What are the new breakthroughs in the crypto market in October?

Following the volatility caused by the policy in September, the crypto market gradually recovered lost ground in October and moved towards the next growth point. The total lock-up volume of DeFi exceeded US$25 million, and BTC broke through its historical peak. The introduction of the policy is the starting point for the industry to be standardized. The listing of Bitcoin ETF has also attracted the attention of the world, and there seems to be a better expectation for the future of the crypto market. Footprint October monthly report will take you at a glance at the overall development of the market in October.

The listing of Bitcoin futures ETF triggers a new round of BTC price highs

With the announcement of the Grayscale Fund’s plans to convert Bitcoin funds into spot ETFs, the announcement of application actions, and the spread of news that Valkyrie Bitcoin futures ETF has been listed and traded on Nasdaq, the price of BTC rose all the way in October. , Climbing from 48,000 U.S. dollars to 60,000 U.S. dollars, hovering around, and even broke the highest record of BTC price, reaching 66,000 U.S. dollars . The rise in the price of BTC Bitcoin hit a record high, which is the expectation of investors for US ETFs, as well as the continued investment of institutions in encrypted assets, and the possibility of “whale” purchases is not ruled out.

What are the new breakthroughs in the crypto market in October?

BTC and ETH price changes

Data source: Footprint Analytics

At the end of the month, the total lock-up volume of DeFi exceeded US$250 billion, an increase of 37.2% from the previous month

In October, the total locked-up volume of DeFi has a good growth trend. The fluctuation caused by the policy in September will soon end, and the DeFi market will soon resume its growth.

What are the new breakthroughs in the crypto market in October?

Change in total locked position

Data source: Footprint Analytics

There are two aspects that supported the growth of DeFi TVL in October:

The leading project continues to exert strength, Curve and Marker Dao compete for the head position

According to the TVL ranking data of Footprint’s various protocols, both AAVE and Maker Dao surpassed Curve in the middle of the month to become the project with the highest amount of DeFi locked positions. As of October 31, Curve still ranked first in the entire network with 19.2 billion TVL. Curve’s TVL in October increased by 34% per month, and its currency price also reached 4.7 US dollars, the highest value in the past year. Maker Dao also maintained a TVL growth of 37.68%. Next month’s TVL ranked No. 1 project will take off, and it is still worth looking forward to.

What are the new breakthroughs in the crypto market in October?

Protocol TVL ranking (2021/10/31)

Data source: Footprint Analytics

What are the new breakthroughs in the crypto market in October?

Curve Token CRV price and trading volume trend

Data source: Footprint Analytics

The basic form of the multi-chain competition pattern, the distinctive public chain competition is fierce

From the Footprint data, it can be seen that there are 11 public chains with TVL growth exceeding 100% in the past 30 days. Among them, the growth rate of Tron is as high as 1119%, ranking first in the growth rate. The current TVL is about 7.6 billion U.S. dollars, surpassing Polygon and ranking seventh in the public chain rankings; other public chains such as Fantom, Arbitrum, and Avalanche still maintain 100% The above growth rate.

The rapidly developing new public chain is also constantly dividing up the market share of the ether chain, from 73% in August to 65% in October. In just two months, the market share of the ether chain has dropped by nearly 8%.

What are the new breakthroughs in the crypto market in October?

Changes in the market share of each public chain

Data source: Footprint Analytics

Which new stars are rising in October?

In addition to the hotly discussed public chain, the new public chain also had good results in October.

Secret increased by 222% in October. Many people believe that with the tightening of public chain supervision and the increasing emphasis on personal privacy by users, PriFi will soon become the first choice for encrypted users, and as the first smart contract with privacy protection The Secret of the blockchain will gradually be known.

Another thing that cannot be ignored is Near. Although its growth of 86% is not among the best, NEAR recently announced that it will launch a huge ecological development fund of US$800 million to support projects, institutions and individuals based on NEAR. And its potential project, Ethereum’s expansion plan, Aurora, also completed $12 million in financing in October. The addition of capital may accelerate the construction of the entire ecosystem.

