CoinGecko has published its Crypto Industry Report for the second quarter of 2026, saying the global cryptocurrency market declined for a third consecutive quarter. Total crypto market capitalization fell 12.6% from the prior quarter, or about $304.8 billion, to $2.1 trillion. That was the lowest level since September 2024.
Among major assets, Bitcoin fell 14.2% in the quarter and Ethereum dropped 25.4%. Both lagged major U.S. equity benchmarks. Hyperliquid (HYPE), meanwhile, moved into the top 10 tokens by market capitalization.
Stablecoins and exchange activity weakened
On capital flows, total stablecoin market capitalization slipped 1.6% quarter over quarter to $305.1 billion. CoinGecko said this was the first contraction since the third quarter of 2023. Within that segment, USDT's market share edged up to 60%.
Trading platform data also softened. Spot trading volume on centralized exchanges, or CEXs, dropped 27.9% in the second quarter to $1.95 trillion. Binance remained the dominant venue with a 38.7% share.
Perpetual futures, by contrast, held up better. Perpetuals volume fell 10.0% from the previous quarter to $12.7 trillion.
Some sectors posted strong growth
While the broader market weakened, several niches expanded sharply in the second quarter. Prediction market trading volume rose 48.7% quarter over quarter to $113.8 billion, driven by major sporting events.
Kalshi held a 58.9% market share for the quarter, widening its lead over Polymarket.
Tokenized collectibles also stood out. In June, Collector Crypt captured 62.8% of trading volume in the segment, overtaking Courtyard to become the clear leader in that market.