加密貨幣市場在第二季度2025年損失了其價值的近20％，比特幣的市場份額達到60％

根據Coingecko的2025 Q1報告，由比特幣領導的加密貨幣市場在2025年第一季度損失了近五分之一

Crypto market lost nearly one-fifth of its value in 2025 Q1 alone as the cryptocurrency market, led by Bitcoin, lost nearly one-fifth of its value in the first quarter of 2025.

加密貨幣市場僅在2025年第1季度就失去了近五分之一的價值，因為由比特幣領導的加密貨幣市場在2025年第一季度損失了近五分之一。

This wiped out all the gains made in the last quarter of last year, CoinGecko’s 2025 Q1 Report has shown.

Coingecko的2025 Q1報告顯示，這消除了去年最後一個季度所取得的所有收益。

Total market value dropped $3.8 trillion to $2.8 trillion, an 18.6% decline over the quarter. This signaled a reversal after last year saw a steady ramp up.

總市場價值下降了3.8萬億美元，至2.8萬億美元，在本季度下降了18.6％。這表明去年後發生了逆轉。

Trading volume also suffered some contractions, as the daily volumes dropped to $146 billion, a 27% decrease.

交易量也遭受了一些收縮，因為每日量下降至1460億美元，下降了27％。

Bitcoin insulates itself as other cryptos drop drastically

比特幣會隔離，因為其他加密貨幣急劇下降

Bitcoin pulled through the turbulence in other cryptocurrencies relatively well so that its market share reached nearly 60%, the highest in four years.

比特幣在其他加密貨幣的動盪中相對較好，因此其市場份額達到了近60％，是四年來最高的。

Bitcoin hit peak valuation at $106,182 in January shortly after inauguration but plunged almost 12% to finish the quarter at $82,514.

就職典禮後不久，比特幣的峰值估值為106,182美元，但跌幅近12％，以82,514美元的價格完成。

In comparison, gold and US Treasury bonds were traditional safe-haven investments with lower performance during this period.

相比之下，在此期間，黃金和美國國庫債券是傳統的安全投資，其業績較低。

However, compared with Ethereum, the situation was much worse. Its price fell by 45%, essentially wiping out all gains in 2024. Its market share dropped to almost 8%, the lowest it has been since the end of 2019.

但是，與以太坊相比，情況更糟。它的價格下降了45％，本質上消除了2024年的所有收益。其市場份額下降到近8％，這是自2019年底以來最低的。

As it has been observed by most analysts, this downturn is not something new since more and more activities have shifted toward “Layer 2” networks built atop Ethereum and not using the Ethereum main network.

正如大多數分析師所觀察到的那樣，這種低迷並不是新事物，因為越來越多的活動已轉向以太坊上建立的“第2層”網絡，而不是使用以太坊主網絡。

Meme coins crash after major scam

大騙局後，模因硬幣崩潰

The previously red-hot meme coin space received a rude wake-up call in early 2025. After a boom in Trump-themed tokens, the industry was severely hit when the Libra token — introduced by Argentina’s President Javier Milei — proved to be a scam.

以前的炙手可熱的模因硬幣空間在2025年初接到了一個粗魯的警鐘電話。在以特朗普為主題的代幣中繁榮時，當阿根廷總統的賈維爾·米利（Javier Milei）引入的天秤座代幣被證明是一個騙局時，該行業受到了嚴重打擊。

The project was abandoned by developers after they had taken investors’ funds, shattering confidence in such tokens. By late March, new token launches on the platform Pump.fun per day had dropped by over 50%.

該項目被開發商拿走了投資者的資金後被開發商放棄，對這種代幣的信心破壞了信心。到3月下旬，新的令牌在平台泵上推出。每天fun下降了50％以上。

DeFi industry loses more than a quarter of its value

Defi行業損失了其價值的四分之一以上

Even the decentralized finance (DeFi) industry was not spared. Overall money in DeFi projects dropped 27% to $48 billion during the first quarter. Ethereum’s dominance in the DeFi space declined to 56% by quarter-end.

即使是分散的財務（DEFI）行業也無法倖免。在第一季度，DEFI項目的總體資金下跌了27％，至480億美元。以太坊在Defi領域的統治地位下降到四分之一末的56％。

Stablecoins such as Tether (USDT) and USD Coin (USDC) became more popular with investors seeking a safer bet as the market tanked.

Tether（USDT）和USD Coin（USDC）等Stablecoins在投資者尋求更安全的賭注時變得越來越受歡迎。

Solana also remained in its leadership position, holding 39.6% of all decentralized exchange (DEX) trading during Q1, courtesy mostly of meme coin mania. But Solana’s leadership started to wane at the end of the period as the meme coin mania declined.

索拉納（Solana）也保持領導地位，持有第1季度所有分散交易（DEX）交易的39.6％，主要由Meme Coin Mania提供。但是隨著模因硬幣狂熱的降低，索拉納的領導層開始在當時結束時消失。

The dramatic shift in market sentiment showcases how quickly cryptocurrency fortunes can change. After a promising end to 2024, the new year brought a harsh reality check for crypto investors, with nearly $1 trillion in market value disappearing in just three months.

市場情緒的巨大轉變展示了加密貨幣命運可以改變的速度。在到2024年結束時，新年為加密投資者帶來了嚴厲的現實檢查，在短短三個月內，市場價值將近1萬億美元消失。