Research Summary
The report provides a comprehensive overview of the crypto market in October, highlighting key trends, performance metrics, and developments. It covers topics such as market capitalization, trade volume, open interest, top performers, DeFi growth, NFT marketplace volumes, and crypto VC investments. It also discusses the anticipation of Bitcoin and Ethereum spot ETFs, the launch of CMC Labs, and the integration of CoinMarketCap data into Amazon’s Alexa.
Key Takeaways
Market Performance and Investor Sentiment
- Market Capitalization and Trade Volume: The total crypto market capitalization increased by 19.0% in October, reaching $1.28T. The total crypto trade volume also surged to nearly $100B, indicating greater speculative interest in the market.
- Investor Sentiment: CMC’s Fear and Greed Index moved from Neutral to Greed, driven by investors’ optimism for the approval of a spot Bitcoin ETF by the SEC.
- Open Interest and Top Performers: BTC open interest increased by 28% in October, suggesting a strong bullish sentiment. Injective (INJ) was the top performer among the CMC Top 100 coins, gaining over 952% YTD.
DeFi Growth and Top Gainers
- DeFi Growth: The total value locked (TVL) in DeFi grew by 9.3% in October. JustLend surpassed Aave and Maker to take the top spot in TVL.
- Top Gainers: Wemix (WEMIX) and Gnosis (GNO) were the top market cap gainer and TVL gainer, respectively. Wemix focuses on gaming while Gnosis benefits from the deployment of blue-chip DeFi protocols.
NFT Marketplace and Crypto VC Investments
- NFT Marketplace: NFT marketplace trade volumes increased by 87% in October, with The Captainz leading in sales volume and Bored Ape Yacht Club seeing a 53% increase in sales volume.
- Crypto VC Investments: Crypto VCs invested $428.16 million in October, a 23.94% decrease MoM. Blockchain Service and DeFi were the most heavily invested categories.
Anticipation of Spot ETFs and Legal Developments
- Spot ETFs: The approval of the first Bitcoin and Ethereum spot exchange-traded funds (ETFs) in the U.S. is highly anticipated. Key dates to monitor for potential approvals are January 10, 2024 (21Shares & ARK), March 15, 2024 (BlackRock & Fidelity), and March 19, 2024 (Valkyrie).
- Legal Developments: Former FTX CEO Sam Bankman-Fried (SBF) has been found guilty on all seven counts of fraud and conspiracy charges related to the collapse of FTX. He faces up to 115 years in prison and will be sentenced on March 28, 2024.
CoinMarketCap Developments
- CMC Labs: CoinMarketCap has launched CMC Labs, a one-year startup accelerator program aimed at empowering Web3 founders by providing market intelligence, exposure, and growth opportunities.
- ChatGPT Plugin and Global Charts: CoinMarketCap has released the ChatGPT plugin, which utilizes AI to provide users with quick answers and analysis on complex crypto questions. The Global Charts page on CoinMarketCap has been revamped to include new interactive charts for tracking total market capitalization, trading volumes, Bitcoin dominance, and the Crypto Fear & Greed Index.
- Integration with Amazon’s Alexa: CoinMarketCap has integrated its data into Amazon’s Alexa, enabling users to access real-time crypto market data through voice commands.
Actionable Insights
- Monitor Spot ETF Approvals: Keep an eye on the potential approval of the first Bitcoin and Ethereum spot ETFs in the U.S. The approval could significantly impact the crypto market.
- Explore DeFi and NFT Opportunities: Consider the growing DeFi sector and the booming NFT marketplace as areas for potential involvement or further research.
- Utilize CoinMarketCap’s New Features: Leverage the new features of CoinMarketCap, such as the ChatGPT plugin, revamped Global Charts, and integration with Amazon’s Alexa, for enhanced market analysis and decision-making.
