ICRYPEX Publishes Cryptocurrency Exchange Report for Q3

Forex - One of Turkey's leading cryptocurrency platforms, ICRYPEX, shared its cryptocurrency exchange report for the third quarter. Berk Koçak, the Research Director at ICRYPEX, stated, "The six-month decline trend observed in crypto assets since March has ended, and Bitcoin has started to rise again. By the end of September, Bitcoin reached the level of $63,307, indicating an almost 1% increase in its quarterly performance."

ICRYPEX conducted significant analyses regarding the third quarter of 2024. According to the information shared by Berk Koçak, while a volatile trend was observed in the Bitcoin and altcoin markets, the total value of cryptocurrencies finished the third quarter above the $2 trillion mark.

The six-month decline trend ended in September, marking the beginning of a rising period for Bitcoin. Berk Koçak mentioned that a volatile trend was experienced in the Bitcoin and altcoin markets during the third quarter of 2024. "Especially the 11% drop in Bitcoin at the beginning of July led to significant movements in the markets. On August 5, Bitcoin's price fell to $48,800, marking the lowest level seen since February. However, in September, thanks to the expectations of interest rate cuts in the U.S. and the return of investor groups to the markets, the six-month decline trend observed in crypto assets since March came to an end, and Bitcoin began to rise again. By the end of September, Bitcoin reached the level of $63,307, reflecting an almost 1% increase in its quarterly performance," he stated.

During the third quarter, Bitcoin exhibited a volatile performance, fluctuating between $49,000 and $70,070. Bitcoin dominance increased from 54% to 57.5%, while Ethereum showed weak performance and concluded the quarter at $2,602, reflecting a 24% loss. Although the altcoin market generally exhibited weak performance during this period, some projects like Solana, Ripple, Tron, Aave, and Fantom yielded positive results. Overall, the total market cap of cryptocurrencies finishing the quarter slightly above the $2 trillion mark was seen as one of the positive developments.

Towards the end of September, a positive atmosphere emerged in the cryptocurrency markets. Referring to the impact of the Fed's interest rate cut expectations on the U.S. economy, Berk Koçak noted, "The anticipated 25-50 basis point rate cut for the end of 2024 has risen to 100-125 basis points by the end of the year. The 50 basis point cut made in September was considered aggressive for all markets, and expectations for the November-December meetings increased. Economic developments in Europe and Asia also influenced the crypto markets. Particularly, Germany's weak economic indicators and Japan's monetary policies drew attention. However, subsequent upward revisions in September data, a strong outlook in the released household savings figures, and the explanations provided by FOMC members led to a rate cut expectation that settled in the range of 25-50 basis points after the 50 basis point cut, and it seems likely to remain at this level. Towards the end of September, a positive atmosphere developed in the cryptocurrency markets."

"In the last quarter of the year, we may see new peaks in cryptocurrencies," Koçak remarked, indicating that the third quarter concluded with minimal damage outside of Ethereum. "As we approached the end of September, driven by the elections and the end of tightening policies worldwide, institutions accelerated their cryptocurrency activities, and thanks to the returning Spot ETF investors with rising volumes, we entered October with a more optimistic and positive atmosphere. Transitioning into the last quarter of the year, the third quarter was completed positively despite the weakening effects of the summer months and macroeconomic-geopolitical uncertainties, clarifying the targets for the end of the year. We can state that the upcoming U.S. elections and the November-December Fed meetings could have a more significant impact on cryptocurrency pricing, and depending on the election results, it could be a period where new peaks may be reached, but we should also be prepared for contrary situations."