CoinMarketCap and TokenInsight: Q3 2022 Crypto Market Report
CMC Research

CoinMarketCap and TokenInsight: Q3 2022 Crypto Market Report

Created 1yr ago, last updated 1yr ago

CoinMarketCap and TokenInsight assessed the state of the crypto market in Q3 2022 — including market overviews, key happenings and emerging projects.

CoinMarketCap and TokenInsight: Q3 2022 Crypto Market Report

Table of Contents


  • Crypto Market Overview: The Global Crypto Market Cap was approximately $934.85 billion at the end of Q3 2022. It’s an increase of 4% compared to the end of Q2, while representing only 43.56% of the Market Cap at the end of Q1.
  • DApps and Blockchains: Ethereum generated only $2.98 million in daily average revenue in Q3, a 79% decline from Q2. Derivative exchange dYdX and GMX have seen their revenue improved this quarter; NFT marketplace OpenSea maintained its second position.
  • Stablecoins: In Q3 2022, stablecoins' market cap fell by 2.4%. USDT still dominates 45% of the market, while BUSD is gradually taking the market share of USDC.
  • DeFi: The TVL of leading chains decreased by 67.76%, but the overall on-chain transactions remained the same. Ethereum performed the best during the bear market. Tron gained market share from the Terra collapse.
  • Lending: Stablecoins replaced BTC & ETH as the primary source of collateral on major lending protocols. The share of stablecoins as the primary source of collateral increased across protocols in 2022 Q3, replacing BTC and ETH.
  • Decentralized Exchanges: DEX spot trading volume trended downwards. The total crypto spot trading volume fell by 46.87% from the peak in 2021 Q2. Despite gaining ground on CEXs in 2021, DEXs struggled to keep pace in Q3 2022. The trading volume of the top 10 DEXs accounts for only 2.15% of the total spot trading volume.
  • NFT Market: NFT volume decreased 66.5% Q-o-Q, while active traders decreased 30.4% Q-o-Q. The state of the market has fallen back to pre-July 2021 levels and will probably experience further decline. OpenSea’s dominance declines while X2Y2 emerges as the leading challenger.
  • New Layer-1 Platforms: New layer-1 blockchains, such as Aptos and Sui, emerged to challenge incumbents and raised a considerable amount of funding.
Download the full CMC x TokenInsight Q3 2022 Crypto Market Report here.

Q3 2022 Crypto Market Report

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