In the first quarter of 2025, the cryptocurrency market showed high volatility but an overall upward trend. Bitcoin, after hitting an all-time high in mid-March, saw profit-taking but remained steady around $80,000. Public chains like Solana and Avalanche attracted substantial capital and users due to low fees and high performance, significantly enhancing their ecosystem activity. Meme coins and AI concept coins also surged under community enthusiasm, drawing short-term capital attention. However, the market remains constrained by macroeconomic and regulatory uncertainties, such as the direction of Federal Reserve policies and SEC movements. Overall, market sentiment leans towards optimism, but one must be wary of high-level fluctuations and potential policy risks.