Tonight I've been following the news and finally got a clear understanding. Compared to the solutions from exchanges, I admire the friends who discovered this token even more. Besides those who repeatedly trade contracts, I've also seen some specifically focusing on capital rates, which is truly impressive. Especially when the trading difficulty rises in 2025, being able to seize such opportunities is really remarkable.
I just looked at @coingecko's Q1 2025 crypto industry report, which indeed proves that the difficulty is increasing in 2025. The total market capitalization of cryptocurrencies dropped by 18.6% in the first quarter, with the peak occurring just before Trump's inauguration. I still remember that on the morning of Trump's inauguration, Bitcoin broke its historical high, and then started to decline as Trump did not announce anything related to cryptocurrencies as the market had expected, continuing to drop until he announced tariffs, which has persisted until now.
The average daily trading volume in the first quarter decreased by 27.3% to $146 billion.
Although Bitcoin is still hovering around $85,000, this does not affect its dominance, which has reached 59.1%, peaking at 64.34% in the first quarter. However, I wonder if friends have noticed that BTC's market share has been declining in every cycle. This is not hard to understand, as new narratives emerge in each cycle, sharing BTC's territory.
At its peak in 2021, it reached 74%, and in 2017 it exceeded 96%. This is a good thing; many friends believe Bitcoin is too expensive and that there are no opportunities for recovery. The emergence of new assets creates new opportunities and brings forth a new generation of tokens, which is also beneficial for the industry.
However, even though BTC's market share has declined in this cycle, there are still very few that can compete with BTC, especially $ETH, which was the most promising challenger in the last cycle but has now dropped to a mere 7.24% market share, not far from its historical low of 7.04%. The decline of ETH also represents the powerlessness of altcoins in this cycle due to a lack of liquidity.
Moreover, with the decline of ETH, the on-chain DeFi ecosystem has significantly shrunk. In Q1 2025, the total locked value in multi-chain DeFi decreased by $48.9 billion, a drop of 27.5%.
There are actually a few contenders for the "child of this cycle," including inscriptions, NFTs (BTC), and Memes. Currently, the undisputed champion among them is still Memes, but Memes have not been smooth sailing either. Coingecko believes that the market share began to decline with $Libra, while personally, I think $Trump's token launch marked the peak, and $MELANIA was the beginning of the decline.
Libra brutally unveiled the truth behind the emperor's new clothes, but even so, Memes remain the current myth of wealth creation. Almost every few days, you can see friends achieving "big results," which is truly admirable.
The ecosystem and chain driven by Memes, #Solana and $Sol are undoubtedly the winners. And http://pump.fun is the epitome of this era. ETH and smart contracts laid the foundation for one-click token launches, while http://pump.fun's one-click Meme creation allows more friends to experience the "doge addiction." However, for Solana, while it has benefited from Memes, it also faces headaches due to them.
After Solana, the next successful contender is BNBChain. However, due to the overall poor liquidity in the market, the wealth effect has become overly concentrated, with many retail investors merely transferring their losses from Solana to BNBChain. The overall active time and peak are still significantly lower than before. However, compared to Trump and Musk, CZ indeed made efforts to attract traffic before the version update, and #Binance even lifted the long-standing internal rule against short-term trading.
Finally, regarding centralized exchanges, in Q1 2025, the top ten centralized exchanges had a spot trading volume of only $5.4 trillion, a decrease of 16.3%.
Binance remains the dominant centralized exchange for spot trading, with a market share reaching 40.7% by the end of March. Its market share continued to rise throughout the quarter. However, Binance's trading volume dropped from over $1 trillion in December 2024 to $588.7 billion in March, indicating how low the market's trading sentiment has become.
Other exchanges like #Coinbase performed relatively steadily without significant changes, while #Bybit was affected by a theft incident, and http://Crypto.com saw its market share compressed. #Upbit experienced similar issues.
The first exchange to increase its market share in 2025 is #OKX, with a 1.14% increase in spot trading volume. OKX and Coinbase are among the few exchanges with stable (average) trading volumes in 2024 and 2025. Next is #HTX, which unexpectedly saw a significant increase in trading volume in March 2025, exceeding 2%. #Bitget, despite some controversies today, also saw a 1.53% increase in trading volume compared to Q4 2024, while #Gate experienced nearly a 1% increase.
There are also some public chain updates, but I won't elaborate further, as everyone can see clearly that the growth of new public chains still requires a long time and liquidity support.
Original article link: https://www.coingecko.com/research/publications/2025-q1-crypto-report
This post is sponsored by @ApeXProtocolCN | Dex With ApeX
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