CoinGecko's Q3 2024 Crypto Industry Report: Market Dominance Shifts, Surprising Price Movements, and Investor Interests

The third quarter of 2024 was a rollercoaster for the crypto market, marked by key shifts in market dominance, surprising price movements, and investor interests.

CoinGecko's Q3 2024 Crypto Industry Report highlights key shifts in the crypto market, revealing moments of both strength and weakness across different sectors. Here's a breakdown of the main takeaways:

1. Crypto Market Cap Shrinks: Despite early highs, the total crypto market cap faced turbulence due to broader economic forces. Beginning at $2.61 trillion on July 22, the market experienced a 1.0% decrease, closing at $2.33 trillion by the end of Q3.

2. BTC Gains Market Share: Bitcoin (BTC) presence in the crypto market rose as its dominance increased by 2.7% from the previous quarter. This brought BTC's market share to 53.6%, marking the highest level since April 2021.

3. Aave, Ripple, Thorchain Shine: Among the top cryptocurrencies, Aave (AAVE) led the price gainers with an impressive 61% increase. This was largely attributed to a "fee switch" proposal, allowing AAVE token holders to earn yield simply by holding their tokens.

4. Ethereum, Maker Saw Losses: On the other hand, Ethereum (ETH) saw a price decrease of 24%, despite the launch of spot Ethereum ETFs in July. This was a surprise to many, considering the anticipation that these ETFs would boost ETH's price.

5. Meme Coins, Solana Strong in Web Traffic: Meme coins continued to attract attention, generating 17.05% of web traffic on CoinGecko's platform categories. Solana's (SOL) meme coins also remained strong, contributing to 11.41% of the traffic.

6. Solana, AI Lead Market Share: Solana's ecosystem remained active, capturing 22.1% of the market share in Q3. Another notable trend was the performance of Artificial Intelligence (AI) platforms, which collectively held 9.6% of the market share.

7. DeFi Market Cap Drops: The total DeFi market cap saw a decline of 15.2% over the quarter, decreasing from $92.2 billion to $78.1 billion by the end of Q3. This marked the lowest point in 2024, with the broader market correction impacting DeFi as well.

8. NFT Market Continues Downturn: The NFT market also faced challenges, with trading volume across major networks decreasing by 61.3%. This dropped from $3.1 billion in Q2 to $1.2 billion in Q3.

9. Bitcoin Dominance Surges in Q4: As we move into the final quarter of 2024, Bitcoin's market dominance has surged to 57%. This comes ahead of "Uptober," a month that has historically been very profitable for BTC.

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