May 25, 2024
Latest Cryptocurrency News

Binance Confirms Challenging Quarter for Crypto; Institutional Players Offer Relief

The global crypto market capitalization saw an 8.6% decrease quarter-on-quarter (QoQ) and is expected to persist due to the ‘higher for longer’ interest rate rhetoric. Fundraising hit its lowest point since Q4 2020, declining by 21.4% QoQ, with the infrastructure sector outperforming others.

Crypto has faced a challenging quarter, as confirmed by Binance in its Q3 market pulse report. The report indicates that various sectors of the market experienced a decline, although the entrance of institutional players like Deutsche Bank, Sony, and PayPal provided some relief.

Blockchain activity witnessed a general downturn, with NEAR being a notable exception, experiencing a 120% QoQ increase and a surge in active addresses beginning in August. BNB faced a sharp decline, while Ethereum showed a slight increase, and Solana experienced a minor drop.

Despite the influx of real-world assets, decentralized finance saw a 13.1% decrease in total value locked (TVL), whereas liquid staking witnessed a 10.5% increase. Ethereum remained the leading blockchain, accounting for 55.1% of TVL, despite an 18.6% decline. Tron’s TVL rose by 17.9% QoQ, and Tether dominated with 67.2% of the stablecoin market share.

Nonfungible token (NFT) sales continued to decline, with September being the worst month since January 2021, totaling around $300 million. The average sale price dropped to $38.17 from a high of $791.84 in August 2021, although overall NFT transactions increased, even amidst a sharp downturn in September. Gaming tokens led NFT sales, despite a 44.9% decrease in QoQ in their prices. Less than 28% of Web3 games have been launched, and Binance believes that Google’s decision to allow NFTs in its Play Store games could revitalize the market.

In terms of unique active wallets, Sweat Economy and SuperWalk claimed the second and third spots, reflecting growing interest in move-to-earn games. Six out of the top ten coins experienced increases this year. Solana (SOL) exhibited the most significant growth, up by 113.73%, while Ton made its debut on the list with a 3.11% decrease. Bitcoin’s value has increased by 63.05% so far, and Ether also saw a rise of 39.9%. However, BNB (BNB) faced a 12.77% decline by the end of Q3 2023.

Image by pixabay

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