在第1季度，加密货币市值下降了18.6％（6335亿美元）

该市场在2025年1月18日，唐纳德·特朗普就职典礼前两天，当地以3.8万亿美元的价格达到顶峰，但开始了下降趋势

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.

根据Coingecko的最新报告，到达2025年底的加密货币市值下降了18.6％，达到2.8万亿美元，标志着上一季度下降的6335亿美元下降。

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，唐纳德·特朗普就职典礼仅两天，该市场以3.8万亿美元的价格达到峰值，开始了下降趋势，该趋势一直持续到整个季度。它始于今年，这是一个强烈的集会，这是由于对成员和元项目的兴趣所推动的，从2024年开始迅速收回了损失。但是，尽管最初的激增，市场最终收于2025年的第1季度2025年，低于其开始的损失。

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剧下降，降低了27.3％的四分之一四分之一降至1460亿美元，低于2024年第四季度的2007亿美元。交易活动的下降可能表明投资者的利益和加密货币市场活动的活动下降。

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.

在十大加密货币中，比特币（BTC）在今年年初经历了激增，在1月22日（特朗普就职两天）的新历史最高点106,182美元。但是，这标志着其年底峰值，因为BTC下降了11.8％，关闭了第二季度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美元的价格结束了该季度，标志着其距离4 2024年第四季度的3,336美元的幅度下降了45.3％。这种急剧下降消除了其2024年的收益，将ETH恢复到2023年上次出现的价格水平。与其他主要资产（如$ BTC，$ SOL，XPR和BNB）相比，其表现明显不足，后者损失了较轻。

$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交易活动也减慢了，平均每日销量从2024年第四季度的300亿美元下降到2025年第1季度的244亿美元。值得注意的是，价格下降通常与数量峰值相吻合，发出信号恐慌驱动的抛售。

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）的现货交易量为5.4万亿美元 - 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保留了其作为领先的现货交易所的地位，到2025年3月底，市场份额为40.7％。虽然其优势在本季度增长了，但其每月数量显着下降 - 从12月的1万亿美元到2025年3月的5887亿美元。

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季度的加密叙事主要是由人工智能令牌和成员驱动的，尽管在流行的平台泵上铸造了Memecoins，但仍吸引了62.8％的投资者利益。

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代币在第1季度的第1季度占据了第一名，吸引了35.7％的全球投资者兴趣和超过去年领先类别的成员 - 紧随其后的是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名加密货币叙事中，有6个与Memecoin相关，而5个则以AI为中心。