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I just reviewed the report from CoinGecko for the first quarter — the picture is not encouraging for most. Market capitalization has fallen by 20.4%, dropping to $2.4 trillion. Bitcoin has decreased by 22%, while oil has become the star of the quarter with a 76.9% increase due to geopolitical tensions between the US and Iran. Interestingly, stablecoins are holding steady for now: USDT has fallen slightly for the first time since 2022 by (-1.6%), while USDC has grown to $77.1 billion.
The situation on exchanges is more difficult — spot trading volumes have decreased by 39.1%, in March this was the worst indicator in two and a half years. DEX shows a more interesting movement: Solana still leads with a 30.6% share, but Ethereum is catching up, and Monad is already in the top 10. Hyperliquid has become a real sensation — their update allowed trading perpetual contracts on commodities, and it exploded: oil contracts showed volumes over $4 billion in a day.
The CoinGecko report provides a full picture of the decline, but with interesting trends in the DeFi sector. Derivatives on commodities are clearly becoming a trend to watch further.