- Ethereum led cryptocurrency market growth in the third quarter, surpassing Bitcoin.
- The overall crypto market increased by more than $500 billion in value during this period.
- Investor attention shifted from Bitcoin to Ethereum, altcoins, decentralized finance (DeFi), and tokenized assets.
- Trading volumes rebounded strongly across centralized and decentralized exchanges.
- Bitcoin’s market dominance declined, and its price movement showed less correlation with traditional stock markets.
In the third quarter, Ethereum became the dominant force in the cryptocurrency market, outpacing Bitcoin as crypto assets rebounded. This shift was driven by new interest in altcoins, DeFi protocols, and tokenized assets, according to a recent report by CoinGecko.
The crypto market added over $500 billion in value, marking its second consecutive quarter of significant growth. Ethereum’s price reached a new high of about $3,894 before retreating slightly, while Bitcoin lagged behind, ending the quarter near $107,000. Early in July, Bitcoin showed strong gains supported by retail investors and institutional inflows via spot exchange-traded funds (ETFs). However, by September, Ethereum gained momentum as demand for ETFs and tokenized real-world assets increased, drawing more corporate treasury attention.
CoinGecko also noted a substantial rebound in trading activity. Spot trading volumes surged on both centralized and decentralized exchanges. The quarter saw a resurgence of meme coins and stablecoins such as USDe. Lesser-known altcoins climbed into the top 30 by market capitalization. Additionally, DeFi regained prominence with total value locked in lending and staking protocols increasing alongside Ethereum’s rise.
Investor behavior showed notable changes with Bitcoin’s share of the total crypto market declining. Ethereum grew in market presence, alongside tokenized securities like on-chain stocks and bonds gaining traction through platforms like Ondo and Backed Finance. Bitcoin’s price decoupled from the S&P 500 index for the first time in over a year, indicating a shift toward crypto acting as a more independent asset class. The Bitcoin mining sector also reflected changing dynamics; its hashrate reached record levels, and miner-focused ETFs delivered strong returns, although the market focus centered more on emerging tokens and Ethereum’s performance.
For more details, see the full third-quarter crypto report.
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