New report says the crypto market recovered significantly in the third quarter
Cryptocurrency data aggregator CoinGecko has released its Q3 2021 report showing massive gains across multiple crypto market sectors.
After the market crash in May, the third quarter in the crypto space started on a low, with market capitalization falling further below $ 1.2 trillion in late July, but still half of the all-time high of $ 2.5 trillion that was recorded only two months earlier.
However, market capitalization recovered in the third quarter and rose to $ 2.3 trillion in early September.
As reported by CoinGecko, Bitcoin (BTC), gaming “coins” and inedible tokens (NFTs) dominated the crypto market in the third quarter.
Bitcoin posted a gain of 25% between Q2 and Q3 and continued this upward trend, even reaching USD 60,000 for the first time in 5 months.
The network’s hash rate also spiked again in the third quarter, suggesting a rebound after China’s extensive crackdown forced miners to go abroad.
Gaming tokens such as Axie Infinity (AXS), Illuvium (ILV) and Gala (GALA), as well as the NFT space in general, also saw large gains in the third quarter.
AXS in particular saw a nearly 1,000% increase in QoQ, with performance peaking at 13,700% in 2021.
In terms of NFT trading volume, OpenSea continues to dominate the market segment. In fact, OpenSea and Rarible recorded total trading volumes of around $ 6.8 billion in the third quarter, as reported by CoinGecko.
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These significant market gains also come after a storm of crypto-related regulatory concerns. Policymakers in the United States appear to have been pressured by demands for stricter regulations on market segments like stablecoins.
Despite steady gains in the third quarter, the recovery in the crypto market is still far from the level of activity before the May crash.
First, CoinGecko reported that spot trading volume on major centralized and decentralized exchanges fell more than 42% in the third quarter.