CoinGecko Q3 report: CEX spot trading volume fell 14.8% month-on-month to $3.05 trillion

Odaily Planet Daily Report: CoinGecko released the Crypto Industry Report for Q3 2024, indicating that while the total cryptocurrency market capitalization remained at $2.33 trillion, volatility stemmed from events such as the Federal Reserve's interest rate changes and Japan's unexpected rate hike. Key points of the report: 1. The total cryptocurrency market capitalization declined by 1% in Q3, ending the quarter at $2.33 trillion. The market capitalization reached a high of $2.61 trillion on July 22, but due to global economic weakness, it dropped significantly on August 6. 2. The average trading volume was $88 billion, a 3.6% decrease from Q2. 3. Bitcoin's market dominance increased to 53.6%, a 2.7% rise. Ethereum's market share among the top 7 cryptocurrencies saw the largest decline of 3.6%, ending Q3 at 13.4%. 4. Major asset classes, led by gold, outperformed Bitcoin. Gold prices rose 13.8% in Q3, exceeding Bitcoin's performance. The Japanese yen appreciated 12.0% after the Bank of Japan's (BOJ) surprise rate hike in August and the subsequent rate cut by the Federal Reserve. 5. Prediction market trading volume grew 565% under the leadership of Polymarket. The top 3 prediction markets saw their trading volume increase from $466.3 million in Q2 to $3.1 billion. Polymarket accounted for 99% of the market share in September, with its trading volume and number of trades growing 713.2% and 845.5%, respectively. 6. Ethereum Layer 2 (L2) transaction volume grew 17.2% led by Base. The top 10 Ethereum L2s saw daily transaction counts approaching 10 million. Base was the most active L2, accounting for 42.5% of all Q3 transactions. 7. CEX spot trading volume declined to $3.05 trillion, a 14.8% decrease quarter-over-quarter. Binance remained the largest CEX, but its market share fell below 40% for the first time since January 2022, currently at 38%. Crypto.com became the second-largest spot CEX in Q3, up from the 9th position in Q2. 8. Ethereum continued to dominate DEX trading, but faced competition from Solana and Base. Ethereum DEX trading volume showed a declining trend from July to September, with a 19.6% quarter-over-quarter decrease in cumulative trading volume to $130.5 billion. Solana and Base DEX trading volumes continued to grow, with market shares of 22% and 13%, respectively.