Research Summary
The report discusses the performance of the cryptocurrency market in October, highlighting the 19% surge in total market capitalization. It notes the significant gains of SOL, LINK, and BTC, and the high Bitcoin dominance. The report also covers the launch of Scroll’s mainnet, Uniswap Lab’s interface fee, and Maker’s annualized revenue surge. It further discusses the performance of various coins, DeFi TVL, NFT market, and upcoming events and token unlocks.
Key Takeaways
October’s Crypto Market Performance
- Market Surge: The crypto market saw a 19% increase in total market capitalization in October, driven by optimism surrounding spot Bitcoin ETFs and short liquidations. Notable gainers included SOL, LINK, and BTC, with price increases of 78%, 45%, and 28% respectively.
- Bitcoin Dominance: Bitcoin dominance reached a 2.5-year high of 53.47% in October, fueled by optimism around spot ETF approvals and short liquidations.
- DeFi TVL Increase: DeFi TVL recorded a notable increase of 8.8% MoM, breaking its downtrend momentum as participants took more risk driven by the euphoria in the crypto market over the impending approval of spot BTC ETFs.
Key Developments in Crypto Projects
- Scroll’s Mainnet Launch: Scroll’s mainnet launch attracted over $26.6 million in total value locked (TVL) and 43,000 users, positioning it among the expanding roster of zkEVMs.
- Uniswap Lab’s Interface Fee: Uniswap Lab’s interface fee has collected over $647,000 in the two weeks since its launch, while maintaining its position as the largest decentralized exchange by trading volume.
- Maker’s Revenue Surge: Maker’s annualized revenue has surged to breach all-time highs near $200 million, with a significant driver being the onboarding of real-world assets (RWAs) as collateral for DAI.
NFT Market and Upcoming Events
- NFT Market Rebound: The NFT market staged a rebound alongside the overall crypto market, with sales volume reaching US$0.31B in October, recording an increase of 6.9% MoM.
- Upcoming Events and Token Unlocks: The report summarizes upcoming events and token unlocks to monitor key developments and track unlock events in the space.
Actionable Insights
- Monitor Bitcoin’s Influence: Given Bitcoin’s dominance and its influence on the overall market, it’s crucial to keep a close eye on Bitcoin-related developments, such as spot ETF approvals.
- Assess Impact of Project Developments: The launch of Scroll’s mainnet and Uniswap Lab’s interface fee introduction have had significant impacts. It’s important to assess the potential effects of similar developments in other projects.
- Explore DeFi and NFT Market Trends: With the notable increase in DeFi TVL and the rebound of the NFT market, these sectors present areas for further exploration and understanding.
- Stay Updated on Upcoming Events: Keeping track of upcoming events and token unlocks can provide valuable insights into potential market movements and trends.
