Just reviewed CoinGecko’s latest report for Q1—the picture is pretty bleak, to be honest. Total market capitalization fell by 20.4%, and we finished the quarter at the $2.4 trillion mark. That’s almost half of the October peak. Trading volumes dropped by 27.2%, and the average per day is now $117.8 billion.



More interestingly, according to CoinGecko data, stablecoins held up more or less steadily—capitalization was around $310 billion. USDT fell for the first time in years, down 1.6%, while USDC was growing and reached $77.1 billion. Біткоїн was down 22% for the quarter; for comparison, oil was the best-performing asset—up 76.9% due to geopolitical issues.

What I noticed from the CoinGecko report is an interesting trend: perpetual commodity contracts. Hyperliquid has started actively developing this direction, and volumes on commodity contracts are already about 30% of all positions. Even oil trades showed a one-day volume of over $4 billion—that’s already serious.
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