{"id":17713,"date":"2024-10-11T19:51:20","date_gmt":"2024-10-11T16:51:20","guid":{"rendered":"https:\/\/forklog.com\/en\/bitwise-report-crypto-market-leaders-and-narratives-in-q3\/"},"modified":"2024-10-11T19:51:20","modified_gmt":"2024-10-11T16:51:20","slug":"bitwise-report-crypto-market-leaders-and-narratives-in-q3","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitwise-report-crypto-market-leaders-and-narratives-in-q3\/","title":{"rendered":"Bitwise Report: Crypto Market Leaders and Narratives in Q3"},"content":{"rendered":"<p>Analysts at Bitwise have released a <a href=\"https:\/\/bitwiseinvestments.com\/crypto-market-insights\/crypto-market-review-q3-2024\">global report<\/a> on the crypto market for the third quarter of 2024, examining the performance of major blockchains, key trends, and significant events.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201c[During the reporting period] cryptocurrency prices remained unchanged. The Bitwise 10 Large Cap Crypto Index ended the quarter down 3.5%, marking one of the smallest price fluctuations in the history of cryptocurrencies. However, this external calm concealed significant progress,\u201d the document states.<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">Key and Upcoming Events<\/h2>\n<p>The top 10 narratives from July to September according to analysts:<\/p>\n<ul class=\"wp-block-list\">\n<li><strong>political support for cryptocurrencies.<\/strong> Republican candidate Donald Trump <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-dips-to-67000-amid-trumps-bitcoin-2024-speech\">spoke<\/a> at the Bitcoin 2024 conference in Nashville, while his Democratic rival Kamala Harris endorsed digital assets;<\/li>\n<li><strong>entry of banks.<\/strong> The US Securities and Exchange Commission (SEC) approved BNY Mellon&#8217;s decision to begin<strong> <\/strong>custody of crypto assets;<\/li>\n<li><strong>approval of spot Ethereum-<\/strong><strong>ETFs<\/strong><strong>.<\/strong> The launch of the instrument <a href=\"https:\/\/u1f987.com\/en\/news\/sec-approves-s-1-filings-for-eth-etf-trading-begins-july-23\">occurred<\/a> against market expectations;<\/li>\n<li><strong>institutional dominance.<\/strong> About 60% of the world&#8217;s largest hedge funds hold crypto assets;<\/li>\n<li><strong>Morgan Stanley opens doors to Bitcoin.<\/strong> The firm <a href=\"https:\/\/u1f987.com\/en\/news\/morgan-stanley-to-offer-bitcoin-etfs-to-clients\">will allow<\/a> its brokers to recommend cryptocurrency-based exchange-traded funds to clients;<\/li>\n<li><strong>Polymarket crosses the &#8216;chasm&#8217;.<\/strong> Prediction markets are becoming mainstream, as indicated by trading volumes exceeding $1 billion;<\/li>\n<li><strong>Tether prints money (in a good way).<\/strong> The USDT issuer earned more profit than BlackRock \u2014 $6.2 billion versus $5.5 billion;<\/li>\n<li><strong>Mt.Gox distributed most of the funds.<\/strong> After nearly a decade of legal battles and paperwork, the story <a href=\"https:\/\/u1f987.com\/en\/news\/mt-gox-transfers-784-million-in-bitcoin\">came to a close<\/a>.<\/li>\n<li><strong>Bitcoin-ETF options.<\/strong> The SEC gave the green light to exchange-traded fund-based instruments;<\/li>\n<li><strong>vehicle registration on blockchain.<\/strong> The California Department of Motor Vehicles included 42 million vehicle ownership rights on the Avalanche blockchain to expedite their transfer upon ownership change.<\/li>\n<\/ul>\n<p>Bitwise also identified several future catalysts for the market:<\/p>\n<ul class=\"wp-block-list\">\n<li><strong>US elections and regulatory progress.<\/strong> Uncertainty of outcomes affects investor sentiment, but analysts expect cryptocurrency to \u201creach the White House,\u201d regardless of the presidential race results;<\/li>\n<li><strong>interest rate cuts and economic stimulus.<\/strong> The world has entered a global cycle of monetary policy easing. Low rates, easy money, and government support create an attractive environment for cryptocurrencies;<\/li>\n<li><strong>resumption of inflows into ETFs.