The crypto market remained mostly flat in Q3 2024, with the total market cap ending the quarter at $2.33 trillion, reflecting a slight 1% drop.
Despite this, the quarter was marked by volatility due to external factors, such as the Federal Reserve’s rate changes and Japan’s surprising rate hike.
Here are the most notable insights from the Q3 report:
1. Crypto Market Performance:
The market cap peaked at $2.61 trillion on July 22 before plummeting on August 6, driven by global economic concerns. Average daily trading volume stood at $88 billion, a 3.6% decrease from Q2.
2. Bitcoin Dominance:
Bitcoin’s dominance surged to 53.6% of the total market, a 2.7% increase quarter-over-quarter. Conversely, Ethereum saw the biggest decline in dominance among the top seven cryptocurrencies, dropping 3.6% to close the quarter with a 13.4% market share.
3. Asset Class Performance:
Gold outpaced Bitcoin with a 13.8% rise, while the Japanese Yen climbed 12% following the Bank of Japan’s unexpected rate hike and subsequent U.S. rate cuts.
2024 Q3 Crypto Industry Report is now LIVE 📊
Even though the total crypto market cap remained flat at $2.33T in Q3, volatility arose from geopolitical events like the Fed's rate changes and Japan's unexpected hike.
Here are 7 key highlights you shouldn't miss 👇… pic.twitter.com/0sroZvDyev
— CoinGecko (@coingecko) October 14, 2024
4. Prediction Markets Boom:
Prediction markets saw explosive growth, rising 565% in Q3. Polymarket led this surge, controlling 99% of the market and growing its volume by 713% and transactions by 846% in September.
5. Ethereum Layer 2 Growth:
Ethereum Layer 2 transactions increased by 17.2%, nearly reaching 10 million daily transactions in September. Base was the top performer, accounting for 42.5% of L2 transactions.
6. CEX Spot Trading Decline:
Spot trading on centralized exchanges fell to $3.05 trillion, a 14.8% drop. Binance retained the top spot but saw its market share fall below 40%. Crypto.com emerged as the second-largest spot CEX.
7. DEX Competition:
Ethereum maintained dominance in decentralized exchanges but faced growing competition from Solana and Base, which captured 22% and 13% market share, respectively. Ethereum’s cumulative trading volume declined by 19.6% compared to Q2.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.