alam (eds.), Global perspectives in the metaverse: Law, economics, and finance (pp. 83–118). Palgrave Macmillan. https://doi.org/10.1007/978-3-031-54802-4_6
10. Catalini, C., & Gans, J. S. (2020). Some simple economics of the blockchain. Communications of the ACM, 63(7), 80–90. https://doi.org/10.1145/3359552
11. Chainalysis Team. (2025). Policy and regulation: 2025 Crypto regulatory round-up: What changed and what's ahead. Chainalysis. https://www.chainalysis.com/blog/2025-crypto-regulatory-round-up/#:~:text=1.,Financial%20Instruments%20Directive%20(MiFID)
12. Cheah, E.-T., & Fry, J. (2015). Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin. Economics Letters, 130, 32–36. https://doi.org/10.1016/j.econlet.2015.02.029
13. Chopra, M., & Saldi, R. (2022). Investment in bitcoin: A delusion or diligence? Indian Journal of Finance, 16(7), 8–22. https://doi.org/10.17010/ijf/2022/v16i7/170632
14. CoinMarketCap. (2024). Market capitalization trends. https://coinmarketcap.com/
15. Das, P., & Bhuwandeep. (2023). Linking online procrastination to online shopping cart abandonment: A multi-group analysis from India and Ethiopia. Indian Journal of Marketing, 53(10), 24–44. https://doi.org/10.17010/ijom/2023/v53/i10/170197
16. Deloitte Digital. (2023). Website. https://www.deloittedigital.com/in/en.html
17. Desai, H. (2025). Cryptocurrency regulation as a strategic game: Modeling market reactions and capital flight. Journal of Financial Regulation and Compliance. https://doi.org/10.1108/JFRC-03-2025-0069
18. European Securities and Markets Authority (ESMA). (2022). Financial stability: Crypto-assets and their risks for financial stability. ESMA. https://www.esma.europa.eu/sites/default/files/library/esma50-165-2251_crypto_assets_and_financial_stability.pdf
19. Fidelity Digital Assets. (2024). Institutional investor digital assets study: Key findings. https://www.fidelitydigitalassets.com/sites/g/files/djuvja3256/files/acquiadam/June%202024%20Institutional%20Investors%20Digital%20Asset%20Survey%20-%20Key%20Findings%20%2805.29%29.pdf
20. Foley, S., Karlsen, J. R., & Putniņš, T. J. (2019). Sex, drugs, and bitcoin: How much illegal activity is financed through cryptocurrencies? The Review of Financial Studies, 32(5), 1798–1853. https://doi.org/10.1093/rfs/hhz015
21. Gandal, N., & Halaburda, H. (2016). Can we predict the winner in a market with network effects? Competition in cryptocurrency market. Games, 7(3), 16. https://doi.org/10.3390/g7030016
22. Georgiou, I., Sapuric, S., Lois, P., & Thrassou, A. (2024). Blockchain for accounting and auditing—Accounting and auditing for cryptocurrencies: A systematic literature review and future research directions. Journal of Risk and Financial Management, 17(7), 276. https://doi.org/10.3390/jrfm17070276
23. Gill, K., Kumar, H., & Singh, A. K. (2023). Evaluating the efficiency of the global cryptocurrency market. Indian Journal of Finance, 17(11), 8–25. https://doi.org/10.17010/ijf/2023/v17i11/173325
24. Griffith, T., & Clancey-Shang, D. (2023). Cryptocurrency regulation and market quality. Journal of International Financial Markets, Institutions and Money, 84, Article ID 101744. https://doi.org/10.1016/j.intfin.2023.101744
25. Guo, T., & Antulov-Fantulin, N. (2018). Predicting short-term Bitcoin price fluctuations from buy and sell orders. arXiv. https://www.researchgate.net/publication/323141771
26. International Monetary Fund. (2023). Global financial stability report: Navigating the transition. IMF. https://www.imf.org/
27. Khilar, R. P., & Singh, S. (2025). Intent to invest in cryptocurrency amid uncertainty: A theory of planned behavior approach. Indian Journal of Finance, 19(12), 49–65. https://doi.org/10.17010/ijf/2025/v19i12/175877
28. Kim, H. (2024). An empirical analysis of navigation behaviors across stock and cryptocurrency trading platforms: Implications for targeting and segmentation strategies. Electronic Commerce Research, 24(3), 2113–2141. https://doi.org/10.1007/s10660-022-09612-1
29. Liu, Y., & Tsyvinski, A. (2021). Risks and returns of cryptocurrency. The Review of Financial Studies, 34(6), 2689–2727. https://doi.org/10.1093/rfs/hhaa113
30. Lo, A. W. (2005). Reconciling efficient markets with behavioral finance: The adaptive markets hypothesis. SSRN. https://ssrn.com/abstract=1702447
31. Mahalakshmi, T., & Munuswamy, S. (2022). An empirical analysis of the decision-making style of millennials on the choice of financial products. Indian Journal of Marketing, 52(11), 26–43. https://doi.org/10.17010/ijom/2022/v52/i11/172432
32. Makarov, I., & Schoar, A. (2022). Cryptocurrencies and decentralized finance (DeFi). Brookings Papers on Economic Activity, 2022(1), 141–215. https://doi.org/10.1353/eca.2022.0014
