PANews reported on April 16th that, according to a CoinGecko report , the total market capitalization of cryptocurrencies fell 20.4% to $ 2.4 trillion in the first quarter of 2026 , a pullback of approximately 45% from the October 2025 high. During the same period, the total market capitalization of stablecoins remained relatively stable at $ 309.9 billion. Tether USDT issuance saw its first significant decline since the second quarter of 2022 , falling 1.6% to $ 184.1 billion, while Circle USDC increased by 2.4% to $ 77.1 billion. Bitcoin's price fell 22% quarter-on-quarter, underperforming major US stock indices. Centralized exchange spot trading volume declined 39.1% quarter-on-quarter to $ 2.7 trillion; among decentralized exchanges, Solana continued to lead with a 30.6% share. On Hyperliquid , open interest in commodity perpetual contracts accounted for approximately 30% of the total, and 24/7 oil contract trading volume at one point exceeded the platform's daily Bitcoin trading volume.