比特币市场损失了其价值的近五分之一

根据Coingecko的2025 Q1报告，由比特币领导的加密货币市场在2025年第一季度损失了近五分之一

The cryptocurrency market experienced a significant downturn in the first quarter of 2025, losing nearly one-fifth of its value, according to CoinGecko’s 2025 Q1 Report.

根据Coingecko的2025 Q1报告，加密货币市场在2025年第一季度经历了巨大的衰退，失去了近五分之一的价值。

This downturn follows a period of gains towards the end of 2024. The total market value decreased by $3.8 trillion to $2.8 trillion, a 18.6% decline over the quarter. The shift in market sentiment occurred after the inauguration of Donald Trump as US president, in contrast to last year’s rally.

这一衰退是在2024年底之前的一段时期的收益。总市场价值下降了3.8万亿美元，至2.8万亿美元，在本季度下降了18.6％。与去年的集会相比，唐纳德·特朗普（Donald Trump）担任美国总统就职后，市场情绪的转变发生在美国总统。

The daily trading volume also saw contractions, dropping to $146 billion, a decrease of 27%.

每日交易量还看到收缩量，下降到1460亿美元，下降了27％。

Bitcoin Insulates Itself

比特币自我绝缘

Bitcoin (BTC) performed better than most other cryptocurrencies, with its market share reaching nearly 60%, the highest in four years. The king cryptocurrency achieved peak valuation at $106,182 in January, shortly after inauguration, but later fell by 12% to finish the quarter at $82,514.

比特币（BTC）的表现比大多数其他加密货币都要好，其市场份额达到了近60％，是四年来最高的。国王加密货币在就职典礼后不久，一月份的高峰估值为106,182美元，但后来下降了12％，以82,514美元的价格完成了该季度。

In comparison, gold and US Treasury bonds, traditional safe-haven investments, performed worse than Bitcoin during this period.

相比之下，在此期间，黄金和美国国债，传统的避风港投资比比特币要差。

However, compared to Ethereum (ETH), the situation was worse. The price of ETH decreased by 45%, nearly erasing all gains in 2024. Its market share dropped to almost 8%, the lowest since the end of 2019.

但是，与以太坊（ETH）相比，情况更糟。 ETH的价格下降了45％，几乎消除了2024年的所有收益。其市场份额下降到几乎8％，是自2019年底以来最低的。

As observed by most analysts, this downturn occurred as more activities shifted toward “Layer 2″ networks built atop Ethereum, not using the Ethereum main network.

正如大多数分析师所观察到的那样，由于越来越多的活动转向以太坊上建立的“第2层”网络，而不是使用以太坊主网络。

Meme Coins Hit Hard

模因硬币猛烈打击

The previously hot meme coin space also received a setback. Following a boom in Trump-themed tokens, the industry was hit hard when the Libra token, introduced by Argentina’s President Javier Milei, proved to be a scam.

以前的热模因硬币空间也遇到了挫折。在以特朗普为主题的代币中蓬勃发展后，当阿根廷总统贾维尔·米利（Javier Milei）提出的天秤座令牌被证明是一个骗局时，该行业受到了巨大打击。

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

该项目被开发人员放弃，他们拿走了投资者的资金，破坏了对这种代币的信心。到3月下旬，新的代币每天在平台泵上推出。FUN下降了50％以上。

The decentralized finance (DeFi) industry also saw a decline, with the total money locked in DeFi projects decreasing by 27% to $48 billion during the first quarter. Ethereum’s dominance in the DeFi space decreased to 56% by quarter-end.

权力下放的金融（DEFI）行业也有所下降，第一季度锁定的DEFI项目的总资金下降了27％，至480亿美元。以太坊在Defi空间中的优势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在投资者寻求更安全的赌注时变得越来越受欢迎。

Solana (SOL) retained its leadership, holding 39.6% of all decentralized exchange (DEX) trading during Q1, mostly due to meme coin mania. However, Solana’s leadership began to decline at the end of the period as the meme coin mania faded.

Solana（Sol）保留了领导力，持有第1季度所有分散交易（DEX）交易的39.6％，这主要是由于Meme Coin Mania。但是，随着模因硬币躁狂症的消失，索拉纳（Solana）的领导能力开始下降。

The dramatic shift in market sentiment highlights 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.

市场情绪的急剧转变凸显了加密货币的命运可以改变的速度。在到2024年结束时，新年为加密投资者带来了严厉的现实检查，在短短三个月内，市场价值将近1万亿美元消失。