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Last week, CoinGecko's Q1 report was released, and honestly, the state of the crypto market is not very encouraging. The total market capitalization decreased by 20.4% over the quarter, falling to $2.4 trillion. Since the peak in October, there has been approximately a 45% crash. Trading volumes are also very poor, dropping to an average of $117.8 billion daily, a 27.2% decline.
CoinGecko data shows that stablecoins remained relatively resilient. The USDT supply decreased for the first time since 2022, retracting by 1.6%. USDC is in slightly better shape, reaching $77.7 billion. Bitcoin also fell by 22% during this period, whereas crude oil surged by 76.9% due to geopolitical tensions. Isn't it strange that crypto is suffering while oil is booming?
CoinGecko's report also highlights the difference between centralized and decentralized exchanges. Spot trading volume decreased by 39.1%, dropping to $2.7 trillion. Solana still ranks first in decentralized transactions with a 30.6% share, but was overtaken by Ethereum in March. Hyperliquid's move into commodity derivatives is interesting; tradeXYZ's oil contracts traded $4 billion in volume in a single day. They now surpass Bitcoin's daily trading volume. CoinGecko's report actually shows such a transformation—it's not just crypto, traditional assets are also flocking to platforms.