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Arbitrum

Base

Optimism

<h4><strong>In crypto, time passes really fast! In the blink of an eye, we’re already in 2023’s last quarter. But, before we end the year, let’s review the events and lessons from Q3-2023. </strong></h4> 
<p>To do this, we’ll be summarizing key points from Binance’s Market Q3-2023 <a href="https://www.binance.com/en/research/analysis/3q23-market-pulse" target="_blank" rel="noopener">Report</a>.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Our latest State of Crypto Report summarises all the key insights, events, and learnings from Q3.</p> 
 <p>Find everything you need to know about developments in the space, including analysis of:</p> 
 <p><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f538.png" alt="🔸" class="wp-smiley" style="height: 1em; max-height: 1em;"> Layer 1s &amp; 2s<br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f538.png" alt="🔸" class="wp-smiley" style="height: 1em; max-height: 1em;"> DeFi<br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f538.png" alt="🔸" class="wp-smiley" style="height: 1em; max-height: 1em;"> NFTs<br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f538.png" alt="🔸" class="wp-smiley" style="height: 1em; max-height: 1em;"> Gaming</p> 
 <p>Start reading here <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2935.png" alt="⤵" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/ES5z6g8FMU">https://t.co/ES5z6g8FMU</a></p> 
 <p>— Binance Research (@BinanceResearch) <a href="https://twitter.com/BinanceResearch/status/1714946953010651277?ref_src=twsrc%5Etfw">October 19, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h5><strong>Overview</strong></h5> 
<p>To start off, Binance’s market Q3-2023 report provides an overview of the crypto space. In a nutshell, the outlook is pretty bleak in this quarter. Despite major developments, key metrics are mostly trending downwards. Let us look at what these are below:</p> 
<ul> 
 <li>Market Cap for the entire crypto space fell 8.6% from Q2-2023.</li> 
 <li>Developer Activity fell slightly from Q2-2023.</li> 
 <li>The amount of funds raised for crypto projects hit a new 3-year low. Compared to Q2-2023, the total amount of funds raised has decreased by 21.4%.</li> 
 <li><a href="https://alternative.me/crypto/fear-and-greed-index/" target="_blank" rel="noopener">Crypto Fear &amp; Greed Index</a> fell 9 points from Q2 2023. At the end of Q3-2023, the index is slightly below the neutral line. This indicates a slightly fearful sentiment.</li> 
</ul> 
<p>Apart from the above info, Binance adds more insights in terms of crypto price action. These include:</p> 
<ul> 
 <li><a href="https://www.investopedia.com/terms/y/ytd.asp" target="_blank" rel="noopener">For Year-To-Date (YTD) price</a> performance, $BTC reigned supreme. $BTC has risen 63% since the start of 2023. Other major cryptos with similar price movements include $XRP, $SOL, and $TRON.</li> 
 <li>Bitcoin Dominance fell 1.5% from Q2-2023.</li> 
</ul> 
<p>Next, Binance adds on some notable events in Q3-2023. You can take a look at these in a timeline format below. Some of these events are bullish for Bitcoin. For instance, many institutions like Franklin Templeton are filing for <a href="https://www.altcoinbuzz.io/cryptocurrency-news/why-is-the-spot-bitcoin-etf-a-game-changer-for-crypto/" target="_blank" rel="noopener">$BTC ETFs</a>.</p> 
<figure id="attachment_126429" aria-describedby="caption-attachment-126429" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-126429" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/10/Binances-Market-Q3-2023-Report-Events.jpg" alt="Binance's Market Q3-2023 Report - Events" width="602" height="327" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/10/Binances-Market-Q3-2023-Report-Events.jpg 1349w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/Binances-Market-Q3-2023-Report-Events-300x163.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/Binances-Market-Q3-2023-Report-Events-1024x556.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/Binances-Market-Q3-2023-Report-Events-768x417.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/Binances-Market-Q3-2023-Report-Events-696x378.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/Binances-Market-Q3-2023-Report-Events-1068x580.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/Binances-Market-Q3-2023-Report-Events-774x420.jpg 774w" sizes="(max-width: 602px) 100vw, 602px">
