The cryptocurrency sector began the second quarter on a sour note, with several of its mega-cap coins recording double-digit losses.

加密货币行业在第二季度开始以酸味开始，其几个巨型股硬币记录了两位数的损失。

The total cryptocurrency market capitalization shrank from $3.26 trillion on Jan. 1 to $2.68 trillion at the end of the quarter, marking a 17% decline.

加密货币市值从1月1日的3.26万亿美元缩小到本季度末的2.6.8万亿美元，标志下降了17％。

Market barometer Bitcoin BTC/USD slid 11% year-to-date. Ethereum ETH/USD, the second most valued cryptocurrency, recorded a much sharper decline of 44%.

市场晴雨表比特币BTC/USD年度逐年滑行11％。 Ethereum Eth/USD是第二大的加密货币，其幅度下降了44％。

Top altcoins such as Solana SOL/USD, Dogecoin DOGE/USD, and Cardano ADA/USD also failed to escape the downturn, all shedding more than 20% of their value since 2025 began.

索拉纳·索尔（Solana Sol/USD），狗狗币/美元（Dogecoin Doge/USD）和卡尔达诺·阿达（Cardano Ada）/美元（Cardano Ada/USD）等顶级山寨币也未能逃脱低迷，自2025年开始以来，它们的价值超过20％以上。

The sector struggled largely due to the economic impact of tariffs imposed by President Donald Trump on key U.S. trading partners.

该行业的斗争很大程度上是由于唐纳德·特朗普总统对美国主要贸易伙伴的经济影响。

With more stringent levies expected to be announced on "Liberation Day," the uncertainty around these trade policies has led to a risk-off sentiment.

预计将在“解放日”宣布更严格的征费，这些贸易政策的不确定性导致了风险的情绪。

Notably, Bitcoin's correlation with U.S. equities, including blue-chip averages like the S&P 500 and the Nasdaq Composite, has grown considerably year-to-date, according to The Block, explaining the cryptocurrency market's reaction to U.S. macro triggers.

根据该街区的数据，值得注意的是，比特币与美国股票的相关性，包括标准普尔500标准普尔500和纳斯达克综合材料等蓝芯片平均值，逐年逐渐增长，解释了加密货币市场对美国宏观触发器的反应。

See Also: ‘Greatest Of Them All’ TRUMP Memecoin Headed For Trump Media ETFs? Polymarket Bettors Think It’s Unlikely

另请参阅：“他们中的最伟大”特朗普纪念物前往特朗普媒体ETF？ Polymarket Bettors认为这不太可能

That said, some lesser-known cryptocurrencies turned out to be the oases of growth.

也就是说，一些鲜为人知的加密货币被证明是增长的绿洲。

FORM, the token of the newly-branded GameFi network Four, blasted off to a 491% rally in the first quarter. The coin set an all-time high of $2.62 last week amid growing interest around its latest product, Four.meme, an ecosystem for meme coins.

Form是新品牌的Gamefi Network四大的代币，在第一季度爆炸至491％的集会。由于其最新产品Four.meme是Meme Coins的生态系统，因此该硬币上周将历史最高的高价设定为2.62美元。

OM, the token associated with the layer-1 blockchain MANTRA, surged 65% to bag the second spot. The over $6 billion-valued cryptocurrency also hit its all-time high of $9.04 in the last quarter.

OM，与第1层区块链咒语相关的令牌，飙升了65％，使第二名​​。上个季度，价值超过60亿美元的加密货币也达到了9.04美元的历史最高点。

GateToken, the native token of the Gate.io ecosystem, spiked 34% year-to-date, building on the positive momentum from the end of 2024. The coin has more than doubled its value over the past year, spurring a market capitalization of nearly $2 billion.

Gate.io生态系统的原住民代币GateToken从2024年底开始以积极的势头为基础34％。在过去的一年中，硬币的价值增加了​​一倍以上，促使市值达到了近20亿美元。