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I recently noticed that the decline of cryptocurrencies in the first quarter of this year was really strong. The total market capitalization dropped to $2.4 trillion, which is nearly 45% below this year's October peak. This is quite a significant decrease, especially for Bitcoin, which lost 22% over these three months.
Interestingly, while the entire market was experiencing a decline in cryptocurrencies, stablecoins remained fairly stable at around $310 billion. Tether experienced its first significant drop since 2022, but now its market cap is about $191 billion. On the other hand, USDC Circle gained importance and increased to $77.1 billion.
Spot trading on centralized exchanges decreased by over 39%, indicating that investors were cautious. But on decentralized platforms, Solana still dominates with a 30% market share. Overall, this decline in cryptocurrencies was caused by a combination of lower volumes and market volatility.