{"id":69509,"date":"2022-11-03T10:43:44","date_gmt":"2022-11-03T08:43:44","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69509"},"modified":"2025-09-07T20:27:59","modified_gmt":"2025-09-07T17:27:59","slug":"xrp-rises-as-bitcoins-share-in-portfolios-shrinks-exmo-com-market-analysis","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/xrp-rises-as-bitcoins-share-in-portfolios-shrinks-exmo-com-market-analysis\/","title":{"rendered":"XRP Rises as Bitcoin\u2019s Share in Portfolios Shrinks \u2014 EXMO.com Market Analysis"},"content":{"rendered":"<p>The cryptocurrency exchange <a class=\\\"tracking_link\\\" href=\\\"https:\/\/exmo.com\/\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">EXMO.com<\/a> published the market research results for the third quarter of 2022.<\/p>\n<p>We report on trader sentiment, trading volumes, and user activity on the platform. The full version of the report \u2014 in the <a class=\\\"tracking_link\\\" href=\\\"https:\/\/info.exmo.com\/wp-content\/uploads\/2022\/10\/kv.3-2022_otchet-po-kriptorynku_exmo.pdf\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">blog<\/a> of the trading platform.<\/p>\n<div class=\\\"wp-block-text-wrappers-keypoints article_keypoints\\\">\n<ul class=\\\"wp-block-list\\\">\n<li>Trading volumes on the market fell by 16%, while the overall crypto market capitalization rose by 11%.<\/li>\n<li>Leaders of growth among top altcoins were XRP, Uniswap and Ethereum, which added 51.2%, 30% and 24.6% respectively.<\/li>\n<li>Bitcoin ended the quarter down 1.3%.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\\\"wp-block-heading\\\">Key metrics: market sentiment, capitalization growth and Bitcoin&#8217;s waning dominance<\/h2>\n<p>Market sentiment improved: in the third quarter, the median value of the Fear and Greed Index rose to 26 points (\\&#8221;fear\\&#8221;). In the previous reporting period its median value <a class=\\\"tracking_link\\\" href=\\\"https:\/\/info.exmo.me\/wp-content\/uploads\/2022\/07\/Kv.2-2022_Otchet-po-kriptorynku_EXMO.pdf\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">stood at<\/a> 14 points (\\&#8221;extreme fear\\&#8221;).<\/p>\n<figure class=\\\"wp-block-image size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"234\\\" src=\\\"https:\/\/forklog.com\/wp-content\/uploads\/image1-548-1024x234.png\\\" alt=\\\"\u0420\u043e\u0441\u0442 XRP \u0438 \u0441\u043e\u043a\u0440\u0430\u0449\u0435\u043d\u0438\u0435 \u0434\u043e\u043b\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u0432 \u043f\u043e\u0440\u0442\u0444\u0435\u043b\u044f\u0445 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u043e\u0432 \u2014 \u0430\u043d\u0430\u043b\u0438\u0437 \u0440\u044b\u043d\u043a\u0430 \u043e\u0442 EXMO.com\\\" class=\\\"wp-image-189668\\\" srcset=\\\"https:\/\/forklog.com\/wp-content\/uploads\/image1-548-1024x234.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/image1-548-300x69.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/image1-548-768x175.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/image1-548.png 1537w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption>In August 2022, the index hovered around 30 points for several days and lingered in the \\&#8221;neutral\\&#8221; zone, but sentiment subsequently deteriorated.<\/figcaption><\/figure>\n<p>Crypto market capitalization rose 11% in Q3. The corresponding figure for silver fell 18.2%, gold \u2014 7.5%, the S&#038;P 500 \u2014 5.6%.<\/p>\n<p>Nevertheless, the statistical correlation between digital assets and the S&#038;P 500 remained high \u2014 the 30-day correlation coefficient mostly stayed above 0.8.<\/p>\n<figure class=\\\"wp-block-image size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"401\\\" src=\\\"https:\/\/forklog.com\/wp-content\/uploads\/image7-42-1024x401.png\\\" alt=\\\"\u0420\u043e\u0441\u0442 XRP \u0438 \u0441\u043e\u043a\u0440\u0430\u0449\u0435\u043d\u0438\u0435 \u0434\u043e\u043b\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u0432 \u043f\u043e\u0440\u0442\u0444\u0435\u043b\u044f\u0445 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u043e\u0432 \u2014 \u0430\u043d\u0430\u043b\u0438\u0437 \u0440\u044b\u043d\u043a\u0430 \u043e\u0442 EXMO.com\\\" class=\\\"wp-image-189669\\\" srcset=\\\"https:\/\/forklog.com\/wp-content\/uploads\/image7-42-1024x401.