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Cryptocurrency Market Cap Jumped by Nearly 40% in Q3 2021

www.financemagnates.com 13 October 2021 13:00, UTC
Reading time: ~2 m

Cryptocurrency exchange EXMO recently released a report on the global crypto market and highlighted a 40% jump in the market cap of digital currencies during Q3 2021.

According to the report shared with Finance Magnates, 7 September 2021 saw a significant surge in trading volumes across the cryptocurrency market. EXMO report highlighted a sharp drop in Dogecoin trading volumes during the recent quarter. On the other hand, XRP trading volumes increased substantially in August 2021.

The majority of the cryptocurrency assets ended Q3 in positive territory. However, digital assets like Litecoin, Bitcoin Cash, and Stellar showed weak results in the third quarter of 2021.

“The cryptocurrency market cap grew by 39% during the last quarter, despite seeing some dips in September. From the beginning of the year till the end of Q3, the size of the crypto market grew by 152%. Dogecoin trading volumes dropped by 12 times when compared to the second quarter – the most considerable decrease observed in the third quarter. The volumes were at their lowest in July and September,” EXMO mentioned in the report.

Cryptocurrency Adoption

EXMO’s recent report outlined a significant surge in first deposits during the latest quarter due to a jump in global cryptocurrency adoption. The average amount of first deposit in the latest quarter jumped by 44% compared to the second quarter of 2021. “Among all cryptocurrencies listed on EXMO, Wirex (WXT), Polkadot (DOT) and Cryptocean (CRON) experienced the largest balance growth for the quarter. Polkadot was listed at EXMO at the end of the second quarter,” EXMO added.

The overall adoption of Bitcoin and other cryptocurrency assets increased significantly in the third quarter of 2021. According to an estimate, there are more than 220 million cryptocurrency users around the world, up by more than 100% compared to January 2021. The overall market cap of digital currencies currently stands at around $2.2 trillion. BTC accounts for 46% of the total crypto market cap.

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