The crypto market faltered in early 2025, shedding $633.5 billion amid muted trading activity, Coingecko researchers detailed in a recent report. Bitcoin’s market share climbed to 59.1%—a threshold last reached in 2021—as investors backed away from volatile altcoins. Stablecoins such as USDT and USDC picked up traction, while ethereum’s market share slid to a five‑year low of 7.9%, the report said.
Bitcoin briefly reached a record all-time price high well above the $100,000 range in January, but ended Q1 at $82,514, down 11.8%. It outpaced risk assets such as the Nasdaq, down 10.3%, yet lagged behind gold, up 18%, and U.S. Treasuries, Coingecko data revealed. The downturn coincided with a stronger Japanese yen and euro amid shifting monetary policies and geopolitical uncertainty.
While BTC outshone altcoins, it did not shine brighter than gold.
Ethereum ( ETH) tumbled 45.3% to $1,805, erasing all 2024 gains. Daily trading volume slipped to $24.4 billion, with price declines intensifying on days of heavy volume, Coingecko’s study reported. Major altcoins such as solana ( SOL), XRP, and BNB saw smaller pullbacks, highlighting ethereum’s relative weakness.
Meme coins, driven by politically themed tokens like TRUMP and MELANIA, collapsed after the LIBRA rug‑pull incident tied to Argentine President Javier Milei. Coingecko recorded a 56.3% drop in daily token deployments on Pump.fun, slipping from 72,000 to 31,000 by quarter‑end.
Spot volumes on centralized exchange (CEX) platforms dipped 16.3% to $5.4 trillion, with Binance maintaining a 40.7% share despite a March slump. HTX was the only top‑ten exchange to post growth (11.4%), while Bybit’s volumes halved after the February hack, Coingecko’s analysis highlighted.
Solana led decentralized exchange (DEX) trading, capturing 39.6% of Q1 activity, although ethereum briefly reclaimed the top spot in March. Total value locked (TVL) across multiple chains in decentralized finance (defi) fell 27.5% to $128.6 billion, driven by altcoin declines. Ethereum’s defi share slipped to 56.6%, while newcomer Berachain rose to $5.2 billion in TVL, the Coingecko report concluded.
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