- Bitcoin gained market dominance to 53.6% while the overall crypto market fell by 1% in Q3 2024.
- Centralized exchange volumes dropped, with Binance’s market share falling below 40% for the first time since 2022.
- Prediction markets grew by 565% led by Polymarket, largely driven by US election bets.
The cryptocurrency market ended Q3 2024 with a flat performance, ending with a market valuation of nearly $2.3 trillion. Despite this, Bitcoin’s dominance remained unaffected while Ethereum struggled.
According to Coingecko’s latest analysis, the crypto market remained volatile in Q3 2024 closing the quarter with a slight 1% decline, leaving the total market cap at $2.33 trillion. Two of the leading crypto assets reacted differently. While Bitcoin’s dominance surged to 53.6%, a significant increase, altcoins like Ethereum and BNB saw a downturn.
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Ethereum’s market share fell by 3.6% despite the launch of Ethereum ETFs in July. Experts attribute this decline to waning interest in the ETH ecosystem. Centralized exchanges (CEXs) also saw a 14.8% drop in trading volumes, ending the quarter at $3.05 trillion.
Binance and Crypto.com Lead the CEX Market
While Binance remained the dominant CEX player, its market share dropped below 40% for the first time since 2022. Crypto.com emerged as the second-largest CEX in September, with a 160.8% quarter-over-quarter increase in trading volume. It held a 14.4% market share in September.
Additionally, prediction markets grew dramatically by over 565%, with Polymarket claiming 99% of the sector’s market share. The surge was driven by interest in the 2024 US elections, propelling betting volumes on Polymarket by over 713%.
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Ethereum Layer-2 solutions also saw increased activity, with transactions rising 17.2%. Base led this growth, accounting for 42.5% of transactions.
Solana and Base Challenge Ethereum’s DEX Dominance
Decentralized exchanges (DEXs) saw Solana and Base challenge Ethereum’s dominance, which fell below 40% in Q3. Solana ended the quarter with a 22% market share, driven by the popularity of meme coins, while Base experienced a trading volume surge of over 30%.
Overall, Q3 2024 presented a fragmented yet dynamic market, impacted by fears of an economic slowdown in the US and escalating tensions in the Middle East. Bitcoin consolidated its power, while other sectors of the crypto ecosystem witnessed mixed performances.
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