The Capitalization of the Crypto Market Falls By 10% in Q3
In the third quarter of 2023, the market capitalization of digital currencies saw a decrease of 10% compared to the previous quarter, according to CoinGecko.
During this time, user activity on spot exchanges also decreased by 20.1%.
The report revealed that the total value of all digital currencies fell by approximately $119 billion, with stablecoins experiencing significant losses due to capital outflows.
Analysts highlighted that USDC suffered the most, with a loss of $2.26 billion, followed by BUSD with a 45.3% decrease and a decline in capitalization by $1.87 billion.
According to one of the study’s authors, Bobby Ong, traditional and DeFi markets have shown signs of convergence.
Furthermore, Bitcoin’s dominance in the crypto market has gradually increased, surpassing 53% and reaching the highest level since November 2021.