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/image7-42-300x117.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/image7-42-768x301.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/image7-42-1536x601.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/image7-42.png 1711w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption>The relationship with the index weakened during periods of directional changes in late July and late August.<\/figcaption><\/figure>\n<p>In the first half of the quarter, cryptocurrencies recovered faster than the S&#038;P 500, while in the second half, markets moved more in sync.<\/p>\n<p>Bitcoin dominance over the quarter weakened by 5%. The share of digital gold on the market at period end was 39.6%. Meanwhile Ethereum&#8217;s share rose by 2% (to 17.3%), and the share of the other cryptocurrencies rose by 3% (to 43.1%).<\/p>\n<h2 class=\\\"wp-block-heading\\\">Trading volumes: rebound after the crash, XRP rally, and waning crypto correlations<\/h2>\n<p>EXMO.com analysts note that after the update <a href=\"https:\/\/forklog.com\/en\/news\/ethereums-move-to-proof-of-stake-pos-what-you-need-to-know\">The Merge<\/a>, Ethereum&#8217;s trading volumes increased but fell short of expectations, despite media coverage of the event.<\/p>\n<p>Return on investment (ROI) in Q3 turned positive for many cryptocurrencies. The biggest gains were observed in July, as the market recovered from the drop in the previous quarter.<\/p>\n<figure class=\\\"wp-block-image size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"197\\\" src=\\\"https:\/\/forklog.com\/wp-content\/uploads\/image4-118-1024x197.png\\\" alt=\\\"\u0420\u043e\u0441\u0442 XRP \u0438 \u0441\u043e\u043a\u0440\u0430\u0449\u0435\u043d\u0438\u0435 \u0434\u043e\u043b\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u0432 \u043f\u043e\u0440\u0442\u0444\u0435\u043b\u044f\u0445 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u043e\u0432 \u2014 \u0430\u043d\u0430\u043b\u0438\u0437 \u0440\u044b\u043d\u043a\u0430 \u043e\u0442 EXMO.com\\\" class=\\\"wp-image-189670\\\" srcset=\\\"https:\/\/forklog.com\/wp-content\/uploads\/image4-118-1024x197.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/image4-118-300x58.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/image4-118-768x148.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/image4-118-1536x295.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/image4-118.png 1731w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption>The median ROI across the assets presented was 2%.<\/figcaption><\/figure>\n<p>The growth leader was XRP. Against the backdrop of <a href=\"https:\/\/forklog.com\/en\/news\/ripple-chief-rules-out-jury-trial-for-sec-case-xrp-price-climbs-30\">progress<\/a> in the SEC&#8217;s case against Ripple, the token&#8217;s price rose by 51.2%.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\\&#8221;There is hope for a swift resolution of the Ripple and SEC case. Obviously, most market participants believe in a favorable outcome,\\&#8221; says the EXMO.com team.<\/p>\n<\/blockquote>\n<p>The biggest losses were Dogecoin (-8.7%), Polkadot (-6.3%) and Tron (-6.3%).<\/p>\n<p>Volatility across cryptocurrencies declined significantly compared with previous quarters.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\\&#8221;Tron demonstrated the least volatility: the altcoin managed to outpace Bitcoin. However, for TRX this is a negative signal, given the drop in trading volume and price,\\&#8221; says the EXMO.com report.<\/p>\n<\/blockquote>\n<p>The correlation between cryptocurrencies weakened significantly and did not exceed 0.9. In the second quarter, the interdependence of price movements was very strong: the correlation coefficient for almost all cryptocurrencies exceeded 0.95.