CoinGecko, a cryptocurrency data aggregator, released its report for the third quarter of 2021, showing that multiple crypto market sectors have made huge gains.
After the market crash in May, the crypto sector began to decline in the third quarter. At the end of July, the market value even further fell below US$1.2 trillion, less than half of the all-time high of US$2.5 trillion set two months ago.
However, the market value did rebound in the third quarter and even rose to US$2.3 trillion in early September.
Bitcoin grew by 25% between the second quarter and the third quarter, and continued this upward trend, even reaching $60,000 for the first time in five months.
Network Hash rate also picked up in the third quarter, Which shows that China is recovering from a full-scale crackdown that forced miners to move overseas.
Game tokens such as Axie Infinity (AXS), Illuvium (ILV) and Gala (GALA), as well as general NFT space, Also recorded huge gains in the third quarter.
Especially AXS, its quarter-on-quarter growth is nearly 1,000%, and its 2021 performance exceeds 13,700%.
In terms of NFT transaction volume, OpenSea continues to dominate the market segment. In fact, according to CoinGecko’s report, the total transaction volume of OpenSea and Rarible in the third quarter was approximately US$6.8 billion.
These significant market gains also stem from the storm of regulatory concerns about cryptocurrencies.U.S. policymakers seem to be exerting pressure, calling for Stricter laws surrounding market segments such as stablecoins.
Despite the steady growth recorded in the third quarter, the recovery of the crypto market is still far from the level of activity before the May crash.
First, CoinGecko reported that the spot trading volume of major centralized and decentralized exchanges fell by more than 42% in the third quarter.