CoinGecko：2025年Q1加密货币行业年度报告

Market Overview - The total market capitalization of the cryptocurrency industry decreased by $633.5 billion, a decline of 18.6%, ending the first quarter of 2025 at $2.8 trillion, down from a peak of $3.8 trillion on January 18 [1][15][18] - Daily trading volume averaged $146 billion, a decrease of 27.3% compared to the previous quarter [1][15] - Bitcoin's market share increased by 4.6 percentage points to 59.1%, while Ethereum's market share fell to 7.9%, the lowest since the end of 2019 [1][18] Stablecoins vs. Mainstream Assets - The total market capitalization of stablecoins grew by $24.5 billion, reaching a historical high of $226.1 billion, with USDS surpassing USDe to become the third-largest stablecoin [2][24] - Bitcoin and the S&P 500 index maintained a high correlation during the quarter, both declining due to macroeconomic factors, with the annualized volatility of the cryptocurrency market at 56.3%, 3.4 times that of the S&P 500 [2][27] Key Trends and Major Events - AI tokens and meme coins captured 62.8% of investor attention, with the "Made in America" concept gaining traction due to Trump-related policies [3][30] - Significant events included Solana's trading volume surge, the launch of Trump-related tokens, Uniswap v4 going live, and a hacking incident at Bybit, each impacting the market to varying degrees [3][31] Bitcoin and Ethereum Dynamics - Bitcoin's price reached a historical high of $106,182 shortly after Trump's inauguration but fell by 11.8% during the quarter due to U.S. tariff policy concerns, ending at $82,514 [4][35] - Bitcoin mining hash rate increased by 9.5%, despite the price drop, while Ethereum's price plummeted by 45.3%, erasing all gains from 2024 [4][38] DeFi and NFT Market - The total market capitalization of DeFi fell by 19.3% to $96 billion, with multi-chain DeFi total value locked (TVL) decreasing by 27.5% [5][12] - NFT trading volume declined, particularly on the Ethereum blockchain, while Bitcoin's Ordinals protocol gained traction, leading to significant growth on the Magic Eden platform [5][12] Exchanges and Perpetual Contracts - The total trading volume of the top ten centralized exchanges decreased by 16.3%, with Bybit suffering a significant drop due to a hacking incident, while HTX was the only platform to show positive growth [6][12] - Trading volume on decentralized exchanges increased slightly by 6.2%, with Solana's ecosystem DEX performing notably well [6][12]