Study: Bitcoin lagged only the US dollar in performance in Q3

From July to September, Bitcoin fell by 1%, showing better performance than fiat currencies (except the US dollar), leading stock indices, gold and oil. This is according to CoinGecko’s quarterly report CoinGecko.

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Considering year-to-date results, Bitcoin remains the laggard, having fallen 58% over this period.

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The overall cryptocurrency market capitalization rose by 6.5%, hitting extremes of $875 billion and $1.1 trillion.

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In the top 30, thanks to The Merge, Ethereum Classic displaced Algorand from the ranking. XRP displaced Binance USD from sixth place, Polygon rose from 19th to 15th place, Uniswap—from 27th to 18th.

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The correlation of the cryptocurrency market with the S&P 500 slightly declined, from 0.92 to 0.85.

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The Merge has not delivered a sustained positive effect on Ethereum’s price. The price of the second-largest cryptocurrency rose by 26%, although the pace before the event was significantly higher.

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\”The combination of a high consumer price index, expectations of aggressive Federal Reserve rate hikes, and the ‘buy the rumor, sell the news’ rule led to selloffs in the days before the merge.\”, experts explained.

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В секторальном разрезе аналитики обратили внимание на движение лучше рынка DeFi-токенов (+31%) и на падение торговых оборотов ведущих NFT-маркетплейсов на 77%.

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Analysts at Glassnode warned of an upcoming spike in volatility in the cryptocurrency market.

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Ранее эксперты LookIntoBitcoin предложили накапливать цифровое золото на фоне признаков формирования нижнего экстремума рыночного цикла.

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