加密货币市场在第二季度2025年损失了其价值的近20％，比特币的市场份额达到60％

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

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.

加密货币市场仅在2025年第1季度就失去了近五分之一的价值，因为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。

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报告显示，这消除了去年最后一个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.

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％。这表明去年后发生了逆转。

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缩，因为每日量下降至1460亿美元，下降了27％。

Bitcoin insulates itself as other cryptos drop drastically

比特币会隔离，因为其他加密货币急剧下降

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

比特币在其他加密货币的动荡中相对较好，因此其市场份额达到了近60％，是四年来最高的。

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

就职典礼后不久，比特币的峰值估值为106,182美元，但跌幅近12％，以82,514美元的价格完成。

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

相比之下，在此期间，黄金和美国国库债券是传统的安全投资，其业绩较低。

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，与以太坊相比，情况更糟。它的价格下降了45％，本质上消除了2024年的所有收益。其市场份额下降到近8％，这是自2019年底以来最低的。

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.

正如大多数分析师所观察到的那样，这种低迷并不是新事物，因为越来越多的活动已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 crash after major scam

大骗局后，模因硬币崩溃

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.

以前的炙手可热的模因硬币空间在2025年初接到了一个粗鲁的警钟电话。在以特朗普为主题的代币中繁荣时，当阿根廷总统的贾维尔·米利（Javier Milei）引入的天秤座代币被证明是一个骗局时，该行业受到了严重打击。

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%.

该项目被开发商拿走了投资者的资金后被开发商放弃，对这种代币的信心破坏了信心。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行业损失了其价值的四分之一以上

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.

即使是分散的财务（DEFI）行业也无法幸免。在第一季度，DEFI项目的总体资金下跌了27％，至480亿美元。以太坊在Defi领域的统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在投资者寻求更安全的赌注时变得越来越受欢迎。

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.

索拉纳（Solana）也保持领导地位，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。但是随着模因硬币狂热的降低，索拉纳的领导层开始在当时结束时消失。

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.

市场情绪的巨大转变展示了加密货币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。