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- Bitcoin gained market dominance to 53.6% whereas the general crypto market fell by 1% in Q3 2024.
- Centralized trade volumes dropped, with Binance’s market share falling under 40% for the primary time since 2022.
- Prediction markets grew by 565% led by Polymarket, largely pushed by US election bets.
The cryptocurrency market ended Q3 2024 with a flat efficiency, ending with a market valuation of practically $2.3 trillion. Regardless of this, Bitcoin’s dominance remained unaffected whereas Ethereum struggled.
Based on Coingecko’s newest evaluation, the crypto market remained unstable in Q3 2024 closing the quarter with a slight 1% decline, leaving the whole market cap at $2.33 trillion. Two of the main crypto belongings reacted in a different way. Whereas Bitcoin’s dominance surged to 53.6%, a major improve, altcoins like Ethereum and BNB noticed a downturn.
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Ethereum’s market share fell by 3.6% regardless of the launch of Ethereum ETFs in July. Specialists attribute this decline to waning curiosity within the ETH ecosystem. Centralized exchanges (CEXs) additionally noticed a 14.8% drop in buying and selling volumes, ending the quarter at $3.05 trillion.
Whereas Binance remained the dominant CEX participant, its market share dropped under 40% for the primary time since 2022. Crypto.com emerged because the second-largest CEX in September, with a 160.8% quarter-over-quarter improve in buying and selling quantity. It held a 14.4% market share in September.
Moreover, prediction markets grew dramatically by over 565%, with Polymarket claiming 99% of the sector’s market share. The surge was pushed by curiosity within the 2024 US elections, propelling betting volumes on Polymarket by over 713%.
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Ethereum Layer-2 options additionally noticed elevated exercise, with transactions rising 17.2%. Base led this development, accounting for 42.5% of transactions.
Solana and Base Problem Ethereum’s DEX Dominance
Decentralized exchanges (DEXs) noticed Solana and Base problem Ethereum’s dominance, which fell under 40% in Q3. Solana ended the quarter with a 22% market share, pushed by the recognition of meme cash, whereas Base skilled a buying and selling quantity surge of over 30%.
Total, Q3 2024 offered a fragmented but dynamic market, impacted by fears of an financial slowdown within the US and escalating tensions within the Center East. Bitcoin consolidated its energy, whereas different sectors of the crypto ecosystem witnessed combined performances.
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