HomeCryptoQ3 saw significant crypto market recovery from May crash, says new report

Q3 saw significant crypto market recovery from May crash, says new report

Cryptocurrency knowledge aggregator CoinGecko has launched its Q3 2021 report displaying huge positive factors throughout a number of crypto market sectors.

Following the May market crash, Q3 started on a low ebb for the crypto house, with market capitalization even dipping additional in late July beneath the $1.2 trillion, lower than half of the $2.5 trillion all-time excessive recorded solely two months prior.

However, market capitalization did get better in Q3, even rising as excessive as $2.3 trillion in early September.

According to the CoinGecko report, Bitcoin (BTC), gaming “coins,” and nonfungible tokens (NFTs) dominated the crypto market house in Q3.

Bitcoin recorded a 25% improve between Q2 and Q3 and has continued on this upward trajectory, even reaching $60,000 for the primary time in 5 months.

The community’s hash charge additionally skilled a resurgence in Q3, indicating a recovery from China’s sweeping crackdown that pressured miners to relocate abroad.

Gaming tokens like Axie Infinity (AXS), Illuvium (ILV), and Gala (GALA), in addition to the NFT house typically, did report huge positive factors in Q3 as properly.

AXS, specifically returned virtually 1,000% quarter-on-quarter positive factors, with its 2021 efficiency topping 13,700%.

In phrases of NFT buying and selling quantity, OpenSea continued its dominance of the market section. Indeed, OpenSea and Rarible recorded a complete buying and selling quantity of about $6.8 billion in Q3 based on the CoinGecko report.

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These significant market positive factors additionally got here on the again of a storm of regulatory considerations concerning cryptocurrencies. Policymakers within the United States seemingly utilized stress with requires stricter legal guidelines surrounding market segments like stablecoins.

Despite the regular positive factors recorded in Q3, the crypto market recovery continues to be a way off the exercise ranges seen earlier than the May crash.

For one, CoinGecko reported that spot buying and selling quantity throughout the main centralized and decentralized exchanges declined over 42% in Q3.