Ethereum

Orca

THORChain

Notable

Spot

<h4>The crypto space in Q3-2023 saw a lot of sideways movement. CoinGecko published a report with their findings for Q3-2023. </h4> 
They covered six areas, including, among others, NFTs, RWA, and stablecoins. In this article, we will recap all six areas from the CoinGecko crypto industry <a href="https://www.coingecko.com/research/publications/2023-q3-crypto-report" target="_blank" rel="noopener">report</a>. 
<h5>Total Crypto Market Cap</h5> 
The total crypto market cap declined by 10% during Q3-2023. That equals $119.1 billion. However, that’s still 35% higher compared to a year-to-date. The average daily trading volume also declined. That took an 11.5% hit compared to Q2-2023. In Q3-2023, it sat at $39.1 billion. 
We also saw some coins moving positions in the top 25. Notably, <a href="https://www.altcoinbuzz.io/?s=solana" target="_blank" rel="noopener">Solana (SOL)</a> went from #10 to #7. Another big mover was TrueUSD (TUSD), jumping from #23 to #19. On the other hand, other coins dropped. For example, Litecoin (LTC) went from #9 to #14 and Avalanche (AVAX) slid from #15 to #22. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 1/ Total crypto market cap fell 10% in Q3 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f534.png" alt="🔴" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 • Total crypto market capitalization decreased by $119.1B, but it remains 35% higher YTD. • Notable ranking changes in the top 30 cryptocurrencies included <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a> climbing from #10 to #7, and <a href="https://twitter.com/search?q=%24TUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TUSD</a> from #23 to #19. <a href="https://t.co/Ua00mgfbZk">pic.twitter.com/Ua00mgfbZk</a> 
 — CoinGecko (@coingecko) <a href="https://twitter.com/coingecko/status/1716756523349942351?ref_src=twsrc%5Etfw">October 24, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
<h5>Stablecoins</h5> 
If we look at the top 15 <a href="https://www.altcoinbuzz.io/?s=stablecoins" target="_blank" rel="noopener">stablecoins</a>, we see that they shrank by 3.8%. That’s a market cap loss of $4.8 billion during Q3-2023. As a result, the market cap sat at $121.3 billion.&nbsp; 
USDT’s market cap remained stable, and the coin actually gained a 2.6% market share. USDC had a bigger loss to absorb, it declined by 8.3%. That’s an absolute loss of $2.26 billion. On the other hand, <a href="https://www.altcoinbuzz.io/?s=BUSD" target="_blank" rel="noopener">Binance USD (BUSD)</a> declined by 45.3%. That’s because Binance will stop supporting the coin in early 2024. 
The only stablecoin that gained in market cap was TUSD. It saw a 12.8% increase. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 2/ Top stablecoins shed $4.8B with <a href="https://twitter.com/search?q=%24TUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TUSD</a> being the sole gainer <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1fa99.png" alt="🪙" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 • <a href="https://twitter.com/search?q=%24TUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TUSD</a> was the only gainer in the top 5, with a 12.8% increase in market cap. • Notable newcomers outside the top 5 include <a href="https://twitter.com/search?q=%24FDUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$FDUSD</a>, <a href="https://twitter.com/search?q=%24CRVUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$CRVUSD</a>, &amp; <a href="https://twitter.com/search?q=%24PYUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PYUSD</a>. <a href="https://t.co/FiIfRNLmvM">pic.twitter.com/FiIfRNLmvM</a> 
 — CoinGecko (@coingecko) <a href="https://twitter.com/coingecko/status/1716756525811937401?ref_src=twsrc%5Etfw">October 24, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
<h5>RWA Assets</h5> 
The <a href="https://www.altcoinbuzz.io/?s=real+world+asset" target="_blank" rel="noopener">RWA (Real-world assets)</a> sector was the only crypto space with growth in Q3-2023. We saw one asset sticking out above the rest of the RWAs. These are the tokenized treasury bills. Their market cap saw a 5.84x gain. It had a cap of $114 million in January 2023. This went all the way up to $665 million by the end of September. 
