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CoinGecko Releases Quarterly Cryptocurrency Report for Q3 2020

1 min
Updated by Shilpa Lama
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CoinGecko’s Q3 2020 Quarterly Cryptocurrency Report underlines heightened market activity, including trading volume and the emergence of several new decentralized exchanges.

CoinGecko, a leading cryptocurrency data aggregator, released its Q3 2020 Quarterly Cryptocurrency Report on Oct. 9, bringing the spotlight to the new trends emerging in the broader cryptocurrency space including the ever-growing impact of decentralized finance (DeFi). The report highlighted that barring a minor dip in mid-September, the total crypto market cap continued to grow, which is in tune with the broader trend the market has followed since the March 2020 flash-crash. Compared to the previous quarter, the total market cap grew by 31%, whereas there was a 34% increase in trading volume. Bitcoin (BTC) continued to show a strong correlation with the traditional S&P 500 (SPX) index throughout the quarter as the BTC/USD pair grew marginally (+8%) and reached a local high of $12,272 on Aug. 18. The quarter ending Sept. 30 also saw a capital inflow of worth more than $9 billion to the broader crypto market. A significant proportion of this new capital came from the yield farming movement in DeFi. Tether (USDT) accounted for nearly 66% of the total inflow while the Ethereum (ETH) ecosystem was the largest beneficiary of the newly introduced capital. Several new decentralized exchanges (DEX) joined the market during Q3 and the monthly trading volumes in the top-10 DEX surged 700% from $3.8 billion in July to $30.4 billion in September. The phenomenal growth can be largely attributed to the hype surrounding DeFi and yield farming. Uniswap and Curve continued to dominate the DEX charts as they collectively controlled 80% of the total DEX market share by the end of Q3. You can find more insights and access the full report by visiting the official CoinGecko portal here.  
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