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The Crypto Market Stabilizes in Q3 and Offers Significant Growth Opportunities

Although the third quarter was not the most significant in terms of performance, the crypto market was characterized by important regulatory events, such as Ripple’s victory in court and discussions on the approval of Bitcoin and Ethereum ETFs. These events have set the stage for Bitcoin’s recent rally, with expectations of an imminent announcement from the SEC.



crypto market

The third quarter of 2023 was characterized by limited volatility in crypto markets, with prices returning approximately to levels seen at the end of the previous quarter.

However, if we broaden the perspective to the entire year, a notable rise in the market values ​​of cryptocurrencies emerges, marking a marked reversal compared to the prolonged period of falling prices.

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Bitcoin, Ethereum, and altcoins

At the end of September, Bitcoin recorded a YTD performance of +63%, while Ethereum hovered around +40%. The total market capitalization, which was slightly above $0.8 trillion at the beginning of the year, rose to over $1.1 trillion by the end of the third quarter, marking a 35% increase.

While Bitcoin continues to dominate teh crypto market as the best asset of the year, the success of many other cryptocurrencies in the quarter is evident.

In particular, attention was focused on Real-world assets (projects that bring assets on-chain such as bonds, raw materials, and real estate investments), on trading bots that can be used via Telegram (such as Unibot), and on SocialFi protocols (including Friendtech ), which seek to combine decentralized finance with the typical functions of social networks.

However, it should be noted that trading volumes on Centralized Exchanges are declining, with the third quarter hitting new lows, down 20% compared to the second quarter. These last three months have therefore alternated periods of stasis with short periods of recovery.

SEC Could Approve Bitcoin ETFs Which Takes a Leap

At the time of writing this report, there is a sudden excitement in the cryptocurrency market. The price of Bitcoin has surpassed $34,000, registering a 25% increase in the last three weeks.

This performance overshadowed the excellent recovery of Ethereum, which grew by around 8% in the same period, with an almost identical increase in the capitalization of alt-coins.

There are several reasons behind Bitcoin’s exceptional performance, including renewed investor confidence in the SEC’s approval of BTC ETFs and recent rumors about the approval of Bitcoin ETFs are generating upward pressure on BTC.

In the third quarter, the US market saw many requests for spot ETFs and futures on Bitcoin and Ethereum, demonstrating the interest of institutions in the cryptocurrency sector.

ETFs (Exchange Traded Funds) are financial instruments accessible to everyone, from small investors to large institutions, eliminating barriers such as security and custody and using cryptocurrencies as an underlying asset. BlackRock, Fidelity and other financial giants have filed with the SEC, opening up the possibility of a market that could be worth billions and positively influence the price of Bitcoin.

There are also calls for Ethereum ETFs, which could lead to significant growth in Ethereum after a period of being overtaken by Bitcoin.

Generally, it is observed that Bitcoin starts growth, followed by Ethereum, and then the other cryptocurrencies and tokens enter a bull market with much higher percentage increases, given the size of the projects.

Market trend for Bitcoin

The month of July saw Bitcoin at $30,500 and a total crypto market capitalization slightly above $1.2 trillion.

Since the second half of August, Bitcoin has fallen to around $26,000, remaining in a tight range before closing the quarter at $27,000. This trend was reflected across the market as a whole, with total capitalization dropping from $1.25 trillion at the start of July to $1.1 trillion at the end of the quarter.

Bitcoin’s dominance, i.e. the percentage of its capitalization compared to the total market, fell from 49.5% to 48.5%, with a percentage point less in favor of Ripple and some alt-coins. However, Bitcoin’s recent performance has reversed this trend, bringing its dominance above 53%.

In contrast, Ethereum experienced a negative quarter, falling from its initial value of over $1,900 to close at less than $1,700, a loss of 11%.

Final considerations on the crypto market

Although the third quarter was not the most significant in terms of crypto market performance, it was characterized by important regulatory events, such as Ripple’s victory in court and discussions on the approval of Bitcoin and Ethereum ETFs. These events have set the stage for Bitcoin’s recent rally, with expectations of an imminent announcement from the SEC.

The arrival of ETFs would represent a significant step towards the adoption of cryptocurrencies by financial institutions.

The goal in the coming months will be to attract institutional capital to take the cryptocurrency sector to the next level. Furthermore, the adoption of stablecoins like PYUSD by financial giants like PayPal could lead to greater adoption of cryptocurrencies, even among common users.

With Bitcoin dominance returning to its highest levels in two and a half years, a possible recovery in alt-coins is expected, which is why several investors are reconsidering their portfolio strategies.


(Featured image by Art Rachen via Unsplash)

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First published in  Crowdfunding buzz. A third-party contributor translated and adapted the articles from the originals. In case of discrepancy, the originals will prevail.

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Valerie Harrison is a mom of two who likes reporting about the world of finance. She learned about the value of investing at a young age upon taking over her family's textile business when she was just a teenager. Valerie's passion for writing can be traced back to working with an editorial team at her corporate job, where she spent significant time working on market analysis and stock market predictions. Her portfolio includes real estate funds, government bonds, and equities in emerging markets such as cannabis, artificial intelligence, and cryptocurrencies.