In the first quarter of 2023, the performance of the cryptocurrency market was sluggish, with the total market value falling from $3.8 trillion in mid-January to $2.8 trillion, a decrease of 18.6%. The average daily trading volume dropped by 27.3% to $146 billion, reflecting a decrease in investor activity. Although Bitcoin reached a historical high of $106,182, it fell by 11.8% to $82,514 by the end of the quarter, with its dominance rising to 59.1%, the highest since 2021. Other major cryptocurrencies, such as Ethereum, saw even larger declines of 45.63%, with its dominance falling to 7.9%. Solana performed relatively stable, benefiting from the meme coin trading frenzy and technological upgrades. The market was affected by macroeconomic uncertainty, regulatory pressure, and tariff policies following Trump's administration, leading to increased volatility. The stablecoin market grew against the trend, with a total market value exceeding $200 billion.