Highly Anticipated “According to CMC” Q3 2023 Report by CoinMarketCap Published

Utilizing CMC’s statistical analysis, CoinMarketCap Research seeks to provide distinctive insights into the cryptocurrency industry. It wants to work with other influential voices in the sector to build a community where individuals can learn about and share their admiration for cryptocurrencies.

The latest “According to CMC” report, which covers the market overview, major events, future topics, and much more, has recently been issued by CoinMarketCap, by far the most widely used crypto data platform in the world.

Important Highlights from the Q3 report:

• The trading volume reaches a record-low level. In Q3, the top 15 centralized exchanges’ combined spot trading volume fell by additional 30.59%.
• Memes continue to be the most popular sector, following a pattern from Q2 2023. However, once the memecoin buzz subsided, its dominance dropped by an average of 53%.
• PEPE has been replaced on the Top 10 Most Added To Watch list In Q3 2023 list by ChainGPT (CGPT). Blockchain analytics and the creation of smart contracts are two AI functions offered by CGPT.
• One of the top hot topics in Q3 2023 is the Telegram bots sector, which is primarily dominated by trading-focused Unibot (UNIBOT).
• Germany has surpassed Turkey to be among the top three nations in CMC users. India and the US both maintained their respective top spots.

Diving Deeper

Real world assets (RWAs), the success of Base and other top L2s, and the better implementation examples of SocialFi are three factors that have contributed to the market’s strong growth story in Q3 compared to Q2.

Trade volume has dropped to a historically low level, and the market has insufficient liquidity. With regard to market cap growth, the RWA, Generative AI, Oracles, Media, and Lending/Borrowing sectors all had favorable increases in Q3. Additionally, there has been significant expansion in other popular areas like Base Ecosystem and Telegram Bots.

The top 3 most popular areas on CMC continue to be Meme, DeFi, and Smart Contracts. According to the amount of pageviews, these communities are still engaged in the top currencies in these fields.

Oracles, RWA, the Telegram ecosystem, interoperability, cross-chain liquidity, and decentralized stablecoin are the top gainers in Q3.

In the third quarter, the entire market capitalization of cryptocurrencies fell by 8.56% to $1.07 trillion USD, although it is still up 34.95% year to date. The market’s increase this quarter has been driven by a few things.

When compared to Q2, the cryptocurrency industry had tremendous growth in Q3 2023. The CMC Crypto Fear and Greed Index fell from 60 to 42 in Q3 as market sentiment shifted towards fear.

DeFi finished third, moving down one spot from Q2. The $61M Curve attack, which put creator Egorov’s CRV loans at danger, was only one of several occurrences in Q3 that employed well-established DeFi protocols.

The top cryptocurrencies that CMC users added to their watchlists the most in Q2 are still the blue-chip cryptocurrencies like Bitcoin, Ethereum, and XRP.

In Q3, the pattern persisted: USDT continued to dominate the stablecoin market, ousting USDC and BUSD. Since 2022, the amount of transactions on the stablecoin market has already topped that of Paypal and Mastercard put together.

The success of Friend.tech started a trend that resulted in the establishment of comparable platforms on several blockchains, indicating a promising beginning for the SocialFi industry.

More detailed information and data are included in the report, giving readers an easy-to-understand snapshot of Q3 2023.

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