The CoinGecko crypto industry report for Q3-2023 revealed some interesting findings across six different areas of the market. The total crypto market cap decreased by 10% during this period, equivalent to $119.1 billion. However, it still remained 35% higher compared to the previous year. The average daily trading volume also saw an 11.5% decline in Q3-2023, reaching $39.1 billion.
There were notable changes in the top 25 coins during this quarter. Solana (SOL) moved from #10 to #7, while TrueUSD (TUSD) jumped from #23 to #19. On the other hand, Litecoin (LTC) dropped from #9 to #14, and Avalanche (AVAX) slid from #15 to #22.
Stablecoins experienced a 3.8% shrinkage in their market cap, losing $4.8 billion in Q3-2023. However, TUSD was the only stablecoin that gained in market cap with a 12.8% increase.
In terms of RWA assets, tokenized treasury bills stood out with a significant gain of 5.84x in market cap during Q3-2023. Ethereum and Stellar were the primary blockchain networks used for these projects.
NFTs faced challenges across all chains, with a substantial decrease of 55.6% in trading volume. Ethereum maintained its leading position with an 83.2% market share, while Bitcoin surprisingly grabbed a 5.6% market share.
The spot trading volume on the top 10 DEXes dropped by 31.2%, totaling $105 billion in Q3-2023. THORChain experienced the most gains with a volume increase of 113%, but it was also involved in transactions by bad actors such as hackers.
Overall, Q3-2023 saw a decline in most market segments except for the RWA sector, which saw an increase in market share. The crypto market as a whole decreased by 10% during this quarter but remained better compared to the previous year.
Hot Take: Q3-2023 CoinGecko Report Reveals Mixed Performance in Crypto Market
The CoinGecko crypto industry report for Q3-2023 sheds light on the performance of various sectors within the cryptocurrency market. While some areas experienced declines, such as the total market cap and NFT trading volume, others saw growth, like RWA assets. It’s important to stay informed about these trends to make educated investment decisions. However, keep in mind that cryptocurrencies are high-risk investments, so do your due diligence and assess your risk tolerance before making any financial decisions.
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