• According to a new report, the third quarter saw significant crypto market recovery from the May crash

  • CoinGecko, a cryptocurrency data aggregator, has released its Q3 2021 report, which shows massive gains across several crypto market sectors.

    Following the May market crash, Q3 began on a low note for the crypto space, with market capitalization falling below $1.2 trillion in late July, less than half of the $2.5 trillion all-time high set only two months prior.

    However, market capitalization recovered in the third quarter, reaching a high of $2.3 trillion in early September.

    Bitcoin (BTC), gaming “coins,” and nonfungible tokens (NFTs) dominated the crypto market space in Q3, according to the CoinGecko report.

    Bitcoin increased by 25% between Q2 and Q3 and has continued on this upward trend, reaching $60,000 for the first time in five months.

    The network’s hash rate also increased in Q3, indicating a recovery from China’s sweeping crackdown that forced miners to relocate abroad.

    Gaming tokens such as Axie Infinity (AXS), Illuvium (ILV), and Gala (GALA), as well as the NFT space in general, saw significant gains in Q3.

    AXS, in particular, returned nearly 1,000% quarter-on-quarter gains, with its 2021 performance exceeding 13,700%.

    In terms of NFT trading volume, OpenSea maintained its market dominance. According to the CoinGecko report, OpenSea and Rarible had a total trading volume of about $6.8 billion in Q3.

    These significant market gains were also accompanied by a slew of regulatory concerns about cryptocurrencies. Policymakers in the United States appear to have applied pressure by calling for stricter laws governing market segments such as stablecoins.

    Despite steady gains in Q3, the crypto market recovery is still a long way from the activity levels seen prior to the May crash.

    For example, CoinGecko reported that spot trading volume on major centralized and decentralized exchanges fell by more than 42 percent in Q3.

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