logo
  

Quarterly Performance Of The Top Cryptos

cryptocurrency sept27 03oct22 lt

The quarter ended September was turbulent and painful for cryptocurrencies, amidst renewed macro-economic concerns that shook financial markets as a whole. The continuous increase in inflation and a forceful action by central banks worldwide deepened fears of a recession, impacting the overall crypto market sentiment considerably. The CPI shocks, the Dollar's strength and cues from central banks particularly the Fed, were recurring pain-points throughout the quarter.

Overall crypto market capitalization, which was near $880 billion at the beginning of the quarter, ranged between $1.2 trillion and $860 billion during the quarter and finally settled at $940 billion by the end of the quarter. Market cap breached the $1 trillion level during the quarter but stayed less than the level for most of the quarter.

Here is how the top ranked cryptos responded to the turbulence of the quarter that just passed by. Of the top 10 cryptos, 6 gained in market cap whereas 4 suffered market cap erosion during the quarter.

6th ranked XRP (XRP) was the top gainer during the quarter, amidst strong expectations of a favorable ruling in the legal dispute with SEC. The coin's price surged almost 45 percent to $0.4798, from $0.3314 at the end of the June. Market capitalization increased almost 50 percent to $24 billion, versus $16 billion at the end of the previous quarter.

5th ranked BNB (BNB) gained close to 30 percent during the quarter, while market cap increased 28 percent to $46 billion, from $36 billion at the end of June.

Ethereum which successfully completed The Merge, transitioning from Proof-of-Work to Proof-of-Stake during the period, gained 24 percent during the quarter. Ethereum's market cap increased 26 percent to $163 billion, from $130 billion a quarter earlier. Ether is currently trading at $1,301.34, having gained 0.2 percent in the past 24 hours.

Among the stablecoins in the top 10 category, 7th ranked BinanceUSD (BUSD) gained close to 20 percent in market cap. 3rd ranked Tether (USDT) recorded a market cap growth of 2.44 percent whereas 4th ranked USDCoin (USDC) saw its market cap decline to $47.4 billion, from $55.8 billion, a quarter earlier.

10th ranked Dogecoin (DOGE) shed 6.7 percent during the quarter and was the greatest laggard among the top 10. Market cap also declined likewise from $8.8 billion to $8.2 billion.

9th ranked Solana (SOL) lost a little over 1 percent during the quarter.

Market leader Bitcoin suffered a price decline of around 1.8 percent during the quarter. Bitcoin's market cap declined to $372 billion, from the level of $378 billion at the end of June. BTC is currently trading at $19,210.10, having gained 0.10 percent on an overnight basis.

8th ranked Cardano (ADA) which successfully completed the Vasil upgrade during the quarter also declined 5.3 percent during the quarter. Market cap decreased to $14.9 billion, from $15.5 billion at the end of the previous quarter.

For More Cryptocurrency News, visit rttnews.com

For comments and feedback contact: editorial@rttnews.com

Follow RTT