CoinGecko released the 2024 Q3 crypto industry report, pointing out that although the total market value of cryptocurrencies remained at US$2.33 trillion in the quarter, the volatility came from geopolitical events such as changes in the Federal Reserve's interest rates and Japan's unexpected interest rate hikes. The key points of the report are as follows:
1. The total market value of cryptocurrencies fell by 1% in Q3 and ended the quarter at $2.33 trillion
-The total market value of cryptocurrencies reached a high of $2.61 trillion on July 22, but fell sharply on August 6 due to the weak global economy;
-The average trading volume was $88 billion, down 3.6% from Q2;
2. Bitcoin's market share rose to 53.6%, up 2.7% month-on-month;
Ethereum's market share among the top 7 cryptocurrencies fell the most, reaching 3.6%, and its market share was 13.4% at the end of Q3;
3. Major asset classes, led by gold, outperformed Bitcoin
-Gold prices rose 13.8% in Q3, exceeding Bitcoin's increase;
-The yen rose 12.0% after the Bank of Japan (BOJ) announced an interest rate hike in August and the Federal Reserve subsequently cut interest rates;
4. Led by Polymarket, the forecast market trading volume increased by 565% in Q3
-The trading volume of the top three forecast markets increased from Q2 466.3 million to $3.1 billion;
-Polymarket accounted for 99% of the market share in September, and its trading 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 daily transaction volume of the top 10 Ethereum L2s in September was 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, a month-on-month decrease of 14.8%
-Binance is still the largest CEX, and its market share has fallen below 40% for the first time since January 2022, currently at 38%;
-Crypto.com became the second largest spot CEX in Q3, while Q2 ranked ninth;
7. Ethereum dominates DEX transactions, but is facing competition from Solana and Base Competition
- Ethereum DEX trading volume showed a downward trend from July to September 2024, with its cumulative trading volume falling 19.6% month-on-month to $130.5 billion;
- Solana and Base DEX trading volumes continued to grow, with market shares of 22% and 13%, respectively.
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