Bitcoin And Other Cryptocurrencies Recover In Third Quarter

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Bitcoin: Cryptocurrency data aggregator CoinGecko finally released the report with market analysis for the third quarter of 2021. The information revealed that Bitcoin and other digital assets registered a significant recovery from the biggest fall of the year, which occurred in May.

At the time, the price of Bitcoin devalued about 50% and reached the level of US$29,800, taking with it the other “alternative” digital currencies – the altcoins. Total trading in this market floated comfortably above $2.5 trillion and hit the $1.2 trillion floor during the fall.

However, as the report points out, the effects of the big drop were practically nullified. As Bitcoin steadily advances past the $60,000 level, towards a new historic high, the market capitalization reached $2.3 trillion and is still on the rise. In the third quarter, which comprises the month of July, August and September, the highlighted assets were related to games and NFTs products, the non-fungible tokens.

When it comes to gaming cryptocurrencies, the performance is more than just amazing. Axie Infinity (AXS), for example, registered an appreciation of 1,000% compared to the last quarter and up to 13,700% this year. In the NFT market, the site OpenSea remains in high dominance, registering a trading volume of US$6.8 billion, together with its competitor Rarible.

The recorded data is very healthy for the cryptocurrency market, especially considering that the good performance was achieved amidst so many government restrictions and bans. Finally, it is noteworthy that trading levels are still quite different from those found before the last drop, being around 42% lower both in centralized and decentralized brokers.