TradFi or traditional finance was in control here. However, we saw a triple increase in projects offering T-bill tokens. The biggest player in this space is Franklin Templeton with a 46.6% share.&nbsp;Ethereum hosts 49% of all RWA protocols. However, Stellar is not far behind with 48%. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 3/ Tokenized T-bills lead RWA asset growth with a 5.84x increase <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f3e6.png" alt="🏦" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 • Tokenized T-bills saw explosive growth in 2023, surging from $114M in January to $665M by September. • TradFi institutions lead the market, primarily using <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> and <a href="https://twitter.com/hashtag/Stellar?src=hash&amp;ref_src=twsrc%5Etfw">#Stellar</a> blockchain networks. <a href="https://t.co/qcX5haFxht">pic.twitter.com/qcX5haFxht</a> 
 — CoinGecko (@coingecko) <a href="https://twitter.com/coingecko/status/1716756528152334552?ref_src=twsrc%5Etfw">October 24, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
<h5>NFTs</h5> 
<a href="https://www.altcoinbuzz.io/category/nft/" target="_blank" rel="noopener">NFTs</a> across all chains are having a hard time. Their trading volume went down by a staggering 55.6%. However, Ethereum is still leading the pack with an 83.2% market share. We did witness an unexpected newcomer, though. Bitcoin managed to grab a 5.6% market share.&nbsp; 
The one project that had a strong Q3-2023 was <a href="https://www.altcoinbuzz.io/?s=immutablex" target="_blank" rel="noopener">ImmutableX</a>. It had a monthly trading volume that averaged well north of $20 million. ImmutableX also saw two consecutive quarters where its market share increased. Q2 by 2.1% and Q3 by 3.9%. 
<figure id="attachment_126584" aria-describedby="caption-attachment-126584" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-126584 " src="https://www.altcoinbuzz.io/wp-content/uploads/2023/10/FireShot-Pro-Webpage-Capture-212-2023-Q3-Crypto-Industry-Report-I-CoinGecko-www.coingecko.com_-1024x1024.png" alt="CoinGecko" width="548" height="548" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/10/FireShot-Pro-Webpage-Capture-212-2023-Q3-Crypto-Industry-Report-I-CoinGecko-www.coingecko.com_-1024x1024.png 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/FireShot-Pro-Webpage-Capture-212-2023-Q3-Crypto-Industry-Report-I-CoinGecko-www.coingecko.com_-300x300.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/FireShot-Pro-Webpage-Capture-212-2023-Q3-Crypto-Industry-Report-I-CoinGecko-www.coingecko.com_-150x150.png 150w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/FireShot-Pro-Webpage-Capture-212-2023-Q3-Crypto-Industry-Report-I-CoinGecko-www.coingecko.com_-768x768.png 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/FireShot-Pro-Webpage-Capture-212-2023-Q3-Crypto-Industry-Report-I-CoinGecko-www.coingecko.com_-696x696.png 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/FireShot-Pro-Webpage-Capture-212-2023-Q3-Crypto-Industry-Report-I-CoinGecko-www.coingecko.com_-1068x1068.png 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/FireShot-Pro-Webpage-Capture-212-2023-Q3-Crypto-Industry-Report-I-CoinGecko-www.coingecko.com_-420x420.png 420w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/FireShot-Pro-Webpage-Capture-212-2023-Q3-Crypto-Industry-Report-I-CoinGecko-www.coingecko.com_.png 1126w" sizes="(max-width: 548px) 100vw, 548px">
 <figcaption id="caption-attachment-126584" class="wp-caption-text">
 CoinGecko crypto market Q3 report
 </figcaption>
</figure> 
<h5>Spot Trading Volume on CEXes</h5> 
The spot trading volume on the top 10 CEXes declined by 20.1%. That’s a total of $1.12 trillion. Tall trees catch much wind, and Binance answered to this. Among others, it experienced regulatory scrutiny. <a href="https://www.altcoinbuzz.io/?s=binance" target="_blank" rel="noopener">Binance</a> also left various markets, and some top executives left Binance. This affected its market share, being 66% in February (a year high) compared to 44% in September (a year low).&nbsp; 
