Study: bitcoin was second only to the US dollar in terms of momentum in the third quarter

Study: bitcoin was second only to the U.S. dollar in terms of momentum in the third quarter

From July to September, the first cryptocurrency fell in price by 1%, showing better dynamics than fiat currencies (except the U.S. dollar), leading stock indices, gold and oil. That’s what CoinGecko said in its quarterly report.

Taking into account the results since the beginning of the year, bitcoin remains the outsider, having fallen 58% during this period.

Cryptocurrency market capitalization as a whole rose 6.5%, showing extremes of $875 billion and $1.1 trillion.

Ethereum Classic displaced Algorand in the top 30 thanks to The Merge. XRP displaced Binance USD from number six, Polygon moved up from number 19 to number 15, Uniswap from number 27 to number 18.

The cryptocurrency market’s correlation with the S&P 500 Index declined slightly, from 0.92 to 0.85.

The Merge had no sustainable positive effect on Ethereum quotes. The price of the second most capitalized cryptocurrency increased by 26%, although before the event the rates were much higher.

“The combination of a high consumer price index, expectations of an aggressive Fed rate hike, and the ‘buy the rumor, sell the news’ rule triggered the sell-off in the days ‘before the merger’.”, – explained the experts.

Sectorally, analysts drew attention to the DeFi token market’s movement better (+31%) and the leading NFT marketplaces’ 77% drop in trading turnover.

Recall, Glassnode analysts warned about the upcoming volatility surge in the cryptocurrency market.

Earlier, LookIntoBitcoin experts suggested accumulating digital gold amid signs of forming a market cycle bottom extreme.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, rates and analytics.

Leave a Reply

Your email address will not be published. Required fields are marked *