Bitcoin News Today: Crypto Market Capitalization Surges 24.0% in Q2 2025, Bitcoin Dominance Hits 62.1%

The crypto market experienced a significant rebound in the second quarter of 2025, with the total market capitalization climbing by 24.0%, adding $663.6 billion to close the period at $3.5 trillion. This recovery came after an 18.6% drawdown in the first quarter, narrowly missing the January peak. Despite this rebound, trading activity on centralized exchanges (CEXs) continued to decline. Average daily spot volumes on CEXs fell by 26.2% quarter-on-quarter, from $146.0 billion in Q1 to $107.8 billion in Q2, while total spot trading on major exchanges tumbled 27.7% to $3.9 trillion.

Binance, the top spot exchange with roughly 37–39% market share, saw volumes dip below $500 billion in both April and June. Only MEXC, HTX, and Bitget bucked the broader decline, pushing Crypto.com out of second place after its volume plunged 61.4%. Bitcoin's resurgence was a key driver of the market's recovery. BTC not only reclaimed the six-figure mark but also set a fresh all-time high before closing the quarter above $100,000. This rally fueled Bitcoin's market dominance, which climbed to 62.1%, up 3.0 percentage points from Q1 and 7.6 points since January.

Ethereum, the strongest performer among the top altcoins, jumped 36.4%—from $1,805 to $2,488—but remains well below its 2025 open of $3,337. ETH dominance inched up to 8.8%, while the combined “Others” bucket shrank to 13.7%, underscoring a wider struggle for altcoin capital inflows. The crypto market also saw its first marquee public offering of 2025 with Circle's debut at $31 per share on June 5. Demand outstripped supply by over 25 times, and after closing its first trading day at $83.23, CRCL more than tripled to an intraday high of $298.99 on June 23, marking an 864.5% premium to its IPO price. This blockbuster listing has revived hopes for other big-name token issuers to follow suit on public markets.

Perhaps the most seismic shift reported came in trading behavior. As CEX volumes waned, decentralized exchanges (DEXes) boasted record quarter-on-quarter growth: spot volume leapt 25.3% to $876.3 billion, driving the DEX-to-CEX ratio to an all-time high of 0.23. PancakeSwap emerged as the star performer, skyrocketing 539.2% to $392.6 billion, its dominance buoyed by the launch of Binance Alpha routing order flow into BSC. Meanwhile, Solana-based DEXes such as Orca, Meteora, and Raydium each saw volume declines north of 40%, reflecting waning interest in SOL-chain trading. Perpetual futures trading on DEXes also hit new heights. Q2 perp volume climbed to $898.0 billion, led by Hyperliquid’s commanding 72.7% share. It is equivalent to $653.2 billion in activity and cementing its place as the eighth-largest perp venue across both centralized and decentralized platforms. Upstarts like Aster doubled volumes after launching a “Pro” mode, while legacy players such as dYdX saw monthly averages slide to just $5.3 billion—half their January levels.

CoinGecko’s full 50-slide deck offers a granular look at each sector, ranging from DeFi and NFT ecosystems to side-by-side performance of top CEX and DEX operators. The report suggests that, even as asset prices rebound, the trading landscape is shifting decisively: liquidity is fragmenting away from centralized incumbents toward permissionless, on-chain venues. For investors, traders, and service providers alike, the message is clear: Q2 delivered not just a recovery in valuations but a transformation in how participants access and move capital across crypto markets. To explore detailed charts, breakout tables, and in-depth commentary, download the complete “2025 Q2 Crypto Industry Report” on CoinGecko’s website.