There is much to discuss as CoinGecko’s Q3-2024 Crypto report is out. Some essentially critical trends were prominent in the course of this period.
Now, let’s look closer at Coingecko’s Q3-2024 Crypto report.
A Quarter of Stability
According to CoinGecko’s Q3-2024 Crypto report, there was a 1% depreciation, which reduced the crypto market’s value to $2.33 Trillion. This might have looked like a slight dip; it was one part of a roller coaster. The market reached $2.61 trillion in July and reduced in August following the issues in the international economy.
However, the market declined in the middle due to news of a global recession. Still, by the end of September, the U.S. federal cut 50 bps in interest rate. It stimulated China to raise the market back to the previous level.
As Q3 closed, Bitcoin continued to gain ground and showed that it now controls 53.6% of the total market capitalization — its highest level since April this year.
Its hash power increase was 0.8%, but it performed better than most altcoins. Bitcoin’s more significant share showed it was a reliable asset during shaky times in the crypto market.
Gold Outshines Bitcoin and Other Assets
While Bitcoin made an incremental bullish movement on the charts, gold was up by 13.8% over the quarter and did better than Bitcoin. Accompanying this rise was the global hunt for yield during periods of economic weakness and emerging market stresses, especially in the Middle East.
The Japanese Yen also did well in the quarter we’re looking at because the Bank of Japan raised rates more than expected.
Prediction Markets Skyrocket—Polymarket Takes the Lead
Another exciting experience of Q3 was the fast growth of prediction markets. These betting platforms by individuals on future event results increased by 565.4 % due to the U.S. elections.
The lion’s share belonged to Polymarket, with 99%. Most wagers on Polymarket focused on the 2024 U.S. Presidential Election, making it a hot topic.
Ethereum Layer 2s: The Real Winners
Ethereum’s network slowed down, but Layer 2 solutions like Base and Arbitrum flourished. These Layer 2 networks handled 17.2% more transactions, with Base at the forefront.
As Q3 ended, Layer 2 solutions dealt with 10 million daily transactions above Ethereum’s 1 million. This shows more users picking L2 networks to get cheaper and quicker transactions.
Centralized Exchanges See Declines, But There’s a New Contender
Q3 wasn’t the best time for centralized exchanges (CEXs). The total trading volumes on these platforms came down to 14.8%. Binance dropped for the first time since 2022, and its overall pool went under 40% of market value.
However, the greatest leap, although small, was when Crypto.com jumped from ninth rank to second place based on volume. It’s clear that while some established platforms are losing ground, others are rising.
Ethereum Loses Ground in DEX Trading
Ethereum has always been the market leader in DEX trading, but from Q3-2024, it encountered increasing competition. Although Ethereum remains in the lead, its share is below 40%.
Pettersen also shares with readers that Solana has put up good numbers on post-Christmas trade wherein the rudimentary memecoin secured a 22% share of the trade. Base has recorded an astonishing 31.4% trading volume and edged ahead of Arbitrum.
Conclusion
Understanding how this industry moves is possible using insight from CoinGecko’s Q3-2024 Crypto Report. The market didn’t grow in the third quarter; however, bitcoin is up for the quarter. There was also an uptick in Bitcoin dominance, and gold was good against all other commodities. Predictions markets came to life, and Ethereum has had vigorous but aggressive competition in L2 and convenient trading in DEXs. CEXs could be in distress while new entrants appear, and Ethereum L2 is the solution for now.
While moving into the next quarter or a new year, watch out for these trends; they hold the key to the future of crypto.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear 