Crypto market cap jumps nearly 40% in Q3 as spot volume falls 14%

The total cryptocurrency market capitalization rose 39.6% in the third quarter to about $2.96 trillion at the end of September, recovering sharply from about $2.1 trillion at the end of the second quarter, according to a CoinGecko report. At the same time, spot trading volume on major centralized exchanges declined. CoinGecko said third-quarter trading volume on the top 10 spot exchanges it tracks fell 14.2% to $1.65 trillion from $1.93 trillion in the second quarter. Binance’s spot market share increased to 42.7% in the third quarter from 38.7% in the second quarter. By contrast, dollar-denominated open interest on the top 10 perpetual futures exchanges rose 40.6% in the third quarter, surpassing $100 billion at the end of September. The report said the recovery in market capitalization outpaced the improvement in trading activity.