Crytpo has fundamentals Top 7 factors that drive best returns: 1st - Quality: real on-chain activity 2nd - Value: cheap on-chain valuations 3rd - Reversal: recent losers bouncing back 4th - Funding: perpetual futures funding rates 5th - Market: the broader crypto market 6th - Size: smaller tokens 7th - Volatility: unusually volatile tokens (the worst performer) The takeaway? In this study, actual usage was a stronger signal than excitement alone [ Source: Babayev & Aliyev, Crypto Has Fundamentals (2026) ]