33. Malladi, R. K., & Dheeriya, P. L. (2021). Time series analysis of cryptocurrency returns and volatilities. Journal of Economics and Finance, 45(1), 75–94. https://doi.org/10.1007/s12197-020-09526-4
34. Mohapatra, A. K., Matta, R., Soni, R., & Hiremath, N. V. (2024). Evaluating the role of artificial intelligence on ESG reporting: Evidence from India. Prabandhan: Indian Journal of Management, 17(11), 8–22. https://doi.org/10.17010/pijom/2024/v17i11/174020
35. Msefula, G., Hou, T., & Lemesi, T. (2024). Financial and market risks of bitcoin adoption as legal tender: Evidence from El Salvador. Humanities and Social Sciences Communications, 11(1), Article no. 1396. https://doi.org/10.1057/s41599-024-03908-3
36. Pallant, J. (2020). SPSS survival manual: A step-by-step guide to data analysis using IBM SPSS (7th ed.). Routledge. https://doi.org/10.4324/9781003117452
37. Phillips, R. C., & Gorse, D. (2017). Predicting cryptocurrency price bubbles using social media data and epidemic modelling. In 2017 IEEE Symposium Series on Computational Intelligence (SSCI) (pp. 1–7). IEEE. https://doi.org/10.1109/SSCI.2017.8280809
38. PricewaterhouseCoopers. (PwC). (2024). Hedge funds accelerate digital asset investments as regulatory clarity and ETF launches boost confidence: 6th Annual Global Crypto Hedge Fund Report. https://www.pwc.com/gx/en/industries/financial-services/crypto-services/sixth-annual-global-crypto-hedge-fund-report.html
39. Rijanto, A. (2023). Co-movements between an Asian technology stock index and cryptocurrencies during the COVID-19 pandemic: A bi-wavelet approach. Economies, 11(9), 232. https://doi.org/10.3390/economies11090232
40. Ryaly, V. R., Raju, G. V., & Urlankula, B. (2017). Testing the weak-form market efficiency in the Indian stock market: Evidence from the Bombay Stock Exchange index (BSE) Sensex. Indian Journal of Finance, 11(3), 26–40. https://doi.org/10.17010/ijf/2017/v11i3/111647
41. Sankari, S., & Kavitha, R. (2025). Bitcoin adoption and price elasticity of demand: Cross-country insights. Humanities and Social Sciences Communications, 12(1), Article no. 930. https://doi.org/10.1057/s41599-025-05148-5
42. Saxena, S., Singh, H., Prashar, M., & Mishra, M. (2025). Cost-benefit analysis of AI-driven learning systems: Long-term financial and educational impacts. In 2025 4th OPJU International Technology Conference (OTCON) on Smart Computing for Innovation and Advancement in Industry 5.0 (pp. 1–7). IEEE. https://doi.org/10.1109/OTCON65728.2025.11070340
43. Saxena, S., Srivastava, S., Dudeja, D., Pravina, C. T., Kapila, N., & Narooka, P. (2025). Enhancing cybersecurity measures in virtual reality and augmented reality environments: Challenges, risks, and solutions. Journal of Discrete Mathematical Sciences and Cryptography, 28(8), 3001–3011. https://doi.org/10.47974/JDMSC-2444
44. SEC. (2023). SEC charges crypto exchanges with securities violations. U.S. Securities and Exchange Commission.
45. Shahzad, M. F., Xu, S., Lim, W. M., Hasnain, M. F., & Nusrat, S. (2024). Cryptocurrency awareness, acceptance, and adoption: The role of trust as a cornerstone. Humanities & Social Sciences Communications, 11(1), Article no. 4. https://doi.org/10.1057/s41599-023-02528-7
46. Sharma, D., Ghosh, R., & Sharma, C. S. (2024). Cryptocurrency in the light of sentiments: A bibliometric approach. Indian Journal of Finance, 18(2), 60–75. https://doi.org/10.17010/ijf/2024/v18i2/173521
47. Singh, A. K., Jain, S., & Goel, R. (2026). Climate consciousness vs. profit chase: Asset behavior in a sustainable era. Indian Journal of Finance, 20(1), 8–23. https://doi.org/10.17010/ijf/2026/v20i1/175251
48. Subha, K., & Babu, C. N. (2024). Influence of organizational culture on organizational effectiveness in higher educational institutions: Ownership as a moderator. Prabandhan: Indian Journal of Management, 17(5), 41–59. https://doi.org/10.17010/pijom/2024/v17i5/173481
49. Tiwari, C. K., Pal, A., Al Balushi, Y., & Gupta, K. (2025). Blockchain in accounting, reporting, and auditing: A scientometric review. Indian Journal of Finance, 19(12), 66–88. https://doi.org/10.17010/ijf/2025/v19i12/175879
50. Urquhart, A. (2016). The inefficiency of Bitcoin. Economics Letters, 148, 80–82. https://doi.org/10.1016/j.econlet.2016.09.019
51. Vasselin, F. (2024). Crypto-asset market: Classification, composition, and competition. SSRN. https://doi.org/10.2139/ssrn.5048914
52. Zetzsche, D. A., Arner, D. W., & Buckley, R. P. (2020). Decentralized finance. Journal of Financial Regulation, 6(2), 172–203. https://doi.org/10.1093/jfr/fjaa010
53. Zhang, J., Cai, K., & Wen, J. (2024). A survey of deep learning applications in cryptocurrency. iScience, 27(1), Article ID 108509. https://doi.org/10.1016/j.isci.2023.108509