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Research: in the third quarter, bitcoin was second only to the U.S. dollar in terms of dynamics


"From July to September the first cryptocurrency fell in price by 1%, showing better dynamics than fiat currencies (except the U.S. dollar), leading stock indices, gold and oil. That's what CoinGecko said in its quarterly report.

Taking into account the results since the beginning of the year, bitcoin remains the outsider, having fallen in price by 58% during this period.



Cryptocurrency market capitalization as a whole rose 6.5%, showing extremes of $875 billion and $1.1 trillion.

Ethereum Classic displaced Algorand in the top 30 thanks to The Merge. XRP displaced Binance USD from sixth place, Polygon moved up from 19th to 15th place and Uniswap from 27th to 18th.

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The cryptocurrency market's correlation with the S&P 500 Index declined slightly, from 0.92 to 0.85.

The Merge had no sustainable positive effect on Ethereum quotations. The price of the second most capitalized cryptocurrency rose 26%, although the pace was much higher before the event.

""The combination of a high consumer price index, expectations of an aggressive Fed rate hike and the triggering of the 'buy rumor, sell news' rule led to sell-offs in the few days 'before the merge,'"" experts explained.

Sector-wise, analysts drew attention to the DeFi token market's movement better (+31%) and the leading NFT marketplaces' drop in trading turnover by 77%.

Recall, Glassnode analysts warned about the upcoming volatility surge in the cryptocurrency market.

Earlier, LookIntoBitcoin experts suggested to accumulate digital gold amid signs of the formation of the lower extreme of the market cycle.

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