The crypto market suffered a serious drop within the first quarter of 2025 from the record-breaking highs of late 2024. Whereas altcoins noticed a major hit, Bitcoin strengthened its dominance, in keeping with the most recent crypto trade report by crypto information aggregator CoinGecko.
The report discovered that in Q1, the full crypto market capitalization misplaced $633.5 billion, or 18.6%, to $2.8 trillion. The native high was $3.8 trillion on 18 January, two days earlier than US President Donald Trump’s inauguration. From then on, it trended downwards.
Notably, “the decline was accompanied by a drop in investor exercise,” the CoinGecko researchers famous. The typical each day buying and selling quantity decreased by 27.3% quarter-on-quarter to $146 billion. Compared, the buying and selling quantity within the fourth quarter of 2024 was $200.7 billion.
In the meantime, Bitcoin’s dominance continued to rise. It went up by 4.6 share factors, ending Q1 with a 59.1% dominance amidst the overall downturn. This stage was final seen in Q1 2021.
Moreover, stablecoins “benefited from the market downturn,” as nicely. It is because traders turned to this asset kind looking for stability.
Nevertheless, Ethereum dropped by 3.9 share factors, with its dominance at 7.9%. That is the bottom it has been since late 2019, the report famous.
Solely XRP and BNB among the many ‘main’ cash preserved their market share.
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Market Sees Plunging Costs, Buying and selling Volumes, TVLs
In January 2025, BTC reached its new all-time excessive of $106,182. Nevertheless, by the tip of Q1, it fell 11.8% to $82,514.
On the similar time, ETH ended the quarter with a whopping 45.3% lower to $1,805. “It has erased its beneficial properties from 2024, returning to ranges final seen in 2023,” the report stated. The coin “severely underperformed majors reminiscent of BTC, SOL, XRP, and BNB, all of which declined to a a lot lesser diploma.”
Moreover, buying and selling quantity fell from a each day common of $30 billion in This fall 2024 to $24.4 billion in Q1 2025. The report famous that the times during which quantity spiked noticed the value of ETH plummet.
In the meantime, multichain DeFi Whole Worth Locked (TVL) dropped 27.5% from $177.4 billion on the finish of 2024 to $128.6 billion on the finish of March 2025. “This was largely as a result of important depreciation in worth of altcoins,” CoinGecko stated.
Among the many chains, Ethereum misplaced “a good portion” of its TVL: 35.4% from $112.6 billion to $72.7 billion.
Moreover, Solana and Base recorded notable decreases of 23.5% and 15.3%, respectively.
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CEX and DEX
The report discovered that within the first quarter of this 12 months, the highest 10 centralized exchanges (CEXs) recorded $5.4 trillion in spot buying and selling quantity. It is a 16.3% lower quarter-on-quarter.
Binance was nonetheless the dominant spot CEX, with a 40.7% share on the finish of the quarter. Whereas its market share elevated over the quarter, its buying and selling quantity fell to $588.7 billion in March. Compared, it surpassed the $1 trillion mark in December.
Nevertheless, within the high 10, HTX was the one alternate to develop in Q1 (11.4%), whereas the remainder dropped between 1.8% and 34%. The latter was Upbit’s lower, falling to $371 billion.
Month-on-month, unsurprisingly, Bybit fell essentially the most: 52.4% from $178.2 billion to $84.7 billion.
In the meantime, in terms of decentralized alternate (DEX) buying and selling, Solana dominated the house. It noticed a 35.3% rise from $217 billion in This fall to $293.7 billion in Q1, with a market share of 39.6% within the first quarter.
Notably, in January, Solana accounted for 52% of on-chain trades amongst the highest 12 blockchains. This was “pushed by the ‘political memecoin’ frenzy” led by the TRUMP coin.
Solana recorded an all-time excessive of over $184.8 billion in buying and selling quantity, decreasing Ethereum’s market share to beneath 20% for the primary time.
That stated, Ethereum reclaimed the highest spot in March, the report stated, with a 30.1% market share in comparison with Solana’s 23.4%.
Lastly, Optimism and Polygon fell out of the highest 10 in March as newcomers Sonic and Berachain moved in. “Nevertheless, over the complete quarter, each chains stayed forward,” the report concluded.
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