In the 3rd quarter report prepared by the ICRYPEX Research team and covering July, August and September; You can find developments in crypto assets, price movements of crypto assets and macroeconomics.
You can take a look at the overview of this report on crypto assets below, and you can access all the developments in the 3-month period from the 2024 Third Quarter Report.
2024 Third Quarter Report Crypto Market Overview
The selling pressure for Bitcoin and altcoins, which started after March, became even stronger in July. During the 3rd quarter, which started with an 11% sell-off in Bitcoin in its first week, there were large upward and downward movements in Bitcoin, and the $48,800 level seen by the price on Monday, August 5, was the lowest level seen in Bitcoin since February.
While there are many events that cause the trend to change; The arrival of promising data on the possibility of rate cuts in the US in September, the gradual increase in volume since mid-September and the return of investor groups to the markets helped to end the 6-month downtrend in crypto assets since March. Thus, as of the last low of $ 52,000 seen in September, a good bullish period began in Bitcoin.
In this process, when their 3-month performance is examined; As of the close of September, it is seen that Bitcoin is moving in the range of $ 49,000 – $ 70,070, while there is a period of low volume but wide range of movement, while Bitcoin completed its quarterly performance at $ 63,307 with an increase of close to 1%.
In this period, when Bitcoin was active and strong against altcoins, it was seen that Bitcoin dominance increased from 54% to 57.50%. We can say that the increase in Bitcoin dominance is mostly due to the weak performance in Ethereum and the inability to receive the expected returns from ETFs.
Ethereum completed the 3rd quarter at $2,602, which it started at $3,438 with a 24% loss in value in its quarterly performance. In this process, when we look at all cryptocurrencies; One of the positive developments was that the total market capitalization completed the quarter above the $2 trillion level with a small decrease.
When we turn to altcoins, we see that the non-Ethereum altcoin market cap closed the quarter at $616 billion, although it fell to $470 billion. Although we have encountered weak performances in large market-cap projects after the March peaks, we see that products such as Solana, Ripple, Tron ecosystem, Aave and Fantom closed the 3rd quarter, which was not very positive. On the other hand, we encountered negative closures, especially in the Ethereum ecosystem, DeFi projects other than Maker, Aave, Layer-2 projects, and artificial intelligence (AI) projects, which were the favorites of the year.
While closing the 3rd quarter period, which could not show a positive performance in general, with minimal damage other than Ethereum; Towards the end of September, with the end of the tightening policies both due to the elections and around the world, thanks to the acceleration of the crypto money studies of the institutions and the Spot ETF investor returning with the increasing volume, October was entered with a more expectant and positive atmosphere.
While the interest rate cuts that started in the US as of September increase the positive expectations for the future, we think that the positive activity we expect in cryptocurrencies may start in the 4th quarter of 2024 and the 1st quarter of 2025, depending on the result of the US presidential election to be held in November. In particular, we think that the election results (if Trump wins) may allow us to see new highs in Bitcoin and positive movements in altcoins.
This report, which covers the months of July, August and September 2024, can be found in the 2024 Third Quarter Report.
