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Here's an interesting CoinGecko report I just read — it seems Q1 was quite painful for crypto. Market capitalization dropped by 20.4%, closing just above $2.4 trillion. If you remember, in October 2025 we were almost at $4.4 trillion — so the pullback is significant, down 45% from that peak. Trading volumes also fell by 27% to $117.8 billion per day.
But here's what's interesting: against the overall downturn, oil rose by 77% due to tensions between the US and Iran — becoming the best-performing asset of the quarter. Bitcoin, meanwhile, fell by 22%, and traditional indices like Nasdaq and S&P 500 declined by 7% and 4.8%, respectively. According to CoinGecko, stablecoins held relatively steady, although USDT showed a negative of 1.6% for the first time since 2022.
On decentralized platforms, Solana still dominates, but Ethereum is catching up. What’s really noticeable from the CoinGecko report is the surge of perpetuals on commodity assets. Hyperliquid launched oil contracts, and their volume already accounts for 30% of all open positions. On April 9, the daily volume of oil contracts exceeded $4 billion — for the first time surpassing Bitcoin itself on this platform. Now that’s a turnaround.