Bitcoin News Today: Crypto Market Capitalization Surges 24% in Q2 2025 Led by Bitcoin's 62.1% Dominance

The crypto market experienced a notable recovery in the second quarter of 2025, with the total market capitalization rising by 24% to $3.5 trillion. This rebound reversed an 18.6% decline recorded in the previous quarter, marking a significant turnaround for the market. Bitcoin led this resurgence, increasing its dominance to 62.1% as its price soared above $100,000, achieving a new all-time high.

Ethereum also performed strongly, with its price increasing from $1,805 to $2,488. However, it still traded below its 2025 opening price of $3,337. Ethereum's market dominance saw a slight uptick, climbing 0.8 points to 8.8%. Additionally, daily average gas fees dropped significantly from 6.9 to 3.5 Gwei, indicating improved network efficiency.

The quarter also witnessed the year’s first major crypto IPO, with Circle’s stock surging 864.5% to an all-time high of $298.99. The offering was oversubscribed by more than 25 times, underscoring strong investor appetite for regulated crypto equities. This success raised expectations for other companies rumored to go public, including Kraken, Gemini, and Grayscale, highlighting the growing interest in crypto-related investments.

Despite the bullish market performance, average daily trading volumes fell by 26.2%, from $146.0 billion in Q1 to $107.8 billion in Q2. Centralized exchanges (CEXs) were particularly affected, with spot volumes dropping 27.7% to $3.9 trillion. Binance maintained its dominance with a 37–39% market share, while Crypto.com saw volumes plunge by 61.4%. In contrast, MEXC, HTX, and Bitget posted positive quarter-over-quarter growth.

Decentralized exchanges (DEXs) gained significant traction during this period. Spot trading volumes on DEXs rose to $876.3 billion, pushing the DEX-to-CEX ratio from 0.13 to 0.23. PancakeSwap led this growth with a 45% market share, though Solana-based platforms like Orca, Meteora, and Raydium suffered significant losses. In perpetual markets, DEX volume hit a record $898.0 billion, with Hyperliquid dominating with a 72.7% share, placing it among the global top 10 platforms.

The shift towards decentralized exchanges was a notable trend in the second quarter. Spot trading volume on decentralized exchanges rose by 25.3% quarter-on-quarter, reaching a new all-time high. This increase was driven by PancakeSwap, which grew by 539.2% and became the largest DEX. The DEX:CEX ratio increased from 0.13 in the first quarter to 0.23 in the second quarter, marking an all-time high. This trend was further supported by the launch of Binance Alpha in May, which routed trades through PancakeSwap and made the Binance Smart Chain the most popular chain for DEX trading.

In contrast, spot trading volume on centralized exchanges fell by 27.7% quarter-on-quarter to $3.9 trillion. Binance remained the dominant spot exchange, maintaining a market share of 37% to 39% throughout the quarter. However, its trading volume dropped below $500 billion in April and June. MEXC, HTX, and Bitget were the only exchanges to grow quarter-on-quarter, with gains of 3.7%, 5.4%, and 3.0% respectively. Notably, MEXC and HTX displaced Crypto.com and Bybit to become the second and third largest exchanges.

The market rebound was not uniform across all sectors. While Bitcoin and Ethereum led the charge, other altcoins struggled to regain momentum. The 'Others' category, which includes a variety of altcoins, shrank by 2.0 percentage points to 13.7%, highlighting the continued weakness across the altcoin landscape. Despite the overall market recovery, average daily trading volume continued to decline, down 26.2% quarter-on-quarter to $107.8 billion. This was the second consecutive quarter of shrinking spot activity, suggesting that the market's recovery was not driven by increased trading volume but rather by capital inflows into Bitcoin and a few select altcoins.