The overall capitalization of the crypto market reached $119 billion in Q3 2023, down 10% compared to the previous quarter, according to the latest report from CoinGecko.
In the third quarter, Solana moved up 3 places from 10th to 7th; TrueUSD also moved from 23rd to 19th place. Meanwhile, Bitcoin dropped from 9th to 14th place and BUSD also dropped from 18th to 27th place.
The market cap of the 15 leading stablecoins declined 3.8% or $4.8 billion, now only $121.3 billion. USDT capitalization is moving sideways and seems difficult to break out; USDC recorded the largest loss (-$2.26 billion); BUSD decreased by 45.3% (-$1.87 billion). Only TUSD recorded a surge of 12.8% (+$0.39 billion) in capitalization.
NFT trading volume dropped 56%, from $3.67 billion in Q2 to $1.63 billion. Although NFT trading activity cools down on all chains, Ethereum still holds the throne, holding 83.2% of this sector. ImmutableX NFT is another bright name, with average monthly volume surpassing $20 million, increasing its dominance rate from 2.1% to 3.9% during the quarter.
Spot volume on the 10 largest centralized exchanges reached $1.12 trillion, decreased by 20.1% compared to the previous quarter. CoinGecko sees it as a chaotic quarter for CEX exchanges.
Under legal pressure and negative news about human resources, Binance only holds 44% of the market share, while that figure in February 2023 is up to 66%. HTX (old name Huobi) regained its top 3 and ended September with 8% market share. Upbit and Bybit also performed well during the quarter, while Kucoin moved out the top 10.
Spot volume on the top 10 DEX platforms reached $105 billion. THORchain had the strongest growth in the quarter, volume increased by 113%, equivalent to $1.27 billion. However, this strong growth may come from illegal transfers, where notorious hackers like Lazarus trade. THORChain ended September with 3% market share.
In contrast, Sushi – which has been a mainstay of DEX since 2020, has dropped out of the top 10, giving spotlight to Orca, the largest DEX on the Solana system.