In the third quarter, the cryptocurrency market has recovered significantly since the crash in May, according to a new report

The cryptocurrency data aggregator CoinGecko has released its Q3 2021 report, which shows massive gains in various sectors of the cryptocurrency market.

After the market crash in May, the third quarter started with a low point for the crypto ecosystem, with market capitalization falling even further below $ 1.2 trillion in late July, less than half of the all-time high of $ 2.5 trillion, that was recorded only two months earlier.

Nevertheless, Market capitalization rebounded in the third quarter, reaching as high as $ 2.3 trillion in early September.

In the third quarter, the cryptocurrency market has recovered significantly since the crash in May, according to a new report
In the third quarter, the cryptocurrency market has recovered significantly since the crash in May, according to a new report

According to the CoinGecko report, Bitcoin (BTC), gambling “coins” and non-fungible tokens (NFTs) dominated the crypto market in the third quarter.

Bitcoin saw a 25% increase between Q2 and Q3 and has continued this upward trend, reaching as high as $ 60,000 for the first time in five months.

The network’s hash rate also spiked again in the third quarter, suggesting a rebound from China’s grand scheme that forced miners to go abroad.

Tokens from games such as Axie Infinity (AXS), Illuvium (ILV) and Gala (GALA) as well as from the NFT area in general also recorded massive increases in the third quarter.

AXS in particular achieved a QoQ gain of nearly 1,000%, with performance exceeding 13,700% in 2021.

In terms of NFT trading volume, OpenSea continued to dominate the market segment. In fact, OpenSea and Rarible recorded total trading volumes of around $ 6.8 billion in the third quarter, according to the CoinGecko report.

These significant market gains also came after a storm of regulatory concerns surrounding cryptocurrencies. Policymakers in the United States appear to have advocated stricter laws regarding market segments such as stablecoins.

Despite the steady gains in the third quarter, the recovery in the cryptocurrency market is still a bit far from the levels of activity prior to the May crash.

On the one hand, CoinGecko reported that the volume of spot trading on the major central and decentralized exchanges fell by more than 42% in the third quarter.

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