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Cryptocurrencies underperform as equity market rebounds

The CoinDesk Market Index (CMI) reported an 11% decline in Q3, with Bitcoin (BTC) falling slightly less at 10.9% and Ether (ETH) dropping more at 12.5%. Despite this downturn, BTC and ETH demonstrated resilience with year-to-date gains of 64% and 41%, respectively. These gains were driven by institutional demand for Bitcoin ETFs, regulatory pressure on altcoins, and a preference for larger capitalization tokens.

The Computing, DeFi and Digitization sectors outperformed others such as the Smart Contract Platform and Culture & Entertainment sectors in the same quarter. These market trends were significantly influenced by SEC actions, enforcement against Coinbase (NASDAQ:COIN) and Binance, filings for spot ETFs by top asset managers, a partial win in the Ripple court case, and a surge in Chainlink (LINK) by 24%, with AI investor enthusiasm also contributing to these shifts.

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Source: Cryptocurrency - investing.com

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