Q3 noticed important crypto market restoration from May crash, says new report
Cryptocurrency knowledge aggregator CoinGecko has launched its Q3 2021 report displaying large good points throughout a number of crypto market sectors.
Following the May market crash, Q3 started on a low ebb for the crypto house, with market capitalization even dipping additional in late July beneath the $1.2 trillion, lower than half of the $2.5 trillion all-time excessive recorded solely two months prior.
However, market capitalization did recuperate in Q3, even rising as excessive as $2.3 trillion in early September.
According to the CoinGecko report, Bitcoin (BTC), gaming “coins,” and nonfungible tokens (NFTs) dominated the crypto market house in Q3.
Bitcoin recorded a 25% improve between Q2 and Q3 and has continued on this upward trajectory, even reaching $60,000 for the primary time in 5 months.
The community’s hash fee additionally skilled a resurgence in Q3, indicating a restoration from China’s sweeping crackdown that compelled miners to relocate abroad.
Gaming tokens like Axie Infinity (AXS), Illuvium (ILV), and Gala (GALA), in addition to the NFT house typically, did file large good points in Q3 as nicely.
AXS, particularly returned virtually 1,000% quarter-on-quarter good points, with its 2021 efficiency topping 13,700%.
In phrases of NFT buying and selling quantity, OpenSea continued its dominance of the market section. Indeed, OpenSea and Rarible recorded a complete buying and selling quantity of about $6.8 billion in Q3 in keeping with the CoinGecko report.
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These important market good points additionally got here on the again of a storm of regulatory considerations relating to cryptocurrencies. Policymakers within the United States seemingly utilized stress with requires stricter legal guidelines surrounding market segments like stablecoins.
Despite the regular good points recorded in Q3, the crypto market restoration continues to be a way off the exercise ranges seen earlier than the May crash.
For one, CoinGecko reported that spot buying and selling quantity throughout the main centralized and decentralized exchanges declined over 42% in Q3.