Other public chains such as Sifchain, Harmony, and Celo also had more than 200% growth in October, which is also worth paying attention to. Although the current new public chain is still not enough to shake the position of the Ethereum chain, the trend of market share being divided is inevitable.

What are the new breakthroughs in the crypto market in October?

Changes in the TVL growth rate of the top five public chains in October

Data source: Footprint Analytics

Institutional investment enthusiasm continues to rise, and NFT and DeFi have become popular for capital investment

The investment trend represents the industry trend to a certain extent. The financing amount in 2021 is close to 21 billion U.S. dollars, an increase of 6 times compared with 2020. In October, although the overall investment amount and the number of projects decreased slightly compared to September, DeFi and NFT were still hottest investments, and the number of financing projects was basically the same as in September.

What are the new breakthroughs in the crypto market in October?

Trend chart of monthly investment amount and number of projects

Data source: Footprint Analytics

What are the new breakthroughs in the crypto market in October?

Distribution of monthly investment project types

Data source: Footprint Analytics

Summarize

In September, the multinational policy was promulgated. In the short term, DeFi’s lock-up volume will fluctuate to a certain extent, but in the long term, it is also positive for DeFi. Regulatory intervention will help the industry to more standardized development, eliminate non-compliant, and reduce Market risks and so on are beneficial, which may strengthen the confidence of funds entering the DeFi field. In October, we can also see the positive inflow of funds in the crypto market.

In November, we can look forward to the cross-chain development of more projects, how the Bitcoin ETF will develop after its listing, and how the public chain will compete, we will continue to review and look forward to the monthly report in November.

Review of various events in October

Policy Current Affairs

  • Fed Chairman: The Fed has no plan to ban cryptocurrencies

  • The U.S. Department of Justice will set up a cryptocurrency enforcement team

  • China’s National Development and Reform Commission: plans to include “virtual currency’mining’ activities” in the phased out industry

  • U.S. first Bitcoin futures ETF’s first-day turnover hits record second-highest

  • Grayscale program applies to convert Bitcoin funds into spot ETFs

  • Facebook changed company name to “META”

  • Facebook plans to recruit 10,000 people in Europe to build a meta-universe

  • Coinbase calls on the U.S. to pass new legislation and establish a new regulatory agency to oversee cryptocurrencies

  • Valkyrie Bitcoin futures ETF has a trading volume of US$78 million on the first day

Public chain

  • The number of independent addresses on the Fantom chain exceeds 1 million, a record high

  • Polkadot ecological NFT public chain Unique Network raises 11.3 million US dollars

  • NEAR launches a USD 800 million ecological development fund, which will focus on the DeFi field

  • There are already about 3000 DApps on Polygon, 62% of which are only deployed on Polygon

NFT

  • Coinbase will launch the NFT market at the end of the year

  • Sotheby’s and Future Perfect Ventures invest US$20 million in NFT technology company Mojito

  • NFT studio Candy Digital completes US$100 million in Series A financing at a valuation of US$1.5 billion

  • OpenSea website traffic has entered the world’s top 500

  • CryptoPunks-derived NFT project PUNKS Comic has a total transaction volume of over 500 million US dollars

DeFi

  • SHIB’s market value surpasses Polkadot DOT and ranks 8th among cryptocurrencies

  • The amount of Ethereum burned exceeds 700,000 pieces, with a total value of nearly 3 billion U.S. dollars

  • Ethereum’s DeFi protocol Cream Finance was attacked, resulting in a loss of 115 million U.S. dollars

  • Ethereum’s market value ranking rises to 15th in global assets, surpassing Alibaba

  • Uniswap’s total transaction volume exceeds US$500 billion 

The above content is only a personal opinion, for reference and communication only, and does not constitute investment advice. If there is an obvious understanding or data error, feedback is welcome.

The data used in this article comes from Footprint Analytics, which provides cross-chain, cross-platform analysis data and multi-angle analysis Dashboard. If you are interested, you can click on the relevant links to explore.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/what-are-the-new-breakthroughs-in-the-crypto-market-in-october/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-11-02 21:48
Next 2021-11-02 22:00

Related articles