CoinGecko Report Shows Crypto Market Recover in Q3

Crypto asset aggregation portal, CoinGecko has published its 2021 Q3 report covering several subjects within the crypto economy in the quarter.

Most of the subjects covered in the report dwelled on the price recovery of the flagship digital asset, Bitcoin, defi, the growth of the non-fungible token sector, the hash rates recovery of the mining industry, and the entire crypto market industry performance in the quarter.

According to the report, Bitcoin saw a 25 percent increase in Q3. It also indicated that the dominance of altcoins equally increased within this period

“Bitcoin ended Q3 2021 at $43,859, a 25% increase quarter-on-quarter and had consolidated since its retracement from Q3’s peak.” Additionally, BTC was also able to outperform all other major asset classes.

On hash rate, the 40-page report found out that Bitcoin hash rate recovered by 54 percent in the said quarter, citing the resettlement of Bitcoin miners that China crypto crackdown sacked months ago.

The strong hash rate recovery may be linked to the great miner migration from China to the rest of the world.

CoinGecko report also reveals that public companies accounted for 1.11 percent of the total Bitcoin in circulation during the quarter. Equally, Bitcoin market valuation is nearly 14times higher than gold’s market cap.

The report also captures NFT trading volume during the quarter. It reveals that leading marketplace, OpenSea, continued its dominance of the space while Rarible’s total trading volume was $6.8 billion.

Gaming tokens such as Axie Infinity (AXS), Illuvium (ILV), and Gala (GALA), and a number of others were not left out of the Q3 rally. The report mentioned that AXS raked nearly 1,000 percent quarter-on-quarter gains, with its 2021 performance topping 13,700 percent.

Crypto market capitalization that dipped below half of its all-time high of $2.5 trillion also recovered to $2.3 trillion in Q3.

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