The crypto market of 2025 is different from past cycles. Traditionally, bull runs followed a predictable pattern: Bitcoin runs first, then Ethereum, followed by new Layer 1s and alternative tokens (alts), and finally, meme coins and speculative assets. However, this time, things are more fragmented.

There are more coins than ever, and for the first time, we see clear winners and losers in the aftermath of the last cycle. Some believe we’re at the peak, while others argue that this is just the beginning of a new DeFi era in the U.S. The market is full of conflicting signals, making it harder than ever to predict what’s next.

Despite this uncertainty, one thing is clear: Crypto is expanding, and its dispersion is a natural sign of growth. New Layer 1s like Berra Chain and Monad are entering the space, challenging established players like Ethereum and Solana Meanwhile, Ethereum itself is pushing forward with scalability upgrades and Bitcoin adoption continues to grow.

Berra Chain’s Rise: A New Layer 1 Challenger

One of the most significant new players in this cycle is Berra Chain, which has finally launched its mainnet. This blockchain stands out due to its unique Proof of Liquidity (PoL) consensus mechanism, which integrates liquidity provision directly into network security. Instead of traditional staking, users provide liquidity to secure the network and earn rewards, making Berra Chain a DeFi-native Layer 1.

Berra Chain’s aggressive business development (BD) and marketing strategy have propelled it to the forefront. Even before its mainnet launch, it had a dedicated community, partly thanks to its early NFT collection, the Bong NFTs. Holders of these NFTs, who consistently rebased them, saw massive returns; some reports suggest 3.86 million per NFT at peak valuation.

The excitement around Berra Chain has been so intense that it temporarily flipped Solana in mindshare**, showing just how much momentum it has gained. However, sustaining this hype will require more than just airdrops and speculative interest. The network must prove its stability, attract developers, and ensure real-world utility.

Ethereum’s Scaling Push and the End of the Ultrasound Money Era?

While new Layer 1s like Berra Chain are entering the scene, Ethereum continues to push for greater scalability. The network has recently increased its gas limit from 30 million to 32 million, allowing for more transactions per block. Key Ethereum developers like Vitalik Buterin and Dankrad Feist support further increases, with some advocating for 45 million gas limits soon.

Another major update, Petra, is scheduled for mid-March. This upgrade will bring several Ethereum Improvement Proposals (EIPs), including a doubling of blob transactions, from 3 to 6 per block, with a maximum of 9. This is crucial for Ethereum’s rollup-centric roadmap, as Layer 2 solutions like Arbitrum, Optimism, and Base are already consuming all available blob space.

However, Ethereum’s monetary policy is facing challenges. Since the introduction of EIP-4844, which moved much of Ethereum’s activity to Layer 2, ETH has been inflationary. Previously, Ethereum was considered "ultrasound money" due to its deflationary nature post-merge. But now, with ETH inflation at 0.001% over the past two years, that narrative is being questioned.

The Shift in Crypto BD and Marketing Strategy

One of the biggest trends in crypto today is how BD and marketing have evolved. In Bitcoin and Ethereum’s early days, there were no centralized marketing teams; adoption was entirely organic. But now, we’re seeing a shift where marketing and BD happen long before a blockchain even launches.

Berra Chain and Monad are perfect examples of this new trend. Both have built large communities, hosted parties, and created massive hype before their networks went live. This kind of pre-launch engagement is a new norm in crypto, and whether it translates to long-term success remains to be seen.

Bitcoin’s Growing Influence and MicroStrategy’s Expansion

Bitcoin remains the king of crypto, and MicroStrategy is doubling down on its Bitcoin strategy, so much so that it has dropped the “Micro” from its name and is now simply called "Strategy." Interestingly, half of MicroStrategy’s Bitcoin holdings were acquired in Q4 2024, showing continued institutional confidence in BTC.

Bitcoin’s appeal remains its unchanging monetary policy. Unlike Ethereum, where inflationary and deflationary periods fluctuate based on network activity, Bitcoin’s 21 million cap is set in stone. This predictability is why many believe Bitcoin will remain the most trusted store of value in crypto.

The Battle Between Crypto as Money vs. Crypto as Tech

One of the long-standing debates in crypto is whether it should be a monetary revolution or a technological revolution. Older crypto adopters (often from the Gen X and early millennial demographic) tend to focus on money properties, decentralization, scarcity, and sound monetary policy

On the other hand, younger crypto users, especially those involved in DeFi, NFTs, and gaming, see crypto as a technological innovation first. They want fast, scalable blockchains with real-world applications, and they don’t care as much about the monetary debates that older users focus on.

Ethereum’s transition away from ultrasound money toward scalability and usability reflects this shift. Meanwhile, new Layer 1s like Berra Chain, Monad, and Solana are prioritizing speed, cost-efficiency, and liquidity incentives, catering to the newer generation of crypto users.

A More Dispersed and Competitive Crypto Market

The current crypto cycle is unlike anything before. Instead of a unified bull market where all assets rise together, we now have a dispersed, competitive landscape with clear winners and losers.

• Berra Chain is entering the Layer 1 race aggressively, using its Proof of Liquidity model and early community engagement to gain traction.

• Ethereum is focusing on scaling while adapting to the reality of inflationary ETH supply.

• Bitcoin remains the most stable crypto asset, with institutions continuing to accumulate.

• The role of marketing and BD has changed, with projects now prioritizing community-building before launching their networks.

This new landscape is healthy for crypto’s long-term growth. Instead of blind speculation, capital is being allocated more strategically, and different sectors are emerging with their market cycles. Whether this leads to sustained growth or another boom-and-bust scenario remains to be seen. But one thing is certain: Crypto is evolving, and the winners of this cycle will be those who can adapt to its new realities.