Cryptocurrency

CoinGecko Report: Hashrate Hits 100 Quintillion, Crypto Derivatives Market & DeFi Rising

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CoinGecko has just unveiled a 56-page report for the 3rd quarter of 2019, describing the current state of the market.

In the document published, the world’s leading cryptocurrency aggregator revealed comprehensive information about changes in the digital space that consumers and investors can use for personal purposes.

The company is known for monitoring of prices, volume, network data, and other fundamental data.

Cryptocurrency market

During Q3, the situation around digital currencies was relatively stable. So, for almost all the 3 months, BTC was trading above $ 10,000. Just at the end of the mentioned period, the value dropped sharply by almost 20%. At the same time, the cost of altcoins suffered a greater drop, up to a decrease in the price by 2 times. The cost of Litecoin fell by 54%, according to CoinGecko.

In this period, there was an increase in the dominance of Bitcoin up to 70%. Note that according to other sources, the dominance rate of the main cryptocurrency rose up to 90%, and its hashrate also set a line of new highs.

Despite the raging bears, Bitcoin miners have been hard at work, hitting the 100 quintillion hash per the second milestone, the report says.

Derivatives

The authors added a new part to the report, called “Derivatives for Dummies”. The guidance is aimed to help users understand the concept of the derivatives market and its components. It demonstrates graphically the situations for the best entry into positions and gaining benefits.

This was done primarily due to the fast development of the derivatives sphere. Thus, during Q3, it demonstrated a steady extension with an indicator of 300+%. The number of monitored exchange derivatives of CoinGecko has increased 3 times and now amounts to 17 crypto exchanges.

Bitmex is still the leader of this niche, but now, as we can see, the competition is growing. A relatively young, but very active Binance exchange, boarded a derivatives train with the acquisition of the Jex platform.

DeFi

The space of DeFi (decentralized finance) keeps growing. To create a more efficient capital, DeFi develops some applications to offer on the space. Among them are lending, derivatives, decentralized exchanges (DEX) and payment services.

At the same time, DeFi has over 70% of the total value of the ecosystem locked into it.

Note that the Nasdaq stock exchange, together with the Exante brokerage company, launched the new Defix cryptocurrency index to track projects that provide decentralized financial instruments (DeFi).

Thus, the crypto space developed well during this quarter. The development of the futures market and DeFi suggests that the community is ready for further adoption of crypto products.

Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.

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About the author

Victoria Tiebienieva

Victoria Tiebienieva is an Europe based cryptocurrency writer with over 5 years writing experience in the cryptocurrency space.

Victoria has written numerous articles for popular cryptocurrency websites across Europe and beyond. She has spoken about cryptocurrency in notable media houses across her country.

Email: victoria.tiebienieva@newslogical.com

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