CoinGecko released the 2024 Q3 crypto industry report, pointing out that although the total market value of cryptocurrencies remained at $2.33 trillion in the quarter, the fluctuations came from geopolitical events such as changes in the Federal Reserve's interest rates and Japan's unexpected interest rate hikes. The report highlights are as follows:
1. The total market value of cryptocurrencies fell 1% in Q3, ending the quarter at $2.33 trillion
-The total cryptocurrency market capitalization reached a high of $2.61 trillion on July 22, but fell sharply on August 6 due to the weakening global economy;
- Average transaction volume was $88 billion, down 3.6% from Q2;
2. Bitcoinâs market share rose to 53.6%, a month-on-month increase of 2.7%;
Ethereumâs market share among the top 7 cryptocurrencies dropped the most, reaching 3.6%, and its market share was 13.4% at the end of Q3;
3. Major asset classes, led by gold, outperform Bitcoin
-Gold prices rose 13.8% in Q3, outperforming Bitcoin;
- The yen gained 12.0% following the Bank of Japan (BOJ) rate hike in August and the subsequent rate cut by the Federal Reserve;
4. Led by Polymarket, prediction market trading volume grew 565% in Q3
- The top three prediction market transaction volume increased from $466.3 million in Q2 to $3.1 billion;
-Polymarket accounted for 99% of the market share in September, and its transaction volume and number of transactions increased by 713.2% and 845.5% respectively during the same period;
5. Led by Base, Ethereum L2 transaction volume increased by 17.2% in Q3
-The number of daily transactions of the top 10 Ethereum L2s in September is close to 10 million;
-Base is the most active L2, accounting for 42.5% of all transactions in Q3;
6. Q3 CEX spot trading volume fell to $3.05 trillion, down 14.8% from the previous month
-Binance remains the largest CEX, with its market share falling below 40% for the first time since January 2022 and currently at 38%;
- Crypto.com became the second largest spot CEX in Q3, compared to ninth in Q2;
7. Ethereum dominates DEX trading, but is facing competition from Solana and Base
Ethereum DEX trading volume showed a downward trend between July and September 2024, with its cumulative trading volume falling 19.6% month-on-month to $130.5 billion;
-Solana and Base DEX trading volumes continue to grow, with market shares of 22% and 13% respectively.
