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I just looked at the new CoinGecko report for the first quarter of 2026, and the numbers reveal a terrifying truth about the market right now. The total market capitalization of cryptocurrencies collapsed by 20.4% in the first quarter and dropped to $2.4 trillion, which is about a 45% decline from last October's peak. This is not an ordinary correction; this is a real winter in the market.
Even worse, trading volume on centralized exchanges plummeted by an insane 39.1% to just $2.7 trillion. March was the worst month with only $0.8 trillion. Even Bitcoin declined by 22% along with the rest of the stocks. But I noticed a strange thing in the CoinGecko report — stablecoins remained steady at $309.9 billion, but USDT started to decline for the first time since 2022, which is a strong signal.
On the other hand, Solana continued to dominate the DEX with a 30.6% share of trading volume. CoinGecko also showed that crude oil was the best-performing asset, rising by 76.9%, which is why about 30% of open contracts on Hyperliquid are oil contracts now. The CoinGecko report clearly states that the market is in a difficult transitional phase, and the numbers prove it.