 <figcaption id="caption-attachment-126429" class="wp-caption-text">
  <strong>Source: <a href="https://public.bnbstatic.com/static/files/research/3q23-market-pulse.pdf" target="_blank" rel="noopener">Q3 State of Crypto: Market Pulse</a></strong>
 </figcaption>
</figure> 
<p>To summarize, the overview of Q3 2023 shows a bleak, but not hopeless outlook. We’re looking forward to a turnaround in this current Q4-2023. Now, let’s dive into the details of other sectors of the crypto space.</p> 
<h5><strong>Layer 1 (L1) And Layer 2 (L2) Activity</strong></h5> 
<p>Here, Binance’s market Q3-2023 report provides insights on activity for the L1 and L2 projects.</p> 
<h6><strong>L1 Projects</strong></h6> 
<p>The report compares 4 prominent L1s, namely Ethereum, BNB Chain, Solana, and <a href="https://www.altcoinbuzz.io/tag/near-protocol/" target="_blank" rel="noopener">NEAR protocol</a>. These are the findings:</p> 
<ul> 
 <li>For monthly transactions, only NEAR had an increase. All 3 other projects had slight decreases.</li> 
 <li>For active addresses, only NEAR had an increase. The other 3 projects had slight decreases.</li> 
 <li>For Twitter followers, BNB Chain had the best performance. As of the end of Q3-2023, it overtook Ethereum with <a href="https://twitter.com/BNBCHAIN" target="_blank" rel="noopener">3.2 million total Twitter followers</a>.</li> 
</ul> 
<p><img decoding="async" class="wp-image-126598 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/10/tghtth-300x160.jpg" alt="" width="606" height="323" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/10/tghtth-300x160.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/tghtth.jpg 673w" sizes="(max-width: 606px) 100vw, 606px"></p> 
<p>Aside for the above comparisons, the report provides some further on-chain insights:</p> 
<ul> 
 <li>Ethereum’s gas fees fell in Q3-2023 from the previous Q2-2023. This is not a good sign as it shows a drop in activity on the Ethereum chain.</li> 
 <li>The amount of $ETH staked on Ethereum continues to increase. This is a good sign as it shows confidence in Ethereum. To add on, <a href="https://www.altcoinbuzz.io/tag/liquid-staking/" target="_blank" rel="noopener">Liquid Staking</a> has <a href="https://www.altcoinbuzz.io/defi/how-is-ethereum-liquid-staking-doing-in-2023-coingecko-report/" target="_blank" rel="noopener">gained much traction</a> in Q3-2023 too.</li> 
</ul> 
<p>Moving on, we take a look at the state of L2 projects in Q3-2023.</p> 
<h6><strong>L2 Projects</strong></h6> 
<p>For L2 projects, the report compares with 3 major ones. These are Arbitrum, Optimism, and Base. For Total Value Locked (TVL), Arbitrum and <a href="https://www.altcoinbuzz.io/?s=optimism" target="_blank" rel="noopener">Optimism</a> fell short. But, Base increased its TVL since its August 2023 launch. For sure, Base has entered the fray with a bang. In fact:</p> 
<ul> 
 <li>For daily active addresses, Base has exceeded Optimism on several occasions.</li> 
 <li>For daily transactions, Base has outperformed both Optimism and Arbitrum combined on certain days.</li> 
</ul> 
<p><img decoding="async" class="wp-image-126599 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/10/grtthrtyt-300x153.jpg" alt="" width="602" height="307" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/10/grtthrtyt-300x153.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/grtthrtyt.jpg 692w" sizes="(max-width: 602px) 100vw, 602px"></p> 
<p>Yet as of today, Arbitrum is still the dominant L2. Will Base take over Arbitrum soon? Only time will tell!</p> 
<h5><strong>DeFi</strong></h5> 
<p><a href="https://www.altcoinbuzz.io/category/defi/" target="_blank" rel="noopener">DeFi</a> is one of the most important narratives in crypto. Binance’s market Q3-2023 report shows some data on its performance.</p> 
<ul> 
 <li>DeFi’s TVL fell in Q3-2023 from its previous Q2-2023 by 13.1%. Yet, innovations and development continue in this space.</li> 
