Ethereum ETH/USD has seen a significant setback, erasing all its gains from 2024 in the first quarter of 2025, while Solana SOL/USD continues to lead in the decentralized exchange (DEX) space.

What Happened: CoinGecko’s Q1 Crypto Industry Report indicates that Ethereum’s value took a steep dive by 45.3%, closing Q1 at $1,805.

This drastic drop wipes out all the gains Ethereum accumulated in 2024, reverting it back to its 2023 levels. On the other hand, the overall crypto market cap experienced a lesser fall of 18.6% in the initial months of 2025.

Ethereum’s trading volume also experienced a slump in Q1, falling from a daily average of $30.0 billion in Q4 2024 to $24.4 billion. CoinGecko pointed out that days witnessing a volume spike coincided with a fall in Ethereum’s price.

Also Read: Robert Kiyosaki Says ‘Everything Bubble’ Will Cause Historic Market Crash, Bitcoin Will Be Fastest To Recover

Conversely, Solana maintained its dominance in the DEX space, accounting for 52% of on-chain trades among the top 12 blockchains in January 2025. Despite this, Ethereum managed to claw back the top spot in March, with a 30.1% market share, outpacing Solana’s 23.4%.

Why It Matters: The significant decline in Ethereum’s value and trading volume in Q1 2025, coupled with Solana’s continued dominance in the DEX space, signals a potential shift in the crypto market dynamics.

Ethereum’s struggle to maintain its gains from 2024 and its fluctuating market share in the DEX space may impact investor confidence and future investment decisions.

On the other hand, Solana’s consistent performance could attract more investors, further strengthening its position in the DEX space.

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