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Cryptocurrency News Articles
CoinGecko Q3 2024 Crypto Industry Report: Bitcoin Dominance Grows, NFT Trading Volume Declines
Oct 18, 2024 at 10:43 pm
Despite a slight drop in the overall crypto market cap in Q3 2024, Bitcoin's (BTC) market share grew to 53.6%, up 2.7% from the previous quarter.
The cryptocurrency market declined by 1% in Q3 2024, finishing at $2.33 trillion, according to CoinGecko’s Q3 2024 Crypto Industry Report.
After hitting a high in July, the market fell in August due to global economic pressures. Interest rates remained unchanged in the U.S., while Japan raised them.
After fluctuating between $2.00 and $2.20 trillion, the market slightly recovered thanks to a U.S. interest rate cut and economic stimulus in China.
The average trading volume dropped from Q2 by 3.6% to $88 billion daily.
Despite a slight drop in the overall crypto market cap in Q3 2024, Bitcoin’s (BTC) market share grew to 53.6%, up 2.7% from the previous quarter.
Although Bitcoin only saw a slight 0.8% gain, it outperformed other cryptocurrencies like Ethereum (ETH) and BNB, which saw more significant declines in market dominance.
This marks the highest level of Bitcoin’s dominance since April 2021.
Ethereum, in particular, had the biggest drop among the top seven cryptocurrencies, losing 3.6% and ending Q3 with a 13.4% market share despite the launch of Ethereum ETFs in July. Decreased interest in Ethereum’s ecosystem likely contributed to the decline.
In Q3 2024, the total market cap of the top 20 stablecoins grew by $11 billion, reaching $170.2 billion by the end of the quarter, a 6.9% increase from $159.3 billion.
Tether (USDT) maintained its dominant 70% market share, while USD Coin (USDC) held 21%. Most of the growth came from USDT and USDC, adding $7 billion and $3.3 billion, respectively.
On the other hand, USD-e saw its first decline, with $1.1 billion in outflows, partially due to a sharp drop in its sUSDe APY. Other top gainers included PYUSD (+66.5%) and GHO (+72.5%), while GUSD (-35.3%) and crvUSD (-47.9%) lost the most market cap in Q3.
Gold Outperforms Bitcoin, Rising 13.8%
Bitcoin saw a modest price increase of 0.8% in Q3 2024, but most major asset classes outpaced it.
Gold led the way with a 13.8% gain, driven by economic concerns in the U.S. and tensions in the Middle East.
The Japanese Yen also performed well, climbing 12.0% after the Bank of Japan’s surprise rate hike. Only crude oil and the U.S. Dollar Index (DXY) performed worse than Bitcoin due to concerns about demand and interest rate cuts.
All major fiat currencies strengthened against the dollar.
Prediction Markets Surge 565.4%
People bet heavily on the upcoming U.S. elections, leading to a massive growth in prediction markets, increasing by 565.4%.
The top three platforms reached a combined $3.1 billion in volume, up from $466.3 million in the previous quarter.
Polymarket dominated the space, capturing 99% of the market share, with its betting volume skyrocketing by 713.2%.
Since the start of 2024, $1.7 billion has been wagered on the U.S. Presidential Election, making up about 46% of Polymarket’s total yearly volume.
Bitcoin’s total hash rate bounced back from its post-halving decline, increasing by 19.6% in Q3 2024. It grew from 503M TH/s in July to 602M TH/s by the end of the quarter, with the daily average hash rate reaching an all-time high of 743M TH/s in early September.
Despite this growth, miner profitability continued to drop month-on-month, down 6% in September. Other key developments in the mining sector include Russia legalizing crypto mining and five major mining firms expanding into AI by setting up high-performance computing (HPC) facilities.
Transactions on the top 10 Ethereum Layer 2 networks increased by 17.2%, reaching almost 10 million daily transactions by the end of September.
In contrast, the Ethereum mainnet processes about 1 million transactions daily.
Base led the charge, handling 42.5% of all Layer 2 transactions. Arbitrum was next with 18.9%, followed by Blast
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- Rahul calls for real women empowerment
- Oct 19, 2024 at 02:15 am
- ct 18 (UNI) Leader of the Opposition in Lok Sabha Rahul Gandhi on Friday called for real empowerment of women and not mere token representation. He was addressing the meeting of ‘Shakti Abhiyan’, a movement launched by the Indira Fellowship for women empowerment in the country. Participants from 21 states, who were top performers in their respective fields, and who committed to tackling the deep challenges of patriarchy facing women at the grassroots level, participated in today’s deliberations. Addressing the meeting, Rahul emphasised that the struggle in politics today was not just against the traditional opposition parties, but a broader “ideological battle”. He said, "Our fight in politics today is not just for power, but also for representation and they are two sides of the same coin, not as different as some people think." Rahul lauded the bold efforts of the Shakti Abhiyan, which is providing space for women to lead, organize and reshape political discourse in their communities. Shakti Abhiyan, run by Indira Fellowship, is a national initiative aimed at ensuring equal representation of women in Indian politics. The demands of the Shakti Abhiyan include, “Equal Political Representation”, to ensure 50% representation of women in elected offices at all levels. The participants in the session shared their on-the-ground experiences and discussed the challenges of social resistance, lack of resources and patriarchy in the political framework. The national executive meeting of Shakti Abhiyan will continue for the next two days, in which future action strategies will be discussed to expand the movement and strengthen the political participation of women in India. UNI RBE BM