I just reviewed the CoinGecko report for the first quarter of 2026 - the picture is not very optimistic. The total market capitalization has fallen by 20.4% and now sits at $2.4 trillion, which is 45% lower than the peak last fall. CoinGecko notes that this is more like a prolonged "winter" in the market rather than just a short-term correction.



It is especially interesting how trading volumes on exchanges have changed. According to CoinGecko, spot trading on centralized platforms has decreased by 39% to $2.7 trillion. March saw a low of just $0.8 trillion for the month. Bitcoin fell by 22% along with the stock market, while oil, on the other hand, soared by 77%.

An interesting point about stablecoins - USDT has started shrinking for the first time since 2022. Currently, approximately 31% of all spot trading on decentralized exchanges is on Solana. And on Hyperliquid, commodity traders now account for about 30% of open positions due to demand for 24/7 commodity trading.
SOL-2.88%
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