BTC
-3.28%
ETH
-2.90%
BNB
-3.05%
Crypto market capitalisation increased by 8.4% in the third quarter of 2022, although overall sentiment in the market remains poor, Binance Research said on Thursday in its latest quarterly report on the state of the market.
In its “Q3 state cryptocurrency” report, Binance Research said that an “uncertain macro environment and general risk-off sentiment” mean that the market is “not out of the woods” yet.
Sentiment is reflected in the widely watched Crypto Fear and Greed Index which has largely tracked in the “fear” zone throughout much of this year, the report noted, although also noting that the index marked a marginal improvement in the third quarter.
Bitcoin, Ethereum and BNB remain the top three coins by market capitalisation year-to-date, excluding stable coins, the report said.
Total value locked (TVL) in DeFi protocols remained range-bound over the quarter, tracking roughly between $50-60 billion.
“Regulatory uncertainty and the frequency of exploits continue to weigh on overall sentiment,” the report’s authors JieXuan Chua, Shivam Sharma, Stefan Piech, and Kevin Son wrote.
Non-fungible tokens (NFTs) have also had a tough quarter, with sales down 73% quarter on quarter, the report said. A bright spot was in the number of unique buyers, which held up and saw a slight uptick over the quarter.
In GameFi, BNB Chain, Ethereum and Polygon account for almost 70% of games. BNB Chain has the highest number of games built on the chain, according to the report.
