Crypto in 2025 is stuck in an unusual spot, with two prominent industry voices offering completely different takes on what’s really happening. Is this year simply a calm reset after the chaos of 2022, or is the crypto sector losing attention to fast-growing trends like artificial intelligence?
On Nov. 14, Kevin McCordic of the Monad Foundation and investor Nic Carter shared opposing takes on the state of the market, sparking a debate over whether crypto is quietly rebuilding or struggling to stay relevant.
McCordic, who serves as director of growth at Monad and is known online as “intern,” believes the current environment is nothing unusual. He points to the brutal events of 2022 — collapsing lenders, exchange failures, and widespread liquidations — as a much harsher period. Compared to that, he says, the shakiness in 2025 is simply a normal cool-down phase. In his view, crypto has already cemented itself within global finance, and despite the discomfort, “things are going to be ok.” For him, the downturn looks more like consolidation than crisis.
Nic Carter, general partner at Castle Island Ventures and cofounder of Coin Metrics, sees the landscape very differently. To Carter, 2025 actually feels “worse,” not because the industry is collapsing, but because crypto is no longer the center of attention. He argues that market momentum is fading as investor interest drifts toward AI and other emerging sectors. Without clear catalysts, prices are simply drifting. Carter also pushed back on long-held beliefs about the market’s four-year cycle and the idea of an inevitable “alt season,” suggesting these patterns may no longer apply. Going forward, he believes any meaningful upside depends on teams building real products that deliver genuine value — not narrative-driven hype.
These contrasting interpretations lead to two potential strategies for investors. If McCordic is right, this moment calls for patience and positioning ahead of the next upswing. But if Carter’s perspective proves more accurate, the path to returns will rely heavily on adoption, revenue, and practical value rather than waiting for the market to rotate back.
Meanwhile, market data paints a mixed picture. Bitcoin was trading around $95,234 at 9 p.m. UTC on Nov. 15, up 0.9% over the previous 24 hours. But its year-to-date performance sits at just 1.93%, lagging behind traditional markets — the S&P 500 is up 14.75%, while the Nasdaq has climbed 18.77% in the same period.
Whether 2025 turns out to be a rebuilding year or a warning sign, one thing is clear: the crypto market is searching for its next spark.
Also Read: XRP Shows a Big Buy Signal — Can It Reach $2.5 Soon?
