CoinGecko has found less volatility in overall cryptocurrency prices, as well as, market cap in the third quarter compared to the second quarter. At the same time, there is not much change in trading volumes that continued to be similar levels despite pricing pressures due to several factors. Still, there are some virtual assets that enabled investors to make money on a year-on-year basis through the year-to-date performance continued to be a downside.
Increase In Stablecoins Popularity
CoinGecko Quarterly Report shows that it could see a big shift in trading volume with trans-free mining rewards and continued to see the trend in the whole of the third quarter. For instance, Fcoin and Bitforex experienced a big increase in trading volumes for certain periods in the third quarter though there was retreatment significantly after that. As a result, there is a big question mark whether trans-fee mining could be sustained.
Similarly, there was also gossip on the ethics due to the wash trading, as well as, artificially inflated trading volume. The firm said that there was an increase in the stablecoins popularity during the third quarter. This was quite evident when DAO maker could attract an investment of $15 million from Andreessen Horowitz that represented 6 percent of the total supply of the stablecoin. Similarly, the three-month period has seen some regulated stablecoins like Paxos Standard and Gemini USD.
Top 5 Performance
Bitcoin[crypto coins=”BTC” type=”text” show=”percent”] has managed to deliver a 52 percent return on a year-over-year basis in the third quarter. As far as Ethereum (ETH)[crypto coins=”ETH” type=”text” show=”percent”] is concerned, the virtual asset witnessed a 22 percent drop in the same period. However, XRP[crypto coins=”XRP” type=”text” show=”percent”] delivered 186 percent return whereas Bitcoin cash (BCH)[crypto coins=”BCH” type=”text” show=”percent”] price increased 28 percent from the previous three-month period. As far as the biggest gainer, EOS[crypto coins=”EOS” type=”text” show=”percent”] delivered 708 percent return from the preceding year quarter.
However, for the first nine-month period, all the five digital currencies have traded in the red only. For instance, Bitcoin suffered a loss of 53 percent whereas ETH and XRP plunged 70 percent and 74 percent respectively in the 9-month period. Similarly, bitcoin cash and EOS witnessed a loss of 78 percent and 25 percent respectively. In the last seven-day period, the same five cryptocurrencies have suffered a loss of 25.97 percent, 28.86 percent, 22.90 percent, 50.84 percent, and 21.23 percent respectively.