📉 Spot trading volume on the 10 largest crypto exchanges (CEX) dropped drastically to $1.12 trillion in Q3 2023 from $1.42 trillion in Q2. CoinGecko's Crypto Industry Report Q3 2023 recorded a 20.1% decline from Q2.

Binance, the world's largest CEX, saw its market share drop to 44% in September from 66% in February. The cause was pressure from regulators and the departure of several key executives.

Meanwhile, the top 10 decentralized exchanges (DEX) saw their spot trading volume drop by 31.2% to $105 billion. THORChain rose 113%, while SushiSwap dropped out of the top 10.

Then, the market capitalization of the top 15 stablecoins fell 3.8% to $121.3 billion. USD Coin (USDC) saw the biggest loss at $2.26 billion, while Binance USD (BUSD) saw the biggest percentage drop at 45.3%.

NFT trading volume also plunged 55.6% from $3.67 billion in Q2 to $1.63 billion in Q3. Total crypto market capitalization fell 10% in Q3, and average trading volume fell 11.5% to $39.1 billion.

What do you think about this decline? Is this an opportunity to buy more crypto? 🤔 Let's discuss it in the comments column!