Coingecko’s latest report highlights that the crypto market cap fell by 1% in Q3 2024, losing $95.8 billion. Fluctuations in the market ranged from $2.00 trillion to $2.61 trillion, influenced by global central bank decisions, including interest rate adjustments from the U.S. Federal Reserve and surprise rate hikes from Japan.

Despite the overall market decline, bitcoin’s dominance increased to 53.6%, while altcoins like ethereum saw their market share diminish. The report further notes that while bitcoin experienced only modest growth of 0.8%, other major assets outperformed it, particularly gold, which appreciated by 13.8% during the quarter.

The period also saw significant growth in decentralized finance (defi) and non-fungible tokens (NFTs), with the most notable growth in prediction markets, which expanded by 565.4%, primarily led by Polymarket, controlling 99% of the market share.

Additionally, Ethereum layer two (L2) networks saw a 17.2% increase in transactions, led by the Base network, capturing 42.5% of all activity. In terms of trading volume, the report reveals that spot trading on centralized exchanges fell by 14.8%, totaling $3.05 trillion.

Binance maintained its lead as the largest exchange but saw its market share dip below 40% for the first time since 2022. Meanwhile, Coingecko’s study says Crypto.com surged to become the second-largest centralized exchange, growing 160.8% quarter-on-quarter.

Coingecko’s Q3 report highlights a market marked by both resilience and shifts in dominance. The evolving exchange landscape underscores ongoing competition among major players, signaling that innovation and adaptability will continue to define the cryptocurrency sector’s path forward.

“In the final quarter of 2024, we’ll be watching to see how geopolitical and macroeconomic factors – especially the U.S. Presidential Elections and Fed monetary policy decisions – continue to play out,” Coingecko’s COO and co-founder Bobby Ong told Bitcoin.com News.