DIGITAL ASSETS VALUATION: DYNAMICS OF MARKET CAPITALIZATION, LIQUIDITY AND VOLATILITY USING THE EXAMPLE OF CRYPTOCURRENCIES AND TOKENS

Currently, the digital asset market is characterized by high dynamics and significant development scales, which necessitates the development of evidence-based approaches to their assessment and analysis. The purpose of the study is to identify the key parameters of digital asset valuation (market capitalization, liquidity, volatility) and identify the limitations of traditional portfolio investment methods in the highly volatile cryptocurrency market. The information base includes publications in peer-reviewed journals (Web of Science, Scopus, RSCI), regulatory acts of the Russian Federation and foreign countries, reports from the IMF, the World Bank, the BIS, as well as analytics from CoinMarketCap, Chainalysis, and Deloitte. Methods of content analysis, comparative and system analysis, and elements of econometric modeling are used. At the beginning of 2025, the global capitalization of cryptocurrencies exceeded 2.3 trillion US dollars, with Bitwhich underlines its concentration. Segmentation by capitalization reflects differences in risks and returns: small-cap assets have the potential for super-profitability, but are characterized by low liquidity and high volatility; large-cap assets form the basis of portfolios, but they are also subject to price instability. The central problem is high volatility caused by structural and behavioral factors: round—the-clock trading, a significant proportion of derivatives, herd effects and information asymmetry. The dynamics of capitalization, liquidity and volatility is a key indicator of the specifics of digital assets. High volatility and limited liquidity reduce the effectiveness of traditional portfolio analysis. To improve the quality of assessment and sustainability of portfolios, it is necessary to integrate predictive models and adaptive risk management strategies, as well as standardize the statistical base.

digital assets, cryptocurrency, market capitalization, liquidity, volatility, investment portfolio, portfolio investment, crypto market, token, blockchain

Malkarov K. H. Digital assets valuation: dynamics of market capitalization, liquidity and volatility using the example of cryptocurrencies and tokens. Biznes. Obrazovanie. Pravo = Business. Education. Law. 2025;4(73):175—180. DOI: 10.25683/VOLBI.2025.73.1437.