<\/p>\n<figure class=\\\"wp-block-image size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"288\\\" src=\\\"https:\/\/forklog.com\/wp-content\/uploads\/image8-27-1024x288.png\\\" alt=\\\"\u0420\u043e\u0441\u0442 XRP \u0438 \u0441\u043e\u043a\u0440\u0430\u0449\u0435\u043d\u0438\u0435 \u0434\u043e\u043b\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u0432 \u043f\u043e\u0440\u0442\u0444\u0435\u043b\u044f\u0445 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u043e\u0432 \u2014 \u0430\u043d\u0430\u043b\u0438\u0437 \u0440\u044b\u043d\u043a\u0430 \u043e\u0442 EXMO.com\\\" class=\\\"wp-image-189671\\\" srcset=\\\"https:\/\/forklog.com\/wp-content\/uploads\/image8-27-1024x288.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/image8-27-300x84.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/image8-27-768x216.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/image8-27-1536x431.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/image8-27.png 1713w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption>The median value of the correlation coefficient of cryptocurrency price movements for the quarter was 0.6.<\/figcaption><\/figure>\n<p>Excluding XRP: it showed a complete decoupling from the market due to <a href=\"https:\/\/forklog.com\/en\/news\/ripple-chief-rules-out-jury-trial-for-sec-case-xrp-price-climbs-30\">growth of 30%<\/a> in September.<\/p>\n<h2 class=\\\"wp-block-heading\\\">EXMO.com user activity: shrinking balances and Bitcoin\u2019s share in investor portfolios<\/h2>\n<p>User balances on EXMO.com across most cryptocurrencies declined. This was driven by gains in some altcoins.<\/p>\n<p>XRP balances fell by 8%, Uniswap (UNI) by 19%, Chainlink (LINK) by 20%, although token prices rose by 51%, 30% and 23% respectively.<\/p>\n<figure class=\\\"wp-block-image size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"210\\\" src=\\\"https:\/\/forklog.com\/wp-content\/uploads\/image6-58-1024x210.png\\\" alt=\\\"\u0420\u043e\u0441\u0442 XRP \u0438 \u0441\u043e\u043a\u0440\u0430\u0449\u0435\u043d\u0438\u0435 \u0434\u043e\u043b\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u0432 \u043f\u043e\u0440\u0442\u0444\u0435\u043b\u044f\u0445 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u043e\u0432 \u2014 \u0430\u043d\u0430\u043b\u0438\u0437 \u0440\u044b\u043d\u043a\u0430 \u043e\u0442 EXMO.com\\\" class=\\\"wp-image-189673\\\" srcset=\\\"https:\/\/forklog.com\/wp-content\/uploads\/image6-58-1024x210.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/image6-58-300x62.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/image6-58-768x157.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/image6-58.png 1117w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption>The bulk of balance reductions occurred in September. <\/figcaption><\/figure>\n<p>The number of NEAR holders grew the most (+9.4%). Investors were actively selling Decred (-12.3%), Maker (-11.8%) and Wirex (-11.2%).<\/p>\n<figure class=\\\"wp-block-image size-full\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"606\\\" height=\\\"505\\\" src=\\\"https:\/\/forklog.com\/wp-content\/uploads\/image3-186.png\\\" alt=\\\"\u0420\u043e\u0441\u0442 XRP \u0438 \u0441\u043e\u043a\u0440\u0430\u0449\u0435\u043d\u0438\u0435 \u0434\u043e\u043b\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u0432 \u043f\u043e\u0440\u0442\u0444\u0435\u043b\u044f\u0445 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u043e\u0432 \u2014 \u0430\u043d\u0430\u043b\u0438\u0437 \u0440\u044b\u043d\u043a\u0430 \u043e\u0442 EXMO.com\\\" class=\\\"wp-image-189674\\\" srcset=\\\"https:\/\/forklog.com\/wp-content\/uploads\/image3-186.png 606w, https:\/\/forklog.com\/wp-content\/uploads\/image3-186-300x250.png 300w\\\" sizes=\\\"auto, (max-width: 606px) 100vw, 606px\\\" \/><figcaption>Ranking of the ten most popular cryptocurrencies among EXMO.com users. It completely repeats the figures of the <a class=\\\"tracking_link\\\" href=\\\"https:\/\/info.exmo.me\/wp-content\/uploads\/2022\/07\/Kv.2-2022_Otchet-po-kriptorynku_EXMO.pdf\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">previous quarter<\/a>.<\/figcaption><\/figure>\n<p>The share of Bitcoin in the portfolios of long-term holders declined from 38% to 35%.<\/p>\n<p>During the quarter, BTC\/USDT trades ranged from 18,700 USDT to 24,700 USDT with a relatively even distribution of volumes.