The latest Crypto Industry Report from CoinGecko reveals that the crypto market actually accelerated in Q3 of 2025. Total market capitalization jumped another 16.4%, adding over $563 billion to reach an incredible $4 trillion.
According to the Crypto Industry Report, this quarter marked crypto’s “second leg” of recovery.
Total Market Cap Hit $4 Trillion
The growth in the market was not only triggered by the increase in prices, but also by the number of participants. The volume in the trading market changed direction, and it moved to the upside, indicating the recovery of traders. This excitement sparked crypto’s second major recovery phase after a slow start to the year.
Stablecoins Reached a New Record High
Stablecoins had one of their best quarters ever, with market cap rising $44.5 billion (+18.3%) to an all-time high of $287.6 billion. USDe by Ethena was the first to take off and increased 177.8% to emerge as the third-largest stablecoin.
Tether (USDT) increased by $17 billion; however, its market share fell to 61% as USDC and USDe have become more widespread. The stablecoin industry has been showing its strength and gaining significance in the crypto ecosystem.
ETH Reached a New All-Time High
Ethereum (ETH) emerged as one of the largest winners in the Crypto Industry Report. In August, ETH reached a new all-time high of $4,946, surging 68.5 percent to capture a new position at $2,502. There was an increase in institutional inflows with the launch of Ethereum spot ETFs.
Companies like Bitmine Immersion and SharpLink made treasury purchases, also contributing to this development. There was also an increase in the volume of daily trading to $33.4 billion, reflecting trust in the long-run value of Ethereum.
BNB Exploded to New Heights
BNB also started with an explosive quarter. By the end of Q3, it increased by 57.3 cents to hit a new all-time high of $1,030. Its daily trading volume doubled from $0.8 billion to $1.7 billion. This growth followed PancakeSwap’s Binance integration and the launch of perp DEX Aster. The momentum of BNB continued even up to the beginning of Q4, reaching a new peak of $1,369.
DeFi Made a Powerful Comeback
The total value locked (TVL) increased by 40.2 percent and grew, increasing from $40.2 billion to $161 billion. This was a comeback due to the ETH price surge and a resurgence in protocols based on stablecoins. DeFi market share has increased, reaching 4.0% in Q3 as investors became interested in new DEX tokens, such as Avantis (AVNT) and Aster (ASTER).
Centralized Exchanges Recovered
CEXs regained footing with spot trading volumes jumping 31.6% quarter-on-quarter to $5.1 trillion. Binance led the way with 40% market share and over $2 trillion in quarterly volume. Bybit also made a big leap, moving from sixth to third place after a 38% growth. Coinbase, though still the largest in the U.S., slipped to tenth place globally as rivals outperformed it.
Perp DEX hits Record Volumes
Perp DEXs hit a record quarter, with trading volume up 87% to $1.8 trillion. Hyperliquid maintained its lead with a 54.6% market share. However, new entrants such as Aster, Lighter, and edgeX are closing the gap with their powerful incentive programs. Aster even reached an all-time high of $84.8 billion in daily volume in September.
Conclusion
In the 2025 Q3 Crypto Industry Report published by CoinGecko, it is evident that the crypto market is recovering. From ETH’s new highs, record-breaking stablecoins, and revived DeFi activity. With ongoing momentum, Q4 may pave the way for the next phase of market growth.
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