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After a firmly bearish February, the month of March continued the trend, with most projects trading downwards or sideways over the period. Regardless, a handful of coins managed to post double-digit gains, while most of the market struggled to keep up.
The factors affecting the market in February have persisted all throughout March as well, with looming tariffs greatly shifting investor sentiment towards a more bearish approach, which has caused major cryptocurrencies, such as Bitcoin and Ethereum, to slump and the rest of the market following in their footsteps.
With new Trump tariffs set to hit the markets on April 2, the near-term prospects seem bleak, which means that traders and investors should be prepared for more stress throughout April as well. Recession fears are also on the rise, with the Crypto Fear and Greed Index reading a measly 28/100, showing considerable fear among investors.
Therefore, the month of April may well be another one that is more rewarding for short-sellers, as opposed to long-term investors.
This decline in crypto market activity is also likely to adversely affect the crypto gambling industry, according to Bitcoin Casino Reviews, as a large portion of crypto punters are also traders as well.
Top 5 Crypto Gainers of March
As mentioned above, March has been a difficult month for the crypto market, with most major coins losing value or trading sideways, while only a handful of select projects were able to increase in value. Most of the bullish momentum could be seen among new entrants on the market, or older projects with new and organized buyer groups, such as FORM.
Four (FORM) +138.5%
Formerly known as BinaryX (BNX), Four has enjoyed a great month over the course of March, gaining by more than 138%, which places the coin firmly at the top spot of the month’s performers.
However, it is worth noting that the coin only went through its ICO on March 21, which means that only 10 days of trading performance is available, which is nowhere near the time required to adequately assess the returns of the coin.
However, if the overall market sentiment does not turn bullish in the near future, investors can expect a decline in the price of FORM alongside the market.
Cronos (CRO) +36.9%
Another notable coin with rapid rise throughout the month of March is Cronos, which has gained roughly 37% in market value over the period, with the bulk of the bullish momentum coming from March 24.
While Cronos is still far away from its 2021 all time peak, the coin has plenty of room for growth, especially considering the fact that its annual returns show a decline of 25%.
However, current unfavorable market trends are unlikely to be of much assistance to CRO investors, as the bulk of the bearish momentum seemingly has yet to pass.
EOS (EOS) +23.5%
Similarly to Cronos, the monthly and annual returns for EOS have been wildly different. While the coin gained over 23% in March, investors who bought last year have lost 17% overall.
EOS has been trading on the crypto market for seven years and has fallen considerably lower than its all-time high in 2018, which saw EOS reach over $20, as opposed to the current pricing range of $0.67-$0.82.
Such a discrepancy, coupled with bearish market trends, should not give investors much hope for short-term explosive growth. However, as market sentiment turns positive, EOS has more room to grow than most coins currently listed on major exchanges.
Toncoin (TON) +23.2%
Toncoin, the native Telegram crypto, has endured a mixed year in 2024, with wild upswings and downfalls being frequent. Although TON has fallen significantly from its 2024 peak, the month of March saw the coin gain over 23%.
However, whether it will be able to continue on this trajectory seems uncertain, as market conditions are yet to improve and analyst expectations regarding a U.S. recession are becoming more pronounced, which is unlikely to affect the crypto market very positively.
TON has been one of the black sheep of the market since its 2021 ICO and its unpredictable performance is likely to continue in the coming months as well.
Tether Gold (XAUt) +11%
The “digital gold” issued by Tether, XAUt has been one of the most stable growth stories on the crypto market over the past year and March has not been much different, which saw the coin gain 11%.
Overall, the annual returns for the coin that tracks real-life performance of gold, have reached 39%, which also makes XAUt an inverse of many cryptocurrencies on the market. The rapid rise in demand over the past year for gold investments has been unprecedented, which caused Tether Gold, a much less volatile cryptocurrency, to surge in price in the process.
If long-term fears and market stresses continue, XAUt is likely to keep growing, as more and more investors choose the safe haven asset that is gold.
Top 5 Crypto Losers of March
The month of March, similarly to February, has been a bear market through and through, with numerous crypto projects losing double digits in asset value. Meme coins have been particularly hit, which is a trend that has continued to spread on exchanges like Jupiter, which lists a large number of meme coins and smaller projects.
Pi Network(PI) −59.39%
Pi, which has become popular thanks to its easy to use mining app, has been the hardest hit cryptocurrency of the month of March — Losing nearly 60% of its market value over the past 30 days of trading.
The coin currently trades below $1, in the $0.7-$0.75 range, which is considerably lower than its all time peak of $2.93 towards the end of February 2025.
Due to limited performance data, the future prospects of Pi look vague, but a broader market turnaround and an easing of economic woes could bring back investor confidence, which could help the coin regain lost ground and lead the gainers list in the coming months.
Jupiter (JUP) −43.54%
Market downturns tend to affect the meme coin subset the hardest, as they are by far the most speculative assets on the crypto market.
Jupiter, which is a crypto exchange that lists numerous meme coins and smaller crypto projects, has been the second-worst performer during the month of March — slumping by over 43% in the process.
As with other crypt projects, the volume of new listings on Jupiter is greatly dependent on the broader market sentiment, which is less likely to rebound in the near-term, thanks to expectations of a recession hitting the U.S. market before the end of 2025.
Therefore, further declines in the price of JUP are expected, if the macroeconomic factors consider to worsen.
JasmyCoin (JASMY) −37%
JasmyCoin has been available on the crypto market since 2021 and its performance over the period has been wildly mixed. As for the month of March, the coin lost 37% of its market value, which puts its annual decline to nearly 45% — placing it among the worst-performing crypto projects of the period.
JasmyCoin is unlikely to show much bullish momentum in the near term, as the market grapples with real recession fears and the effects of trade wars between the United States and Canada, Mexico, and predominantly, China.
Hedera (HBAR) −31.3%
Hedera has been a long-standing asset on the crypto market, having gone through its ICO in January 2020. While the coin has grown in value considerably since 2024, the March of 2025 has been rather unforgiving to HBAR investors, as the coin lost over 30% of its market price over the month.
However, a silver lining for long-term holders is the fact that the annual returns of the coin currently stand at a 55% gain, which can reassure investors of the possibility of a turnaround in the coming months. On the other hand, current market sentiment does not provide much of a case for optimism for most crypto enthusiasts.
Bittensor (TAO) −29.8%
After gaining alongside the market in 2024, the start of 2025 has seen Bittensor enter a freefall and March has seemingly only added to this downward trend. TAO has lost nearly 30% of its market value over the past month of trading, which puts its annual returns at a 57% loss.
The current market trends indicate that a swift rebound in the price of TAO is unlikely, as bearish sentiment has yet to run its course. In fact, further declines in the price of Bittensor are exceedingly likely throughout the month of April.
Conclusion
After a dismal February crypto market, March has only continued the slump, with recession fears and trade wars taking hold over investor confidence.
The Crypto Fear and Greed Index has stayed below 30, which indicates considerable fear on the market. Such challenging market conditions also impede the risk-tolerance of many crypto investors — prolonging the bear market in the process.
If current conditions are to persist, the chances of a turnaround in April are slim, as more and more investors sell off their holding in Bitcoin, Ethereum, and other major cryptocurrencies.