Crypto Industry Report by CoinGecko reported that during the second quarter of 2025, the total crypto market cap increased by 24%, reaching a whopping number of $3.5 trillion.
This recovery reversed the confidence drop in Q1 and rallied across major tokens which saw an 18.6% decline. The bounce back demonstrated a $663.6 billion increase in value which signifies recovering faith in digital assets globally.
Overall Market Recovery
Market capitalisation recovered by $663.6 billion in Q2, erasing losses from the first quarter. Despite this gain, overall trading activity continued to slow.
Average daily volumes dropped 26.2% from $146.0 billion in Q1 to $107.8 billion in Q2. The decline in turnover suggests that while values rose, traders remained cautious about market momentum.
Bitcoin and Ethereum Outperform Peers
Bitcoin’s share of the total market climbed to 62.1% by the end of June, up 3 percentage points for the quarter and marking a 7.6% year-to-date increase.
Ethereum also saw its share inch higher by 0.8 points to 8.8% after hitting multi-year lows earlier in the year. Over Q2, ETH’s price jumped 36.4% from $1,805 to $2,488, though it remained below its 2025 opening level of $3,337.
Meanwhile, daily average trading volume on Ethereum stood at $19.5 billion, and the average gas fee fell to 3.5 Gwei from 6.9 Gwei in the previous quarter.
Major IPO Surge
The quarter witnessed crypto’s first large IPO of the year. Circle Internet Group (CRCL) debuted to strong demand and climbed 864.5% from its initial price to an all-time high of $298.99.
The offering was oversubscribed by twenty-five times, underlining high institutional appetite for new crypto ventures.
Spot trading on centralised exchanges fell 27.7% to 3.9 trillion dollars in Q2. Binance remained the biggest platform, commanding 37% to 39% of market share.
In contrast, decentralised exchange volume reached 876.3 billion dollars and pushed the DEX to CEX ratio up from 0.13 to 0.23.
PancakeSwap led gains among DEXs, ending the quarter with a 45.0 % share, while orca_so, MeteoraAG and RaydiumProtocol saw substantial drops in activity.
Perpetual Trading on DEXs Hits New High
Perpetual contract trading on decentralised platforms hit an all-time high of $898.0 billion. HyperliquidX dominated this segment with 72.7% market share and $653.2 billion in volume, ranking it eighth among all exchanges.
Only HyperliquidX, Aster Dex, RabbitX and EdgeX posted quarter-on-quarter growth. Aster Dex doubled its trading activity after launching a Pro mode feature.
By contrast, dYdX’s volumes continued to shrink, reaching an average of $5.3 billion per month in Q2.
With market cap rising and institutional interest in new token offerings roaring, Q3 will see whether these trends are here to stay.
The difference between centralised and decentralised trading volumes, and the success of IPOs, may make the next era of the crypto industry. As trading patterns evolve, both regulators and platforms will need to adapt to changing liquidity and investor preferences.
