Key Points
- The crypto market recorded a significant growth in Q3 2025, reaching a total market capitalization of $4 trillion.
- Increased liquidity, institutional inflows, and a rebound in trading activity were key factors driving the market’s recovery.
In 2025’s third quarter, the cryptocurrency market continued its upward trajectory for the third consecutive period. The total market capitalization witnessed a 16.4% surge, adding $563.6 billion to reach a record high of $4 trillion. This is the highest valuation since the late 2021 bull run.
CoinGecko’s Q3 2025 Crypto Industry Report characterized the quarter as the market’s “second leg of recovery”. This recovery was propelled by a surge in liquidity, renewed institutional inflows, and a significant rebound in trading activity.
Trading Volume and Market Performance
The average daily trading volume experienced a 43.8% increase, jumping to $155 billion. This reversed the declines seen in Q1 and Q2, as revealed by the CoinGecko report. Major cryptocurrencies like Ethereum and Binance Coin (BNB) hit new all-time highs, indicating the market’s continued momentum.
Stablecoins saw an 18.3% increase in market capitalization, reaching a record $287.6 billion. Ethena’s USDe was the biggest percentage gainer, expanding 177.8% in market cap to $9.4 billion. At the same time, Tether’s USDT added $17 billion but lost market share to emerging rivals.
DeFi and Major Cryptocurrencies
Decentralized Finance (DeFi) also made a strong comeback, with the total value locked (TVL) soaring 40.2% to $161 billion by the end of September. CoinGecko added that the DeFi market cap climbed to $133 billion along with Ethereum’s price surge, peaking at $181 billion in late September.
Ethereum was one of the standout performers, rising 68.5% to close Q3 at $4,215 after touching an all-time high of $4,946 in August. The trading volume nearly doubled, from a $19.5 billion daily average in Q2 to $33.4 billion in Q3.
BNB also hit a new all-time high of $1,048 during the quarter, ending at $1,030, a 57.3% increase. The altcoin went on to break $1,300 in October, supported by the launch of perpetual DEX Aster and PancakeSwap’s integration into Binance’s Alpha program.
Exchange Volumes Increase
Centralized exchanges (CEXs) saw quarterly spot volumes rise 31.6% to $5.1 trillion, led by leading platforms Binance, Bybit, and Upbit. Binance increased its quarterly trading volume by 40.2%, maintaining a 40% market share.
Meanwhile, perpetual decentralized exchanges (Perp DEXes) reached new heights, with trading volumes up 87% to $1.8 trillion. Aster reported daily volumes as high as $84.8 billion in September amid a boom in the BNB ecosystem with the debut of Four.Meme.