Huobi, which came back under a different name, HTX, managed to enter the top 10 again. This went at the cost of <a href="https://www.altcoinbuzz.io/?s=kucoin" target="_blank" rel="noopener">KuCoin</a>, that’s now outside the top 10. 
<figure id="attachment_126583" aria-describedby="caption-attachment-126583" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-126583 " src="https://www.altcoinbuzz.io/wp-content/uploads/2023/10/FireShot-Pro-Webpage-Capture-213-2023-Q3-Crypto-Industry-Report-I-CoinGecko-www.coingecko.com_-1024x1024.png" alt="CoinGecko" width="558" height="558" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/10/FireShot-Pro-Webpage-Capture-213-2023-Q3-Crypto-Industry-Report-I-CoinGecko-www.coingecko.com_-1024x1024.png 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/FireShot-Pro-Webpage-Capture-213-2023-Q3-Crypto-Industry-Report-I-CoinGecko-www.coingecko.com_-300x300.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/FireShot-Pro-Webpage-Capture-213-2023-Q3-Crypto-Industry-Report-I-CoinGecko-www.coingecko.com_-150x150.png 150w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/FireShot-Pro-Webpage-Capture-213-2023-Q3-Crypto-Industry-Report-I-CoinGecko-www.coingecko.com_-768x769.png 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/FireShot-Pro-Webpage-Capture-213-2023-Q3-Crypto-Industry-Report-I-CoinGecko-www.coingecko.com_-696x697.png 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/FireShot-Pro-Webpage-Capture-213-2023-Q3-Crypto-Industry-Report-I-CoinGecko-www.coingecko.com_-1068x1069.png 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/FireShot-Pro-Webpage-Capture-213-2023-Q3-Crypto-Industry-Report-I-CoinGecko-www.coingecko.com_-420x420.png 420w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/FireShot-Pro-Webpage-Capture-213-2023-Q3-Crypto-Industry-Report-I-CoinGecko-www.coingecko.com_.png 1128w" sizes="(max-width: 558px) 100vw, 558px">
 <figcaption id="caption-attachment-126583" class="wp-caption-text">
 CoinGecko crypto market Q3 report
 </figcaption>
</figure> 
<h5>Spot Trading Volume on DEXes</h5> 
The spot trading volume on the top 10 DEXes declined by 31.2%. That brought the total volume down to $105 billion in Q3-2023. <a href="https://www.altcoinbuzz.io/?s=THORChain" target="_blank" rel="noopener">THORChain</a> saw the most gains. Its volume went up by 113% or $1.27 billion. However, we need to point out that this included transactions by bad actors. For example, the FTX hacker was a THORChain user, as was the North Korean hacker group Lazarus. At the end of September, THORChain’s market share reached 3%. 
On the other hand, SushiSwap dropped out of the top 10. This made room for the Solana-based Orca DEX. Orca now has a 1% market share.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 6/ DEXs see 31.2% drop in spot trading volume <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4b1.png" alt="💱" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 • Spot trading volume on top 10 DEXs totaled $105B, representing a -31.2% drop from Q2. • <a href="https://twitter.com/THORChain?ref_src=twsrc%5Etfw">@THORChain</a> was the largest gainer in 2023 Q3, with volume climbing 113%, while <a href="https://twitter.com/SushiSwap?ref_src=twsrc%5Etfw">@SushiSwap</a> fell out of the top 10 in the same period. <a href="https://t.co/dCYaAFubWR">pic.twitter.com/dCYaAFubWR</a> 
 — CoinGecko (@coingecko) <a href="https://twitter.com/coingecko/status/1716756535358243277?ref_src=twsrc%5Etfw">October 24, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
<h5>Conclusion</h5> 
We recapped the CoinGecko crypto market report for Q3-2023. In six different market segments, we saw a decline in five of them. Only the RWA sector saw an increase in market share. In total, the crypto market declined by 10% during Q3-2023. That’s still 35% better compared to last year. 
<a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="wp-image-124236 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-300x37.jpg" alt="" width="689" height="85" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1068x132.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1.jpg 1197w" sizes="(max-width: 689px) 100vw, 689px"></a> 
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Top Indicators of the CoinGecko Q3-2023 Report

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