NAIROBI (CoinChapter.com)— The cryptocurrency market ended Q3 2024 on a turbulent note, with a slight decline of 1%, closing at a $2.33 trillion market cap. While Bitcoin strengthened its dominance to 53.6%, its highest since April 2021, Ethereum and other top players faced mounting competition. Tron emerged as a notable entrant to the top 10, driven by its rising trading volume and memecoin activity.
Tron Joins the Top 10 with Memecoin Momentum
Making significant gains in Q3, Tron displaced Blast to claim a position among the top 10 blockchain networks. This achievement came on the back of its memecoin generator, SunPump, which drove a surge in trading volumes. Tron recorded $1.7 billion in trading volume in September, representing 2% of the total market share.
2024 Q3 DEX Trading Volume by Chain. Credit: CoinGecko
This surge followed a sharp decline in Blast’s activity after its token generation event (TGE), giving Tron the opportunity to rise. While its overall market share remains small compared to larger players like Ethereum and Solana, Tron’s move into the top 10 highlights its ability to capitalize on emerging trends.
BTC Dominates as Ethereum Stumbles
Bitcoin retained its dominant position in Q3, increasing its market share by 2.7% quarter-on-quarter to reach 53.6%. While its price rose only 0.8%, Bitcoin benefitted from declining interest in alternative cryptocurrencies. Ethereum, for example, saw its dominance drop by 3.6% to 13.4% despite the launch of Ethereum ETFs in July. This marked Ethereum’s lowest market share in years, as platforms like Solana and Base gained ground.
Market Share of Top Cryptos in 2024 Q3. Source: CoinGecko
In September, the Federal Reserve’s rate cut and China’s stimulus efforts brought some stability to the market after early-quarter volatility. Despite this, Ethereum’s shrinking market share highlights rising competition from platforms like Solana and Base, which are gaining traction as alternatives in the DeFi and DEX ecosystems.
Meme coins, particularly within the Solana ecosystem, captured 31.8% of crypto traffic during Q3. Prediction markets also gained traction, surging 565.4% in volume, largely driven by Polymarket’s dominance in betting activity.
Spot Trading Volume Trends on CEXs in 2024 Q3. Source: CoinGecko
Centralized exchanges also faced challenges, with trading volumes dropping 14.8% to $3.05 trillion. Binance’s market share dipped below 40%, while Crypto.com climbed to the second spot with a 14.4% market share, showcasing resilience amidst the downturn.
Tron’s move into the top 10 shows its growing relevance in the competitive crypto market. SunPump and strong trading volumes have fueled its rise, but with Solana and Base expanding rapidly, Tron faces challenges to maintain momentum in Q4.
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