CoinGecko, one of the most important data aggregators in the crypto world, has just published a report showing the trend of cryptocurrencies in the third quarter of 2019. Despite the decline of bitcoin, which had reached almost $14,000, BTC is not the cryptocurrency to have lost more ground.
It certainly wasn’t a stable quarter, as market capitalisation fell 29.1% from 196 billion on July 1st to 144.6 billion on September 30th. Bitcoin (BTC) lost value touching $8,271, from $10,888.
One of the most interesting news certainly concerns Decentralised Finance (DeFi), a sector that has grown a lot in the last year. CoinGecko, in its report, estimates that the amount of crypto frozen within smart contracts (in this case Ether) has tripled to 2.9 million.
The most interesting applications in this sector include, without a doubt, the following:
- MakerDAO, with its utility token MKR;
- DyDx and margin trading;
- Dharma Protocol;
- Compound Finance;
but also Set Protocol, Akropolis, bZx Protocol and Synthetix are widely used.
In contrast, the altcoins suffered badly: the dominance of bitcoin (BTC) increased again, going from 65% at the beginning to 70.4% at the end of September, an increase of more than 5 percentage points. This is how the first 4 altcoins by market capitalisation behaved:
- Litecoin (LTC): -54%;
- Bitcoin Cash (BCH): –43%;
- XRP: -36%;
- Ethereum (ETH): -39%;
Coingecko, in conjunction with its report on cryptocurrencies for the third quarter of 2019, also released the update of an existing tool: Trust Score 2.0. Thanks to the analysis of web traffic and order books on the exchanges, Trust Score was able to help a lot in the analysis of the data.
Version 2.0 incorporates important innovations and the division of tasks into 5 macro-areas:
- API Technical Coverage;
- Scale of Operations;
- Cryptocurrency Reserves;
- Regulatory Compliance.
“Despite the bearish market, we are still seeing strong growth and development from many projects that are working hard to innovate in the crypto industry,”
said Bobby Ong, co-founder of CoinGecko.