<\/strong> Since their launch, Bitcoin funds have attracted $18.9 billion, making them the most successful launch in the segment ever. The launch of products on major trading platforms will renew the inflow wave, lifting the underlying asset to new highs;<\/li>\n<li><strong>\u201ckiller apps\u201d and project launches.<\/strong> Cryptocurrency thrives on the emergence of trendy applications and new blockchains. In the coming months, numerous solutions will begin to scale simultaneously, from stablecoins to <a href=\"https:\/\/u1f987.com\/en\/news\/tokens-for-noise-and-a-web3-alternative-to-google-maps-the-most-interesting-depin-projects\">DePIN<\/a> and prediction markets.<\/li>\n<\/ul>\n<h2 class=\"wp-block-heading\">Quarter in Numbers<\/h2>\n<p>Since the beginning of the year, the Bitwise index of the top 10 cryptocurrencies has gained 35%, outperforming gold (27.7%) and US Treasury bonds (22%).<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXcsOIOTOMUdGiefCvCdLhpbTEH45HYXoCSGSMvPJmFRK3AbP5yi6LgPHM8MlYyT_RFAMXJQkF36SgpI6Y8VFtVeSzo1EYuwdswMKQ8RSkPwLSAmMzotw8gPXbUMHANjLZNUmxl9RpeXDlpUAcdU7IjX2Cgg?key=Ks5p25louV_rleUac2zZOA\" alt=\"Crypto Market Leaders and Narratives in Q3 \u2014 Bitwise Report\"\/><figcaption class=\"wp-element-caption\">Data: Bitwise.<\/figcaption><\/figure>\n<p>However, on a quarterly basis, the index lagged behind almost all other asset classes.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXc5qvU4YZ7xbZiQrEMNHzHj3VPZ552fBPkIP1TAaENQB7UNx_kbe0Ndjztul79wH3TcGJ1IDb3qwHFEmK4M1XnymdjMulX65h8fae6bs1QUML-9wurvZeBo3EsDDXBBxIE0kJ6LdIDrOioxwkFwhIzzGk0?key=Ks5p25louV_rleUac2zZOA\" alt=\"Crypto Market Leaders and Narratives in Q3 \u2014 Bitwise Report\"\/><figcaption class=\"wp-element-caption\">Data: Bitwise.<\/figcaption><\/figure>\n<p>The largest increase over the past three months was demonstrated by XRP \u2014 31.5%. Polkadot (DOT) gained 27%, and Ethereum increased by 24.2%.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXdtni5GA_IzWxtUBiNrlJjUw21wEZoei5GHEH6tJHu4poQsDt82MG_Z_NddPJ6rTdsWOQR31uafMUvlDRef68K8nWy8LkFHcWJFUdaVl98zExxOH7yI12q5r-p8VWzyqiHxGasWsfkFlrUV35TMurCG0Odm?key=Ks5p25louV_rleUac2zZOA\" alt=\"Crypto Market Leaders and Narratives in Q3 \u2014 Bitwise Report\"\/><figcaption class=\"wp-element-caption\">Data: Bitwise.<\/figcaption><\/figure>\n<p>As of the end of September, 56.8% of Bitcoin&#8217;s issuance is concentrated in personal wallets, 17.6% are inactive, 5.2% are held by funds, 4.8% are on Satoshi Nakamoto&#8217;s addresses, 3.3% belong to businesses, 2.4% to governments. The remaining 6.2% are yet to be mined.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXcEkqAYhpj4bNr7aZpT6r894ElnxQb9oa8AjklCIdVXHmu4VuLr9U4hcrXBrn3R0sCMN5hF_rhK63OEvNXvyD0nE8K808pwe2QF22H578jq14fanZPo4865p3_KXDpuf7cdtZTMgoTL8VpArcn_jQERSzT8?key=Ks5p25louV_rleUac2zZOA\" alt=\"Crypto Market Leaders and Narratives in Q3 \u2014 Bitwise Report\"\/><figcaption class=\"wp-element-caption\">Data: Bitwise.<\/figcaption><\/figure>\n<p>Trading volume on centralized exchanges continued to decline, falling to approximately $240 billion.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXfLGr5XFPU95CZ72O0VO8jrcYUr7Br9UdDRuUI8MAxp7L5MmvTpm5uDO79SJr1qssV4EB8LXP1gMOjUIU2ayZk4VD6OtWD9fPS3Fi8OiywKYURvH2WcrRkr5d-dLog_Xr9168Lh51-i04fU90BKoAVUIcPU?key=Ks5p25louV_rleUac2zZOA\" alt=\"Crypto Market Leaders and Narratives in Q3 \u2014 Bitwise Report\"\/><figcaption class=\"wp-element-caption\">Data: Bitwise.<\/figcaption><\/figure>\n<p>Ethereum remains the leading blockchain by revenue, with $1.92 billion since the beginning of the year. It is followed by the Bitcoin network ($797 million) and Solana ($358 million).<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXf7_SdteuiPVndldfAFITLMnluwmlaSTRGl_NuDdGtDC5TozaVHXYRqx_DM27W78y6_zCRt_HqXEyQOAnRUp3HkL1vYEJKRAdM9HiK2Zb_gYvcVkQPSAz-gGL6aar9i3juRTiPk6QLCu92Tu6urVFUmXjs5?key=Ks5p25louV_rleUac2zZOA\" alt=\"Crypto Market Leaders and Narratives in Q3 \u2014 Bitwise Report\"\/><figcaption class=\"wp-element-caption\">Data: Bitwise.