The study tracked the largest altcoins by market capitalization on November 10, 2021, near the peak of the crypto market, excluding Bitcoin, stablecoins and wrapped tokens. Nearly five years later, only seven were worth more than they had been at the start of the period.

For investors who selected tokens based on their technology, development teams and potential applications, the results challenge familiar investment advice: do your own research, look for strong fundamentals and hold through downturns.

So what should investors evaluate when buying digital assets, given that even projects with promising technologies can lose nearly all their value?