Binance Sees Bright Spots in Q3, but Crypto Not ‘Out of the Woods’

‘Market Pulse’ Report on Crypto Sector

The global crypto market rebounded in the third quarter of 2022, but analysts from Binance Research warn that bear season is still in full effect.

The recently published Binance Research “Market Pulse” report includes observations on various sectors of crypto, including a general market overview, layer-one networks, Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs) and GameFi.

The report notes that there was an 8.4% increase in the global crypto market cap following the disastrous second quarter:

“That said, we are unlikely to be out of the woods yet given a uncertain macro environment and general risk-off sentiments.”

Investors’ sentiments remained in the “Fear” zone in the quarter, as they have for most of the year.

Bitcoin, Ethereum and BNB remain the top three coins by market cap (excluding stablecoins). $BTC dominance fell during the quarter, with $ETH gaining about 3% in market share “likely due to interest from the Merge.”

Other key takeaways from the report include:

• DeFi: Following a steep drop in May, DeFi Total Value Locked has yet to recover, and was range-bound between US$50-60B in Q3.
• NFTs: NFTs had a tough Q3 with sales down 73% QoQ. However, number of unique buyers held up and saw a slight uptick over the quarter.
• GameFi: The gaming landscape is led by BNB Chain, Ethereum, and Polygon, with almost 70% market share (by number of games).

Read the full report here.

What Is Binance:

Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.

Where to find Binance:

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