DappRadar: Digital Currencies Have Entered a Phase of Consolidation

According to a DappRadar report, in the third quarter of 2022, the cryptocurrency market entered a long phase of consolidation. A recovery began in September.

One of the most important events of the third quarter was the renewal of Ethereum and the transition of the network to the Proof-of-Stake consensus. Despite the recovery in investor activity, the cryptocurrency market capitalization is still below $1 trillion.

Between July and September 2022, the value of digital currencies decreased by 8.5%. The first signs of recovery appeared at the end of last month.

The DeFi decentralized finance market was also able to stabilize after strong turbulence in May and June.

The researchers note that DeFi protocols have accumulated $69 billion in digital assets, an amount that has increased by almost 3% over the past three months.