 <li>Liquid staking is the #1 sector within DeFi. The other sectors include Lending,&nbsp; <a href="https://www.altcoinbuzz.io/?s=decentralized+exchanges" target="_blank" rel="noopener">Decentralized Exchanges (DEXs)</a> and bridges.</li> 
 <li>Ethereum remains the undisputed leader in DeFi by TVL. Tron saw slight improvements in its TVL.</li> 
</ul> 
<p><img decoding="async" class="wp-image-126601 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/10/grtytuy-300x154.png" alt="" width="610" height="313" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/10/grtytuy-300x154.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/grtytuy.png 689w" sizes="(max-width: 610px) 100vw, 610px"></p> 
<p>Moreover, the report provides more info on DeFi Decentralized Applications (dApps).</p> 
<ul> 
 <li>For dApps, <a href="https://www.altcoinbuzz.io/tag/lido-finance/" target="_blank" rel="noopener">Lido</a> remains the leader by TVL.</li> 
 <li>Stablecoin activity has increased across the board.</li> 
 <li>Funds lost due to hacks were at the highest in Q3 in 2023.</li> 
</ul> 
<p>With the above info, the growth of DeFi does seem to be slowing down in Q3 2023. Now, let us segue into the NFT sector.</p> 
<h5><strong>NFTs</strong></h5> 
<p>Binance’s market Q3-2023 report presents some data on the <a href="https://www.altcoinbuzz.io/category/nft/" target="_blank" rel="noopener">NFT</a> scene. Sad to say, Q3-2023 isn’t a great quarter if you’re an NFT enthusiast. The metrics below have all fell in Q3-2023 compared to the previous Q2-2023:</p> 
<ul> 
 <li>NFT Sales.</li> 
 <li>NFT Transactions.</li> 
 <li>Number of unique NFT buyers.</li> 
 <li>NFT-500 Price Index.</li> 
</ul> 
<p><img decoding="async" class="wp-image-126603 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/10/trytthtgr-300x157.jpg" alt="" width="636" height="333" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/10/trytthtgr-300x157.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/trytthtgr.jpg 677w" sizes="(max-width: 636px) 100vw, 636px"></p> 
<p>A deeper look into the NFT space shows Gaming and Metaverse NFTs declined the worst. Speaking of gaming, the report has some data as well. That’s coming up in the next section.</p> 
<h5><strong>Gaming</strong></h5> 
<p>For <a href="https://www.altcoinbuzz.io/category/blockchain-gaming/" target="_blank" rel="noopener">web3 gaming</a>, the report deep dives into some pertinent data below:</p> 
<ul> 
 <li>BNB Chain dominates the blockchain gaming space with 1/3 of the market share.</li> 
 <li>Across the gaming landscape, only 27.6% of games are live. The rest are still in development. This clearly shows the infancy of the blockchain gaming space.</li> 
 <li>The most popular blockchain game is <a href="https://www.altcoinbuzz.io/tag/alien-worlds/" target="_blank" rel="noopener">Alien Worlds</a>. This is followed by Sweat Economy and SuperWalk. Both of which are Move-to-Earn games.</li> 
 <li>$SAND, $AXS, and $MANA remain the top 3 tokens in the gaming space.</li> 
</ul> 
<p><img decoding="async" class="wp-image-126604 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/10/yhdfrgtrh-300x156.jpg" alt="" width="630" height="328" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/10/yhdfrgtrh-300x156.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/10/yhdfrgtrh.jpg 685w" sizes="(max-width: 630px) 100vw, 630px"></p> 
<p>All-in-all, there’s not much data on how gaming is doing in Q3-2023. Rather, the report informs us on the leaders within this space.</p> 
<h5><strong>Conclusion</strong></h5> 
<p>To conclude, Binance has released a pretty solid and informative report for us. The verdict? It has been a bleak Q3-2023. But for some, it’s a good opportunity to get into the crypto market at low prices.</p> 
<p>Moreover, the month of October seems to be bullish too! Hence, we look forward to better data and activity for the last Q4-2023.</p> 
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<p>The post <a rel="nofollow" href="https://www.altcoinbuzz.io/bitcoin-and-crypto-guide/binances-market-q3-2023-report/">Binance’s Market Q3-2023 Report</a> appeared first on <a rel="nofollow" href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Binance’s Market Q3-2023 Report

Altcoin Buzz

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