Cryptocurrency Market Research Report

In the first quarter of 2025, the total market capitalization of cryptocurrencies fell sharply by 18.6%, with losses reaching up to $633.5 billion. As token prices declined, investor activity significantly decreased, with daily trading volume down 27.3% compared to the end of 2024. Among them, the spot trading volume on centralized exchanges decreased by 16.3%, with analysts believing this is at least partially related to the hacking incident at Bybit exchange.

In the first quarter of 2025, Bitcoin's market dominance strengthened, accounting for 59.1% of the total market capitalization of cryptocurrencies. Since 2021, Bitcoin has not reached such a high market share, indicating its stability relative to other cryptocurrencies.

However, Bitcoin's price also fell by 11.8%, underperforming gold and U.S. Treasury bonds. The report also shows that the losses for other cryptocurrencies were even more severe. The gains accumulated by Ethereum in 2024 disappeared entirely in the first quarter of 2025, and the total locked value (TVL) of multi-chain DeFi also dropped by 27.5%.