The cryptocurrency market in early 2025, sharply contrasting with the peak euphoria achieved in late 2024. The total market capitalization of cryptocurrencies fell by 18.6% in the first quarter to close at $2.8 trillion, after briefly touching $3.8 trillion on January 18 - just before the inauguration of Donald Trump. This decline was accompanied by a decrease in investor activity, with average daily trading volumes dropping by 27.3% quarter-over-quarter to reach $146 billion.