DappRadar: Digital currencies have entered a phase of consolidation

by in Cryptocurrency News

digital currency

In the third quarter of 2022, the cryptocurrency market entered a long phase of consolidation. A recovery began in September, according to a DappRadar report.

One of the most important events of the third quarter was the renewal of Ethereum and the transition of the network to the Proof-of-Stake consensus. Despite the recovery in investor activity, the cryptocurrency market capitalization is still below $1 trillion.

Between July and September 2022, the value of digital currencies decreased by 8.5%. The first signs of recovery appeared at the end of last month.

The DeFi decentralized finance market was also able to stabilize after strong turbulence in May and June.

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The researchers note that DeFi protocols have accumulated $69 billion in digital assets, an amount that has increased by almost 3% over the past three months.

Ethereum continues to hold the lead in the blockchain ranking in terms of the number of deployed DeFi projects. The value of funds in protocols placed based on ETH exceeded $48 billion by the end of September.

The number of active wallets in the crypto sphere increased in the third quarter by 12% to 1.8 million compared to April-June. The biggest contribution to the development of the blockchain industry has been made by gaming applications. The number of unique users of such services in the reporting period increased by 8%.

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The NFT market showed slight growth due to more active use of the ImmutableX and Polygon networks. The number of transactions with tokenized collections increased by 11%. Ethereum NFT projects showed the best results.

At the same time, the volume of trading in non-fungible tokens in the third quarter amounted to only $2.71 billion. The number of transactions fell by 67% compared to the previous quarter, DappRadar analysts noted.