Ethereum

Token

Polygon

<a href="https://en.coin-turk.com/binance-reduces-support-for-binance-usd-amidst-growing-regulatory-pressure/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a> Research, the research arm of the leading cryptocurrency exchange Binance, has published a report titled “The State of the <a href="https://en.coin-turk.com/bitcoins-fall-below-26000-triggers-crypto-market-decline-altcoins-experience-double-digit-losses/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Crypto</a> Market in the Third Quarter: Insights from Binance Research” shedding light on the state of the crypto market in the third quarter of the year. The report provides data on various branches of the crypto market, from Layer 1 and Layer 2 solutions to the DeFi and NFT markets as well as the gaming industry.
<h2 style="text-align: justify" id="strong-a-challenging-quarter-for-the-crypto-market-strong">A Challenging Quarter for the Crypto Market</h2>
Binance Research has released an important report presenting information about the third quarter of the year for the crypto market. According to the report, the third quarter was quite challenging for the crypto market, with a total market value decrease of 8.6% compared to the previous quarter. Additionally, institutional adoption continued to rise throughout the quarter.
<img decoding="async" class="aligncenter size-full wp-image-268213" src="https://coin-turk.com/wp-content/uploads/2023/10/Kripto-Para-Piyasasi-Degeri.png" alt="" width="1824" height="1142">
The research results show a decline in on-chain activities for Layer 1 and Layer 2 networks during the quarter. However, the activity of Ethereum Layer 2 solutions increased due to the launch of Coinbase’s Layer 2 network, Base.
<h2 style="text-align: justify" id="strong-latest-figures-on-the-defi-nft-and-gaming-sectors-strong">Latest Figures on the DeFi, NFT, and Gaming Sectors</h2>
In a section of the report, Binance Research provides a detailed overview of the decentralized finance (DeFi) and Non-Fungible Token (NFT) markets, summarizing the current state of both markets. According to the report, the total value locked (TVL) in DeFi decreased by 13.1% compared to the previous quarter, reaching $38.5 billion. The reasons behind this decline were attributed to a decrease in DeFi yields, risk aversion, and the drop in the price of Ethereum, the king of altcoins.
On the other hand, the NFT market experienced its lowest performance in nearly three years. The NFT sales volume during the quarter was recorded at $299 million. This is associated with the decrease in base prices of many NFT collections and the drop in the price of ETH.
<img decoding="async" class="aligncenter size-full wp-image-268214" src="https://coin-turk.com/wp-content/uploads/2023/10/Kripto-Oyun-Sektoru.png" alt="" width="1806" height="1120">
The report also sheds light on the gaming industry, which is increasingly interacting with the crypto market. According to the report, networks such as <a href="https://en.coin-turk.com/the-future-of-binance-coin-bnb-bearish-signals-and-price-analysis/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BNB</a> Chain, Ethereum, and Polygon continue to lead the sector with approximately 66% market share, based on the number of games built on them. Continue Reading: <a href="https://en.coin-turk.com/the-state-of-the-crypto-market-in-the-third-quarter-insights-from-binance-research/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/the-state-of-the-crypto-market-in-the-third-quarter-insights-from-binance-research/</a>

The State of the Crypto Market in the Third Quarter: Insights from Binance Research

Table of Contents

COINTURK NEWS

Other articles published on Oct 19, 2023

Analyst Price Prediction: BNB and Dogecoin To Recover, New Project To Surge 280%

XRP Holders Take Note: Bitcoin Spark Can Open Doors to Unprecedented Riches

As Loom Network (LOOM) Targets $0.5, Focus Shifts to VC Spectra (SPCT) Approaching the Stage 4 of...

Eaton Stock: Bears Vs Bulls; Who Will Dominate ETN Stock Price?

Shiba Inu: AI Predicts SHIB Price for October 31, 2023

Adshares (ADS) Price Prediction 2024, 2025, 2030, 2040, and 2050

Join our free newsletter for daily crypto updates!