Crypto Market Cap Decreases by 10% and Other Notable Aggregates in Q3/2023
The total market capitalization of the cryptocurrency market dropped by 10% in Q3/2023, according to a report from CoinGecko.
Crypto Market Cap Decreases by 10% in Q3/2023 and Other Notable Aggregates. Image: CoinGecko
The overall market capitalization of the cryptocurrency market reached 119 billion USD in Q3/2023, a 10% decline compared to the previous quarter, yet still showing positive progression year-to-date, as summarized in CoinGecko’s latest report.
Overall market capitalization of the cryptocurrency market in Q3/2023. Source: CoinGecko
During Q3, Solana climbed 3 positions from 10th to 7th place. TrueUSD also made progress, moving from 23rd to 19th place. In contrast, Litecoin fell from 9th to 14th place, and BUSD dropped from 18th to 27th place.
The market capitalization of the top 15 stablecoins declined by 3.8%, equivalent to 4.8 billion USD, with the current figure standing at 121.3 billion USD. Among them, USDT maintained stability without significant breakthroughs; USDC recorded the largest loss (-2.26 billion USD); BUSD declined by 45.3% (-1.87 billion USD). Only TUSD emerged as the brightest stablecoin in the top 5, with a 12.8% increase (+0.39 billion USD) in market capitalization.
Market capitalization of the top 15 stablecoins in Q3/2023. Source: CoinGecko
NFT trading volume dropped by 56%, from 3.67 billion USD in Q2 to 1.63 billion USD. Despite NFT trading cooling across all chains, Ethereum maintained its dominance, holding 83.2% of this market. ImmutableX NFT emerged as a formidable player, with monthly average volumes surpassing 20 million USD, increasing its dominance from 2.1% to 3.9% in the quarter.
NFT trading volume in Q3/2023. Source: CoinGecko
The combined spot volume on the top 10 centralized exchanges (CEXs) reached 1.12 trillion USD, a 20.1% decrease compared to the previous quarter. CoinGecko described this as a tumultuous quarter for CEXs.
Spot volume on the top 10 centralized exchanges in Q3/2023. Source: CoinGecko
Under legal pressures and organizational turmoil, Binance’s market share reduced to 44%, down from 66% in February 2023. HTX (formerly Huobi) reclaimed the top 3 position, ending September with an 8% market share. Upbit and Bybit also performed well during the quarter, while Kucoin dropped out of the top 10.
DEX platforms also faced challenges, with spot volumes on the top 10 platforms totaling 105 billion USD, a 31.2% decrease quarter-over-quarter.
Spot volume of top DEX platforms in Q3/2023. Source: CoinGecko
THORChain demonstrated the strongest trading momentum in the quarter, with volume increasing by 113%, equivalent to 1.27 billion USD. However, this robust growth may stem from illicit transactions, as THORChain ended September with a 3% market share.
In contrast, Sushi, a stalwart in the DEX space since 2020, dropped out of its top 10 position, yielding the spotlight to Orca, the largest DEX on the Solana network.
The most painful day in Q3 was arguably August 17, when Bitcoin plunged from 29,000 USD to 26,000 USD, erasing 821 million USD in long positions within just 24 hours.
Co-founder of CoinGecko, Bobby Ong, commented:
"Despite the market lacking strong growth momentum in the past quarter, there are signs that TradFi and DeFi are converging closer together."
In conclusion, despite being a dynamic three months, the cryptocurrency market overall still lacks any significant driving force, with investors tightening their activities.
