According to a report by crypto data platform CoinGecko cryptocurrency market While it completed the third quarter of 2024 with a volatile performance, the market value closed the quarter at $2.33 trillion. Global economic developments and central banks’ moves had an impact on the markets throughout the quarter. The fact that the US Federal Reserve (Fed) kept interest rates constant in July and reduced them by 50 basis points in September was one of the main factors affecting the direction of the market. In the same period, the Bank of Japan’s (BoJ) surprise interest rate increase and China’s new incentive measures also created activity in the cryptocurrency market.
Bitcoin’s Dominance Increases as Market Value Falls
cryptocurrency The value of the market fell 1 percent in the third quarter to $2.33 trillion. The market, which peaked at $2.61 trillion at the end of July, fell sharply on August 6 due to global economic weakness. Market capitalization moved between $2.00 trillion and $2.20 trillion during the quarter and rebounded in late September thanks to the Fed’s interest rate cut and China’s stimulus.
In this period Bitcoin (BTC) 
$64,586Although it made a small gain of 0.8 percent, it increased its market dominance to 53.6 percent. This increase in Bitcoin’s dominance Ethereum (ETH) 
$2,526 And BNB It was made possible by the depreciation of altcoins such as (BNB). Ethereum, in particular, lost 3.6 percent in market share as interest waned despite the spot ETF launch in the US in July.
While DeFi and CEXs Melted, Layer 2 and DEXs Were Active
In the third quarter, spot trading volume on central exchanges (CEX) decreased by 14.8 percent to $3.05 trillion. Binance Although it maintained its leadership with a market share of 38 percent, its market share fell below 40 percent for the first time since 2022. Crypto.combecame the fastest rising stock market with a growth of 160.8 percent. OKX And coinbase There were large decreases in the transaction volume of stock exchanges such as.
Although Ethereum maintains its leadership in decentralized exchange (DEX) trading solana (LEFT) and base Its market share fell below 40 percent as competitors such as increased their market share. Solana reached 22 percent market share in September, thanks primarily to memecoin hype. Base, with a volume increase of 31.4 percent Arbitrum(ARB) and ranked third.
Ethereum Layer 2 (L2) solutions also showed remarkable performance. While daily transaction numbers approached 10 million, Base became the most active L2 network with a share of 42.5 percent. With a mini application running via Telegram Manta Pacific also experienced a momentary jump in August.
While Gold Shines, Bitcoin’s Performance Lagged Behind Other Assets
On the other hand, the report stated that Bitcoin provided limited returns in the third quarter and fell behind other asset classes. Goldbecame the best performing asset, gaining 13.8 percent due to economic slowdown concerns in the USA and tensions in the Middle East. japanese yen It gained 12 percent in value with the BoJ’s interest rate increase. Oil And US Dollar Index (DXY), on the other hand, declined due to weak demand concerns and underperformed Bitcoin.
Finally, the transaction volume in the prediction markets attracted attention with an increase of 565.4 percent. polymarketcontrolled 99 percent of the market, while betting on the US presidential election accounted for 46 percent of the platform’s annual volume.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
