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The total cryptocurrency market capitalization rose 39.6% in the third quarter to about $2.96 trillion at the end of September, recovering sharply from about $2.1 trillion at the end of the second quarter, according to a CoinGecko report.
At the same time, spot trading volume on major centralized exchanges declined. CoinGecko said third-quarter trading volume on the top 10 spot exchanges it tracks fell 14.2% to $1.65 trillion from $1.93 trillion in the second quarter. Binance’s spot market share increased to 42.7% in the third quarter from 38.7% in the second quarter.
By contrast, dollar-denominated open interest on the top 10 perpetual futures exchanges rose 40.6% in the third quarter, surpassing $100 billion at the end of September. The report said the recovery in market capitalization outpaced the improvement in trading activity.