We document characteristics-based return anomalies in the largest dataset on crypto assets and develop a crypto factor pricing model (C-5) to explain the cross-sectional return variations. Cryptocurrency returns exhibit momentum in the largest-cap group, reversals in other size groups, and strong crypto value and network adoption premia, from which we derive two novel factors to add to crypto market, size, and momentum factors. The resulting model outperforms extant models in pricing the cross-section of crypto assets and test portfolios insample and out-of-sample. We then provide the first comprehensive classification of all major cryptocurrencies based on their economic functionality. Adopting methodologies from international finance, we demonstrate significant market segmentation across token categories, underscoring the importance of considering token categories in investment and regulatory policy-making. Finally, we describe crypto factor dynamics and market integration.