2023 Q3 Crypto Industry Report

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2023 Q3 Crypto Industry Report

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A significant market downturn in mid-August split the relatively slow Q3 into two parts. With limited liquidity on cryptocurrency exchanges, Bitcoin's (BTC) value plummeted from around $29,000 to approximately $26,000 within a single day on August 17, causing the total cryptocurrency market capitalization to drop from $1.2 trillion to $1.1 trillion.

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There was a significant drop in NFT trading volume, which fell by 55.6%, indicating dwindling interest across various chains.

The spot trading volume on centralized exchanges decreased by 20.1%, with Binance's market share falling to 44%.

The spot trading volume on decentralized exchanges experienced a decline of 31.2%, with Sushi losing its spot in the top 10 exchanges.

The total crypto market capitalization declined by 10% in the third quarter of 2023 but was still up by 35% year-to-date.

The market for stablecoins shrank by 3.8%, with TrueUSD being the only one among the top 5 stablecoins to gain in value.

Publish date

10

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24

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2023

Year

12

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00

am

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https://www.coingecko.com/research/publications/2023-q3-crypto-report

Referenced by

The spot trading volume on centralized exchanges decreased by 20.1%, with Binance's market share falling to 44%.

Crypto

The market for stablecoins shrank by 3.8%, with TrueUSD being the only one among the top 5 stablecoins to gain in value.

Crypto

There was a significant drop in NFT trading volume, which fell by 55.6%, indicating dwindling interest across various chains.

Crypto