The Q3 Crypto Industry Report by CoinGecko offers a comprehensive analysis of the crypto market’s performance during the third quarter of 2024, detailing significant shifts and trends. Here’s a condensed summary of the main points from the report:

  1. Market Capitalization: The total cryptocurrency market cap saw a slight decrease of 1.0%, ending the quarter at $2.33 trillion.
  2. Bitcoin’s Market Dominance: Bitcoin increased its market share to 53.6%, despite a modest price increase of 0.8%.
  3. Asset Class Performance: Bitcoin was outperformed by major asset classes like gold, which rose 13.8% due to economic slowdown fears and Middle Eastern tensions.
  4. Prediction Markets Growth: Prediction markets surged by 565.4%, driven by interest in the upcoming U.S. presidential elections, with Polymarket dominating the market.
  5. Ethereum Layer 2s Activity: Transactions on Ethereum Layer 2 networks grew by 17.2%, with Base leading in activity.
  6. Centralized Exchanges’ Trading Volume: Trading volume on centralized exchanges dropped by 14.8% to $3.05 trillion.
  7. Decentralized Exchanges’ Chain Dominance: Ethereum remains the dominant chain for DEX trading, but its share is declining in favour of rising platforms like Solana and Base.

This summary captures the key data and trends affecting the cryptocurrency market as reported by CoinGecko for the third quarter of 2024. For a deeper dive and more detailed data, refer to the full report on CoinGecko’s website.