The greenback is the only asset class that outperformed the primary cryptocurrency in Q3 2022.
The crypto industry showed a mild recovery in Q3 after taking a significant plunge amid volatile conditions over the first half of 2022.published by cryptocurrency aggregator CoinGecko, the overall crypto market cap increased by 6.5%, about $100 billion, in Q3 compared to Q2.Despite having a choppy Q3, BTC outperformed every asset class except the U.S. dollar Index, which measures the exchange rate of a basket of foreign currencies compared to the greenback.
While bitcoin’s price dropped in tandem with U.S. equities, the digital asset quickly recovered compared to the stock market and ended the third quarter with only a -1% change in price.The CoinGecko report also revealed that the stablecoin market recorded poor performance over the third quarter, with the market cap of the top 15 stablecoins decreasing by 3%, approximately $4.7 billion quarter-over-quarter .sanctionTornado Cash by the United States Office of Foreign Assets Control in August.
USD coin suffered the most decline, dropping by 16% after the Tornado sanctions. USDT, the world’s largest stablecoin, saw a slight increase in its market cap as it absorbed some of the selloffs of USDC. BUSD, on the other hand, gained the most from the USDC selloff, with its market cap growing by 18%, approximately $9 billion after the ban. The report also pointed out that this positive development for BUSD had coincided with Binance’sFinally, the report highlighted that the non-fungible tokens market recorded the most significant decline over the last quarter.
Consequently, the sector recorded a new 2022 all-time low , dropping by a whopping 77.4% from Q2 to Q3. Despite the decline in value, the number of wallets holding NFTs increased by 1 million in Q3.
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