The crypto market staged a strong recovery in Q2 2025, with total market capitalization rising 24% to $3.5 trillion, reversing an 18.6% decline recorded in the previous quarter, according to CoinGecko’s latest industry report.
Leading the charge was Bitcoin, which increased its dominance to 62.1%.
CoinGecko 2025 Q2 Crypto Industry Report is now LIVE 📊
The crypto market made a comeback in 2025 Q2 with $BTC in the lead and altcoins trailing. Trading volumes signal a shift in trader preference from CEXs to DEXs.
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Following closely, Ethereum posted a 36.4% gain, rising from $1,805 to $2,488. However, it still traded below its 2025 opening of $3,337. ETH also saw a slight uptick in market dominance, climbing 0.8 points to 8.8%. Adding to the positive momentum, daily average gas fees dropped significantly from 6.9 to 3.5 Gwei, suggesting improved network efficiency.
The quarter also saw the year’s first major crypto IPO, as Circle’s $CRCL surged 864.5% to an all-time high of $298.99. The offering closed 25 times oversubscribed, underlining strong investor appetite for regulated crypto equities.
However, this bullish market performance did not translate into higher trading activity. Average daily trading volumes fell 26.2%, from $146.0 billion in Q1 to $107.8 billion in Q2. Centralized exchanges (CEXs) were hit hard, with spot volumes dropping 27.7% to $3.9 trillion. Binance maintained its dominance with a 37–39% market share, while Crypto.com saw volumes plunge by 61.4%. In contrast, MEXC, HTX, and Bitget posted positive quarter-over-quarter growth.
Meanwhile, decentralized exchanges (DEXs) gained traction. Spot trading volumes on DEXs rose to $876.3 billion, pushing the DEX-to-CEX ratio from 0.13 to 0.23. PancakeSwap led this growth with a 45% market share, though Solana-based platforms like Orca, Meteora, and Raydium suffered significant losses.
In perpetual markets, DEX volume hit a record $898.0 billion. Hyperliquid dominated with a 72.7% share, placing it among the global top 10 platforms.
Separately, CoinGecko’s State of Crypto Liquidity report identified Bitget as the most liquid CEX for altcoin trading within the 0.3%–0.5% price spread, outperforming Binance, OKX, Bybit, Kraken, and Coinbase.
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