Key Notes
- Crypto market cap rose 16.4% to $4 trillion, the highest since 2021.
- Daily trading volume jumped 43.8% to $155 billion.
- Stablecoin market cap hit an all-time high of $287.6 billion.
The crypto market recorded another strong quarter in 2025 Q3, extending its rally for the third consecutive period. Total market capitalization surged 16.4%, adding $563.6 billion to reach $4 trillion, marking the highest valuation since the bull run of late 2021.
CoinGecko’s newly released Q3 2025 Crypto Industry Report described the quarter as the market’s “second leg of recovery,” driven by a surge in liquidity, renewed institutional inflows, and a sharp rebound in trading activity.
2025 Q3 total crypto market cap and trading volume | Source: CoinGecko
Average daily trading volume jumped 43.8% to $155 billion, reversing declines seen in Q1 and Q2, revealed the CoinGecko report.
CoinGecko’s 2025 Q3 Crypto Industry Report is now LIVE 📊
The crypto market kept up its momentum in Q3, climbing to its highest level since late 2021. Liquidity surged with majors like $ETH and $BNB hitting new all-time highs.
Here are 7 key highlights you shouldn’t miss 👇 pic.twitter.com/xFdVen1hcp
— CoinGecko (@coingecko) October 16, 2025
Stablecoins and DeFi Regain Dominance
Stablecoins recorded an 18.3% increase in market capitalization to a record $287.6 billion. Ethena’s USDe was the biggest percentage gainer, expanding 177.8% in market cap to $9.4 billion, while Tether’s USDT
USDT
$1.00
24h volatility:
0.0%
Market cap:
$181.48 B
Vol. 24h:
$124.85 B
added $17 billion but lost market share to emerging rivals.
DeFi also made a strong comeback, with 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
ETH
$4 000
24h volatility:
0.2%
Market cap:
$483.50 B
Vol. 24h:
$40.48 B
price surge, peaking at $181 billion in late September.
Q3 2025 DeFi market cap and share of overall market | Source: CoinGecko
DeFi’s share of the total crypto market grew from 3.3% to 4% quarter-over-quarter, indicating increased appetite for decentralized services and governance.
Ethereum and BNB Reach New All-Time Highs
CoinGecko revealed ETH to be 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.
Trading volume nearly doubled, from a $19.5 billion daily average in Q2 to $33.4 billion in Q3, mainly due to massive inflows in US spot ETH ETFs.
BNB
BNB
$1 171
24h volatility:
0.1%
Market cap:
$163.29 B
Vol. 24h:
$4.01 B
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.
Centralized and Decentralized Exchange Volumes Surge
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. Bybit climbed from 6th to 3rd globally, while Coinbase lagged behind at 10th despite a 23.4% volume increase and plans of a Base token in the near future.
Q3 2025 CEX spot trading volume | Source: CoinGecko
Meanwhile, perpetual decentralized exchanges (Perp DEXes) reached new heights, with trading volumes up 87% to $1.8 trillion. Hyperliquid maintained its lead with a 54.6% market share, though challengers Aster, Lighter, and edgeX are rapidly gaining ground.
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.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