<\/p>\n<figure class=\\\"wp-block-image size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"304\\\" src=\\\"https:\/\/forklog.com\/wp-content\/uploads\/image2-350-1024x304.png\\\" alt=\\\"\u0420\u043e\u0441\u0442 XRP \u0438 \u0441\u043e\u043a\u0440\u0430\u0449\u0435\u043d\u0438\u0435 \u0434\u043e\u043b\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u0432 \u043f\u043e\u0440\u0442\u0444\u0435\u043b\u044f\u0445 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u043e\u0432 \u2014 \u0430\u043d\u0430\u043b\u0438\u0437 \u0440\u044b\u043d\u043a\u0430 \u043e\u0442 EXMO.com\\\" class=\\\"wp-image-189676\\\" srcset=\\\"https:\/\/forklog.com\/wp-content\/uploads\/image2-350-1024x304.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/image2-350-300x89.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/image2-350-768x228.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/image2-350.png 1095w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption>When Bitcoin rose from 19,000 USDT to 19,600 USDT, the highest trading activity was observed \u2014 19% of quarterly volume.<\/figcaption><\/figure>\n<p>More than half of Ethereum&#8217;s trading volume occurred during the period of price rise from 1,500 USDT to 1,800 USDT. When the asset price exceeded 1,800 USDT, only 13% of trades were executed.<\/p>\n<figure class=\\\"wp-block-image size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"294\\\" src=\\\"https:\/\/forklog.com\/wp-content\/uploads\/image5-90-1024x294.png\\\" alt=\\\"\u0420\u043e\u0441\u0442 XRP \u0438 \u0441\u043e\u043a\u0440\u0430\u0449\u0435\u043d\u0438\u0435 \u0434\u043e\u043b\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u0432 \u043f\u043e\u0440\u0442\u0444\u0435\u043b\u044f\u0445 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u043e\u0432 \u2014 \u0430\u043d\u0430\u043b\u0438\u0437 \u0440\u044b\u043d\u043a\u0430 \u043e\u0442 EXMO.com\\\" class=\\\"wp-image-189677\\\" srcset=\\\"https:\/\/forklog.com\/wp-content\/uploads\/image5-90-1024x294.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/image5-90-300x86.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/image5-90-768x221.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/image5-90.png 1131w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption>During Ethereum&#8217;s price fall, market interest in the altcoin waned.<\/figcaption><\/figure>\n<h2 class=\\\"wp-block-heading\\\">Conclusions<\/h2>\n<p>The quarter&#8217;s main event was Ethereum&#8217;s transition to the Proof-of-Stake consensus algorithm. The upgrade positively affected the asset&#8217;s price.<\/p>\n<p>Progress in the SEC&#8217;s case against Ripple positively affected XRP&#8217;s price. Against rising altcoins, investors actively reduced balances.<\/p>\n<p>Long-term investors on <a class=\\\"tracking_link\\\" href=\\\"https:\/\/exmo.com\/\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">EXMO.com<\/a> reduced their Bitcoin share in portfolios by 3% \u2014 from 38% to 35%. The biggest losers among major cryptocurrencies were Dogecoin, Polkadot and Tron.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news in our <a href=\\\"\/\/telegram.me\/forklog\\\" target=\\\"\u201c_blank\u201d\\\" rel=\\\"\u201cnofollow\u201d noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, rates and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency exchange EXMO.com published the market research results for the third quarter of 2022.<\/p>\n","protected":false},"author":1,"featured_media":69510,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"2","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[1144],"tags":[497,1145],"class_list":["post-69509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-longreads","tag-exmo","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"2","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69509","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=69509"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69509\/revisions"}],"predecessor-version":[{"id":69511,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69509\/revisions\/69511"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/69510"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=69509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=69509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=69509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}