<\/figcaption><\/figure>\n<p>Meanwhile, the number of developers across all ecosystems continues to decline since the second quarter of 2022.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXe5njGwCTQL2s1Nw8lUVK8pattG0rItqFRfNxRsFaF02xctwnxsay5fpdOlvnHjgNhU2q-622FRUUOcd1o2Dg3vbFZfSPtiPznNlNkOVgLcezFHV5Jyd4OIzuo-RWuSlwLhFcqyoriuBNt-sXXWc2TxxHw?key=Ks5p25louV_rleUac2zZOA\" alt=\"Crypto Market Leaders and Narratives in Q3 \u2014 Bitwise Report\"\/><figcaption class=\"wp-element-caption\">Data: Bitwise.<\/figcaption><\/figure>\n<p>The average number of active addresses per day in the network of the first cryptocurrency slightly decreased from the previous reporting period, to approximately 700,000.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXdcwHHh8pZ4NJOdGwOjanLbLr6b0yKh0tXTVqqcnJgeZPI1SGA0XuBdAJbozqaVYM-rO2iD1cL0FSz0kUr3vFCw7wjCBUKn48cHcqHTjDMcLk7mhH4-tHArheCwC5FtRcFdGxGGcJVekSseuvBz0_LtSDRA?key=Ks5p25louV_rleUac2zZOA\" alt=\"Crypto Market Leaders and Narratives in Q3 \u2014 Bitwise Report\"\/><figcaption class=\"wp-element-caption\">Data: Bitwise.<\/figcaption><\/figure>\n<p>A similar metric for Ethereum and L2 solutions exceeded 2 million.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXdw_l6Ky_ojjiyA7BB96yzzD4ATO4XZyZmwPr07vSgPyOyaweOBjIm6TmcK3yp7XxUg5NOkupclOdDTHhMnLw6eucjI5WVo9349ZJ6hE8rkwvWcM_zIy4vX3Reu1aRe19gt7RVqq11kNRUV2QWAd7RX0EHi?key=Ks5p25louV_rleUac2zZOA\" alt=\"Crypto Market Leaders and Narratives in Q3 \u2014 Bitwise Report\"\/><figcaption class=\"wp-element-caption\">Data: Bitwise.<\/figcaption><\/figure>\n<p>Ethereum also leads in average transaction cost, surpassing digital gold by more than twice.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXdmiEmDeIhE1E51jPhyASi8JTncv2Yt7Qm8BnaeujfnC1-bG3yRpf_NZ1M21fYGg0XCz5jD0IRfL8Rz-tsTASP23lCUPcILAuhYo_8MjEMyIgDpPDgMF3hKLizZgxI5Zx3mOOj_ChJK2QEn3_mUzWuaYm4?key=Ks5p25louV_rleUac2zZOA\" alt=\"Crypto Market Leaders and Narratives in Q3 \u2014 Bitwise Report\"\/><figcaption class=\"wp-element-caption\">Data: Bitwise.<\/figcaption><\/figure>\n<p>The volume of venture financing in the crypto industry remained at the level of the previous quarter \u2014 around $3 billion.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXcFsI_P9cxZt175nv1SIxOwqsT0F1llPX2GQTQMjbQkgCePPh2vz6Wo98eugqh038sSOUIreAS8iwO62IKDTdT1nsjkn50IQ-9YtA807-0GxvxiEVvnrQwxcRe1pjAu1qmklYNT8uJozDvdKdi9WVrbtiY?key=Ks5p25louV_rleUac2zZOA\" alt=\"Crypto Market Leaders and Narratives in Q3 \u2014 Bitwise Report\"\/><figcaption class=\"wp-element-caption\">Data: Bitwise.<\/figcaption><\/figure>\n<p>Earlier, Bitwise outlined conditions for Bitcoin&#8217;s rise above $80,000 by the end of the year. Among them, analysts highlighted a Trump victory in the elections, a 50 basis point cut in the <span data-descr=\"Federal Reserve System of the United States\" class=\"old_tooltip\">Fed<\/span> rate with new Chinese stimuli, and the absence of major surprises in the industry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Analysts at Bitwise have released a global report on the crypto market for the third quarter of 2024, examining the performance of major blockchains, key trends, and significant events. \u201c[During the reporting period] cryptocurrency prices remained unchanged. The Bitwise 10 Large Cap Crypto Index ended the quarter down 3.5%, marking one of the smallest price [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17712,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[949,1145,1150,1252],"class_list":["post-17713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitwise","tag-market-analysis","tag-news-plus","tag-reports"],"aioseo_notices":[],"amp_enabled":true,"views":"43","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/17713","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=17713"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/17713\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/17712"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=17713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=17713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=17713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}