在第1季度，加密貨幣市值下降了18.6％（6335億美元）

該市場在2025年1月18日，唐納德·特朗普就職典禮前兩天，當地以3.8萬億美元的價格達到頂峰，但開始了下降趨勢

The total cryptocurrency market capitalization decreased by 18.6% to reach $2.8 trillion by the end of Q1 2025, marking a decline of $633.5 billion from the previous quarter, according to the latest report by CoinGecko.

根據Coingecko的最新報告，到達2025年底的加密貨幣市值下降了18.6％，達到2.8萬億美元，標誌著上一季度下降的6335億美元下降。

The market, which peaked locally at $3.8 trillion on January 18, just two days after Donald Trump’s inauguration, began a downward trend that continued through the rest of the quarter. It started the year with a strong rally, fueled by interest in memecoins and metaverse projects, quickly recovering the losses from 2024. However, despite this initial surge, the market ultimately closed Q1 2025 lower than it began.

1月18日，唐納德·特朗普就職典禮僅兩天，該市場以3.8萬億美元的價格達到峰值，開始了下降趨勢，該趨勢一直持續到整個季度。它始於今年，這是一個強烈的集會，這是由於對成員和元項目的興趣所推動的，從2024年開始迅速收回了損失。但是，儘管最初的激增，市場最終收於2025年的第1季度2025年，低於其開始的損失。

The average daily trading volume also saw a sharp drop, falling 27.3% quarter-over-quarter to $146.0 billion, down from $200.7 billion in Q4 2024. This decrease in trading activity might indicate a decline in investor interest and activity in the cryptocurrency market.

平均每日交易量也急劇下降，降低了27.3％的四分之一四分之一降至1460億美元，低於2024年第四季度的2007億美元。交易活動的下降可能表明投資者的利益和加密貨幣市場活動的活動下降。

Among the top 10 cryptocurrencies, Bitcoin (BTC) experienced a surge early in the year, hitting a new all-time high of $106,182 on January 22 – just two days after Trump’s inauguration. However, that marked its year-to-date peak, as BTC declined by 11.8% to close Q1 2025 at $82,514.

在十大加密貨幣中，比特幣（BTC）在今年年初經歷了激增，在1月22日（特朗普就職兩天）的新歷史最高點106,182美元。但是，這標誌著其年底峰值，因為BTC下降了11.8％，關閉了第二季度2025年，至82,514美元。

On the other hand, Ethereum (ETH) ended the quarter at $1,805, marking a steep 45.3% drop from its Q4 2024 close of $3,336. This sharp decline wiped out its 2024 gains, bringing ETH back to price levels last seen in 2023. It significantly underperformed compared to other major assets like $BTC, $SOL, XPR, and BNB, which saw milder losses.

另一方面，以太坊（ETH）以1,805美元的價格結束了該季度，標誌著其距離4 2024年第四季度的3,336美元的幅度下降了45.3％。這種急劇下降消除了其2024年的收益，將ETH恢復到2023年上次出現的價格水平。與其他主要資產（如$ BTC，$ SOL，XPR和BNB）相比，其表現明顯不足，後者損失了較輕。

$ETH trading activity also slowed, with average daily volume falling from $30.0 billion in Q4 2024 to $24.4 billion in Q1 2025. Notably, price drops often coincided with volume spikes, signaling panic-driven selloffs.

$ ETH交易活動也減慢了，平均每日銷量從2024年第四季度的300億美元下降到2025年第1季度的244億美元。值得注意的是，價格下降通常與數量峰值相吻合，發出信號恐慌驅動的拋售。

The top 10 centralized exchanges (CEXs) recorded $5.4 trillion in spot trading volume – a 16.3% decline quarter-on-quarter.

排名前10的集中交易所（CEXS）的現貨交易量為5.4萬億美元 - 四分之一季度下降了16.3％。

Binance retained its position as the leading spot exchange, holding a 40.7% market share by the end of March 2025. While its dominance grew over the quarter, its monthly volume dropped significantly – from over $1 trillion in December to $588.7 billion in March 2025.

Binance保留了其作為領先的現貨交易所的地位，到2025年3月底，市場份額為40.7％。雖然其優勢在本季度增長了，但其每月數量顯著下降 - 從12月的1萬億美元到2025年3月的5887億美元。

The crypto narrative in Q1 2025 was largely driven by artificial intelligence tokens and memecoins, together drawing 62.8% of total investor interest, despite memecoins minted on the popular platform pump.fun experiencing a dramatic drop-off.

第1季度2025年第1季度的加密敘事主要是由人工智能令牌和成員驅動的，儘管在流行的平台泵上鑄造了Memecoins，但仍吸引了62.8％的投資者利益。

AI tokens claimed the top spot in Q1 2025 attracting 35.7% of global investor interest and overtaking memecoins – last year’s leading category – which followed closely with 27.1%.

AI代幣在第1季度的第1季度佔據了第一名，吸引了35.7％的全球投資者興趣和超過去年領先類別的成員 - 緊隨其後的是27.1％。

Among the top 20 crypto narratives for the quarter, six were memecoin-related, while five centered around AI.

在本季度的前20名加密貨幣敘事中，有6個與Memecoin相關，而5個則以AI為中心。