Gemini, a prominent U.S.-based cryptocurrency exchange known for its spot and derivatives offerings, has released a report showcasing the dramatic downturns experienced by several leading altcoins since the beginning of 2026. Published via X, the report reveals a series of double-digit losses across numerous substantial digital assets, marking a challenging year for the market.
Bitcoin Cash Suffers the Largest Decline
Topping the list of depreciating cryptocurrencies is Bitcoin Cash, which plummeted by an alarming 61.76% year-to-date. Following closely are Polkadot with a 53.03% dip and Cardano, which saw its value decrease by 48.04%. Other notable losses include XRP at 43.43% and Dogecoin, which fell 42.38%.
The downward trend did not spare other major cryptocurrencies either. Sui dropped 42.08%, Hedera’s value decreased by 38.13%, Solana fell by 34.02%, Avalanche saw a 33.40% decline, and Kaspa ended the period with a 30.75% reduction. As a result, all ten assets highlighted in Gemini’s report have faced severe retrenchments in their 2026 performances.
Gemini’s data indicates the steepest decline occurred in Bitcoin Cash, which has dropped 61.76% since the start of the year.
Weak Demand Exacerbates Altcoin Market Struggles
The disappointing performance of major altcoins can be attributed to several factors, including shrinking liquidity in the market, waning speculative interest, limited institutional demand, and challenging macroeconomic conditions. These issues have compounded beyond simple price fluctuations; some projects are grappling with ecosystem-specific challenges that have further intensified downward pressures.
In the case of Cardano, decentralized finance activity has remained constrained, with the total locked value of assets within its network falling below $50 million as of November 9. Although Ripple is actively expanding in corporate payments, stablecoin, and tokenization sectors, such advancements have not spurred sustained buying interest in XRP.
Consequently, XRP’s spot trading volume declined by 53.5%, with perpetual futures trading volume decreasing by 44%. Meanwhile, interest in meme coins waned, notably affecting Dogecoin. Bitwise’s decision to close its Dogecoin ETF in September due to insufficient investor interest signifies the broader challenges facing speculative digital assets.
Despite Ripple’s expansion efforts in corporate payments and tokenization, XRP trading volumes have noticeably declined.
Bitcoin Cash Reversal Follows a Strong 2025
The sharp reversal in Bitcoin Cash’s fortunes is particularly striking when contrasted with its robust performance in 2025, during which the cryptocurrency rose approximately 38%. However, intensified selling pressure in May and June of 2026 led to consecutive monthly declines of over 30% for the asset.
Although there was a brief period of recovery following CME Group’s announcement of Bitcoin Cash futures in September, it was insufficient to halt the downward trajectory. By year’s end, Bitcoin Cash stood out as the weakest performing major altcoin, maintaining its place at the top of Gemini’s list of declining digital assets.
