CoinGecko's Q3 Crypto Industry Report highlights Bitcoin's substantial dominance, reaching over 58%, the highest since April 2021. Despite Bitcoin's rise, the overall crypto market shrank by 1.0%. This quarter's positive outcome was marred by competition from traditional assets and unfavorable market conditions.
Bitcoin still faced challenges, underperforming compared to gold and treasury bonds from the US, UK, and Japan. However, US interest rate cuts and anticipated tax cuts in Japan provided relief, as did fiscal policies in China, resulting in significant ETF inflows.
Ethereum, on the other hand, is losing ground, particularly in DEX trading and L2 transactions. Layer-2 Base gained considerable traction, accounting for 42% of ETH L2 transactions, challenging Ethereum alongside Solana, which has shown superior technical performance.
The article suggests that while Bitcoin shows growth, it’s not without difficulty. Ethereum faces increased competition on multiple fronts, highlighting the complexity of the current crypto market landscape amidst modest overall market shrinking.
