CoinGecko, a cryptocurrency data aggregator, has issued its Q3 2021 report, which shows tremendous advances in a variety of crypto market sectors despite various anti-crypto regulatory policies.
Following the May market crisis, the crypto space entered Q3 at a low ebb, with market capitalization falling below $1.2 trillion in late July, less than half of the $2.5 trillion all-time high reached only two months previous.
Market capitalization did, however, recover in Q3, reaching $2.3 trillion in early September.
Bitcoin (BTC), gaming “coins,” and nonfungible tokens (NFTs) dominated the crypto market area in Q3, according to the CoinGecko research.
Between Q2 and Q3, Bitcoin increased by 25%, and it has continued on this upward trend, reaching $60,000 for the first time in five months.
In Q3, the network’s hash rate increased, indicating a comeback from China’s massive crackdown, which prompted miners to flee outside.
Axie Infinity (AXS), Illuvium (ILV), and Gala (GALA), among other gaming tokens, as well as the NFT market in general, had tremendous gains in Q3.
AXS, in particular, has returned about 1,000 percent year over year, with a 2021 performance of 13,700 percent.
OpenSea maintained its market-leading position in terms of NFT trading volume. According to the CoinGecko study, OpenSea and Rarible had a combined trading volume of around $6.8 billion in Q3.
These large market gains were also accompanied by a barrage of regulatory concerns about cryptocurrencies. Policymakers in the United States appear to have exerted pressure by calling for tougher regulations governing market segments such as stablecoins.
Despite gradual advances in Q3, the crypto market is still a long way from the levels of activity seen before the May meltdown.
For example, according to CoinGecko, spot trading volume on the largest controlled and decentralized exchanges fell by more than 42 percent in Q3.
