The cryptocurrency market entered a prolonged period of consolidation in the third quarter of 2022. In September, a recovery started, according to a DappRadar study.
The renewal of Ethereum and the network’s switch to Proof-of-Stake consensus were two of the most significant developments of the third quarter. The bitcoin market capitalization is still below $1 trillion despite a rebound in investment activity.
A 8.5% decline in the value of digital currencies occurred between July and September 2022. At the conclusion of the previous month, recuperation began to show some early symptoms.
After experiencing significant turbulence in May and June, the DeFi decentralised finance market was able to settle as well.
The researchers point out that $69 billion worth of digital assets have been collected by DeFi protocols, an amount that has grown by approximately 3% over the previous three months.
In terms of the quantity of DeFi projects that have been deployed, Ethereum continues to be in the top spot in the blockchain rankings. By the end of September, the total value of funds invested in protocols built on ETH had surpassed $48 billion.
In comparison to April-June, there were 12% more active wallets in the third quarter, reaching 1.8 million. Gaming applications have made the largest contribution to the growth of the blockchain industry. In the reporting period, there were 8% more unique users of these services.
Due to increased frequent use of the ImmutableX and Polygon networks, the NFT market experienced a modest increase. Transactions utilising tokenized collections became more prevalent by 11%. The most successful NFT projects used Ethereum.
In contrast, only $2.71 billion worth of non-fungible tokens were traded in the third quarter. According to DappRadar researchers, there were 67% fewer transactions this quarter than there were the previous one.
