“CoinMarketCap Releases Expected Q3 2023 Report ‘According to CMC'”

Through CMC’s analytical data, CoinMarketCap Research aims to deliver unique perspectives on the cryptocurrency sector. The initiative seeks to collaborate with other prominent figures in the industry to foster a community where individuals can explore and express their enthusiasm for cryptocurrencies.

The most recent “According to CMC” report, which includes a market overview, significant events, upcoming topics, and more, has been released by CoinMarketCap, the leading crypto data platform globally.

Key Highlights from the Q3 report:

• The trading volume has reached an unprecedented low. In Q3, the combined spot trading volume of the top 15 centralized exchanges decreased by an additional 30.59%.
• Memes remain the most favored sector, continuing a trend from Q2 2023. However, following the decline of the memecoin hype, its dominance fell by an average of 53%.
• ChainGPT (CGPT) has taken the place of PEPE on the Top 10 Most Added To Watch list for Q3 2023. CGPT offers AI functionalities for blockchain analytics and smart contract development.
• The Telegram bots sector, primarily led by trading-centric Unibot (UNIBOT), emerged as one of the hottest topics in Q3 2023.
• Germany has overtaken Turkey to rank among the top three countries in CMC users, while India and the US retained their leading positions.

Diving Deeper

Real world assets (RWAs), the success of Base and other leading L2s, along with improved examples of SocialFi, are three elements that have fueled the market’s robust growth narrative in Q3 compared to Q2.

Trade volume has fallen to a historically low point, and the market is experiencing a lack of liquidity. In terms of market cap growth, the RWA, Generative AI, Oracles, Media, and Lending/Borrowing sectors all saw positive gains in Q3. Furthermore, there has been notable growth in other trending areas such as the Base Ecosystem and Telegram Bots.

The three most popular sectors on CMC remain Meme, DeFi, and Smart Contracts. Based on pageviews, these communities continue to engage with the leading currencies in these categories.

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

In the third quarter, the total market capitalization of cryptocurrencies decreased by 8.56% to $1.07 trillion USD, although it is still up 34.95% year to date. The market’s growth this quarter has been influenced by several factors.

In comparison to Q2, the cryptocurrency sector experienced significant growth in Q3 2023. The CMC Crypto Fear and Greed Index dropped from 60 to 42 in Q3 as market sentiment shifted towards fear.

DeFi ranked third, slipping one position from Q2. The $61M Curve attack, which jeopardized creator Egorov’s CRV loans, was just one of many incidents in Q3 involving established DeFi protocols.

The leading cryptocurrencies that CMC users added to their watchlists the most in Q2 remain the blue-chip assets like Bitcoin, Ethereum, and XRP.

In Q3, the trend continued: USDT maintained its dominance in the stablecoin market, surpassing USDC and BUSD. Since 2022, the volume of transactions in the stablecoin market has already exceeded that of Paypal and Mastercard combined.

The success of Friend.tech initiated a trend that led to the creation of similar platforms across various blockchains, signaling a promising start for the SocialFi sector.

Further detailed information and data are available in the report, providing readers with a clear overview of Q3 2023.