Binance Q3 report appraises crypto market as ‘challenging’ amid high interest rates
It’s been a challenging quarter for crypto, Binance has confirmed in its Q3 market pulse report. The market was down in many sectors, the report found, although the entry of institutional players such as Deutsche Bank, Sony and PayPal helped offset some of the pain.
The global crypto market capitalization was down 8.6% quarter-on-quarter (QoQ) “with the ‘higher for longer’ interest rate rhetoric set to persist.” Fundraising was at its lowest since Q4 2020 and down 21.4% QoQ, with infrastructure doing significantly better than other sectors.
Activity was down slightly on blockchains, with NEAR being the big exception. It saw an increase of about 120% QoQ. NEAR also saw a spike in active addresses that started in August. BNB fell sharply, while Ethereum rose slightly and Solana fell slightly.
Related: Q3 2023 crowned most ‘damaging’ quarter for crypto amid $700M losses: Report
Total value locked (TVL) dropped 13.1% across decentralized finance despite an influx of real-world assets, while liquid staking saw a 10.5% increase. Ethereum was the leading blockchain with 55.1% of TVL, despite an 18.6% decline. Tron’s TVL rose by 17.9% QoQ. Tether (USDT) accounted for 67.2% of the stablecoin market's share.
Our latest State of Crypto Report summarises all the key insights, events, and learnings from Q3.
Find everything you need to know about developments in the space, including analysis of:
Layer 1s & 2s
DeFi
NFTs
Gaming
Start reading here ⤵️https://t.co/ES5z6g8FMU
Nonfungible token (NFT) sales continued their slide. September was the worst month for NFT sales since January 2021 at around $300 million. Their average sale price that month was $38.17, down from a high of $791.84 in August 2021. However, transactions with NFTs were
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