10 October 2019 – CoinGecko, one of the world’s leading cryptocurrency data aggregators, today published its 2019 Quarter 3 Cryptocurrency Report. The 53-page report provides an overview of the state of the cryptocurrency market and the major events that took place during the third quarter of 2019.
Cryptocurrency Market Overview
Q3 was a relatively stable quarter for Bitcoin. It stayed above $10,000 for most of Q3, then experienced a sharp fall of 17.6% in the last week of September. Overall, Bitcoin ended the quarter down 24%, having started at $10,888 and ended at $8,271.
Although Bitcoin suffered a 24% fall in price in Q3, other cryptocurrencies experienced larger falls. Among the top 5 cryptocurrencies by market capitalization, Ethereum fell 39%, XRP fell 36%, Bitcoin Cash fell 43%, and Litecoin fell 54%. Overall market capitalization decreased by 29.1% or nearly $100 billion.
Bitcoin saw its market dominance increase from 65.0% to 70.4% (+5.4%) amongst the top 30 cryptocurrencies. Stablecoins saw its market dominance and market capitalization rank increase in Q3 as well.
Other Highlights from the CoinGecko Quarter 3 Report:
– 300% Growth in Derivatives Exchanges: This past quarter, the crypto industry experienced rapid growth in the derivatives sector. On CoinGecko, there was a 300% increase in the number of derivatives exchanges tracked, from 6 exchanges to 17 exchanges. Binance, the largest spot exchange by trading volume, is also now involved in the derivatives market. It launched Binance Futures and acquired JEX, a small derivatives exchange.
In this report, CoinGecko has included a “Derivatives for Dummies” section – an introductory and entertaining guide that will educate you on this complex subject. The section covers basic topics such as futures, options, and perpetual swaps, as well as provides a glossary for advanced topics.
– DeFi Industry Overview: Over the past year, the DeFi (Decentralized Finance) space has shown strong growth. Within the span of one year, the amount of ether locked in smart contracts to power DeFi has tripled to approximately 2.9 million.
With the aim of creating a more efficient money market, DeFi has seen strong growth in the types of applications coming on board. The most popular applications in the DeFi space are in the lending, derivatives, decentralized exchanges (DEX), and payment services. This report explores selected projects showcasing the use case of DeFi such as MakerDAO, Compound, Set Protocol, Synthetix, bZx Protocol, and Akropolis.
– CoinGecko Releases “Trust Score 2.0”: In May 2019, CoinGecko launched Trust Score to provide additional insights into crypto exchanges’ real liquidity through order book and web traffic analysis. This was necessary to combat exchanges’ fake volume and to improve transparency amongst cryptocurrency exchanges.
Building upon the success of this, CoinGecko developed Trust Score 2.0, which incorporates additional metrics and is bucketed into 5 major categories: Liquidity, API Technical Coverage, Scale of Operations, Cryptocurrency Reserves, and Regulatory Compliance.
“As Q3 came to a close, it seemed like the crypto industry was following our natural seasons. Crypto summer was here and we enjoyed the high price of Bitcoin. Now that summer is over, Bitcoin’s price has dropped and we’re in crypto autumn. Despite the bearish market, we are still seeing strong growth and development from many projects that are working hard to innovate in the crypto industry,” shared Bobby Ong, co-founder of CoinGecko.
This is the 9th edition of CoinGecko’s Quarterly Cryptocurrency Report. To read the full report, refer to the following links:
Since 2014, CoinGecko has been the trusted source of information for millions of cryptocurrency investors. Its mission is to empower the cryptocurrency community with a 360-degree overview of the market. CoinGecko provides comprehensive information derived from thousands of data points such as price, trading volume, market capitalization, developer strength, community statistics, and more. It currently tracks more than 5,700 tokens from more than 380 exchanges. For more information, visit https://www.coingecko.com.