CoinGecko’s Q3 2021 cryptocurrency report has been published: NFTs are booming.
Bitcoin and the new trading volumes
The report states that the price of Bitcoin seems to have reversed its previous downward trend, once again surpassing the $50,000 mark. And that new alternative chains, such as Avalanche and Solana, have managed to attract a lot of liquidity.
Coingecko report: focus on NFTs
The main focus is on the NFT market, which has picked up speed again, thanks in particular to OpenSea and Rarible, which traded at $6.8 billion. In September alone, 99% of all NFT trading volume was on OpenSea.
The summer just ended has been dubbed the NFT summer, as trading volumes reached new all-time highs, shattering previous records. This is due to a growing maturity of the market, and the fact that institutions have legitimized NFTs as an investable asset through their own instruments.
The main reason for OpenSea’s success has been Art Blocks, which has captured a large market share of generative art enthusiasts. all other NFT marketplaces are losing share to the behemoth OpenSea.
Positive news for Bitcoin’s Q3
Bitcoin’s turnaround came in August, with the third quarter closing at $43,859, or 25% higher than the previous quarter.
There were several pieces of positive news for Bitcoin during the recently concluded quarter. Most notably the launch of El Salvador’s BTC payments, institutional interest, and the popularity of Bitcoin as a risk-on hedge against inflation. The only big negative news was yet another China ban.
The most prominent altcoins were Solana (SOL) and Avalanche (AVAX), which ended the quarter with a TVL dominance of 6% and 2% respectively. In this respect, Binance Smart Chain (BNB) increased its dominance to 11%, below its peak of 20% in May, while Terra (LUNA) rose to 5%.
Ethereum (ETH) in this respect remains the undisputed leader, at least for now.
On the price side, gaming-related tokens in particular, have performed well, such as Axie Infinity (AXS), which has outperformed other cryptocurrencies in terms of returns, posting a 3-month return of 965%, with year-to-date gains of 13,783%. Gala (GALA) and Illuvium (ILV) followed with 3-month gains of 1,051% and 599% respectively.
Most of the major CEX tokens suffered losses in the second quarter, with only FTX Token (FTT) posting a significant return of 87%.
The top 5 DEX tokens had positive returns in the third quarter, ranging from 2% to 36%, with LUNA posting a +486% return.
Total trading spot volume, however, is still far from the highs of May.
The post CoinGecko: NFTs are all the rage in Q3 appeared first on The Cryptonomist.
