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I just read CoinGecko's quarterly report on the crypto market, and man, the numbers for Q1 2026 are really heavy. Market capitalization plummeted 20.4%, closing at $2.4 trillion — almost 45% below the peak we saw in October last year. It's like the market entered a prolonged winter after that sharp correction.
What caught the most attention in the report was the brutal drop in centralized exchange volume: down 39.1% to $2.7 trillion. March was particularly weak, with monthly volume reaching only $0.8 trillion. Meanwhile, stablecoins remained steady at $309.9 billion, but USDT started reducing supply — the first time since mid-2022, according to CoinGecko.
Bitcoin fell 22% in the quarter, tracking the decline in stock markets. But here’s an interesting detail: oil was the standout asset, rising 76.9%. That’s moving a lot in Hyperliquid, where commodities traders now account for about 30% of open contracts.
On DEXs, Solana continues to dominate with a 30.6% share of spot volume. CoinGecko captured this dynamic well in the report. Basically, the crypto market went through a very challenging period in the first quarter, but the infrastructure is still functioning — just with less volume circulating.