ME News reports that, as of April 16 (UTC+8), according to CoinGecko, the total cryptocurrency market capitalization fell 20.4% to $2.4 trillion in Q1 2026, a decline of approximately 45% from its peak in October 2025. During the same period, the total market capitalization of stablecoins remained flat at $309.9 billion. Tether’s USDT issuance decreased by 1.6% to $184.1 billion—the first significant drop since Q2 2022—while Circle’s USDC grew 2.4% to $77.1 billion. Bitcoin’s price declined 22% for the quarter, underperforming major U.S. stock indices. Centralized exchange spot trading volume dropped 39.1% quarter-over-quarter to $2.7 trillion. In decentralized trading, Solana maintained its lead with a 30.6% share. Commodity perpetual contracts on Hyperliquid accounted for approximately 30% of total open interest, with 24/7 oil contract trading volume briefly surpassing the platform’s daily Bitcoin trading volume. (Source: PANews)
CoinGecko Report: Crypto Market Cap Drops 20.4% in Q1 2026, Hyperliquid's Oil Contracts Outpace Bitcoin Volume
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Summary
CoinGecko’s daily market report shows the crypto market cap declined 20.4% in Q1 2026 to $2.4 trillion, a 45% drop from the October 2025 peak. The stablecoin market cap remained steady at $309.9 billion, with Tether’s issuance down 1.6% to $184.1 billion. Bitcoin fell 22% for the quarter. Centralized exchange spot trading volume dropped 39.1% to $2.7 trillion. Solana led decentralized trading with a 30.6% share. Hyperliquid’s oil contracts briefly surpassed Bitcoin’s daily trading volume.
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