According to BlockBeats, on October 14, 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 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 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 transaction volume was $88 billion, down 3.6% from Q2.
2. Bitcoin's market share rose to 53.6%, up 2.7% from the previous 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, outperforming Bitcoin; - The yen rose 12.0% after the Bank of Japan (BOJ) announced a rate hike in August and the Federal Reserve subsequently cut rates;
4. Led by Polymarket, prediction market trading volume grew 565% in Q3 - The top three prediction market trading volume increased from $466.3 million in Q2 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 grew 17.2% in Q3 - The number of daily transactions of the top 10 Ethereum L2s in the first nine months was close to 10 million; - Base was 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 transactions, but is facing competition from Solana and Base - Ethereum DEX transaction volume showed a downward trend between July and September 2024, with its cumulative transaction volume falling 19.6% month-on-month to US$130.5 billion; - Solana and Base DEX transaction volumes continued to grow, with market shares of 22% and 13%, respectively.
