It’s been a challenging quarter for cryptocurrencies, Binance confirmed in its Q3 “Market Pulse” report. The market fell in many sectors, according to the report foundalthough the entry of institutional players such as Deutsche Bank, Sony and PayPal helped offset some of the pain.
Global crypto market capitalization fell 8.6% quarter-on-quarter (QoQ), “and the ‘higher for longer’ interest rate rhetoric will persist.” Fundraising was at its lowest level since the fourth quarter of 2020 and was down 21.4% quarter-on-quarter, with infrastructure performing significantly better than other sectors.
Activity decreased slightly on blockchains, with Near being the big exception. He saw an increase of around 120% quarter-on-quarter. Near also saw an increase in active addresses that began in August. BNB Chain fell sharply, while ethereum rose slightly and Solana fell slightly.
Related: Q3 2023 Was Most ‘Damaging’ Quarter for crypto Amid $700 Million Losses: Report
Total value locked (TVL) fell 13.1% in decentralized finance despite the influx of real-world assets, while liquid stakes saw a 10.5% increase. ethereum was the leading blockchain with 55.1% of the TVL, despite a drop of 18.6%. Tron’s TVL increased 17.9% quarter-on-quarter. Tether (USDT) accounted for 67.2% of the stablecoin market share.
Our latest State of Cryptocurrency report summarizes all the key insights, events and learnings from the third quarter.
Find everything you need to know about developments in space, including analysis of:
Layers 1 and 2
DeFi
NFTs
GamingStart reading here https://t.co/ES5z6g8FMU
– Binance Research (@BinanceResearch) October 19, 2023
Non-fungible token (nft) sales continued to decline. September was the worst month for nft sales since January 2021, at around $300 million. The average sale price that month was $38.17, down from a high of $791.84 in August 2021. However, nft transactions increased overall despite a sharp drop in September.
Gaming tokens led nft sales, although they were also the leaders in price losses with a 44.9% quarter-on-quarter decline. Less than 28% of Web3 games have been released. Google’s decision to allow NFTs in games on its Play Store may give the market a new boost, Binance said. Sweat Economy and SuperWalk ranked second and third, respectively, for unique active wallets, showing increased interest in move-to-win games.
Six of the top 10 currencies saw increases this year. Solana’s SOL (SOL) performed the best, up 113.73%, and TON debuted on the list, down 3.11%. bitcoin (btc) is up 63.05% so far and Ether (eth) is up 39.9%. BNB (BNB) had lost 12.77% by the end of Q3 2023.
Magazine: ethereum Reset: Blockchain Innovation or Dangerous House of Cards?
