How did the DeFi, NFT and crypto market change in October? |

October was a month of volatile market action in the crypto space. Bitcoin, Ethereum and other top coins saw both dramatic increases in price as well as significant decreases over this short span of time. However, many major players are still bullish on cryptocurrencies despite recent volatility.

The “altcoin news today” is a blog post that discusses what has been happening in the cryptocurrency market lately. The author of the post, talks about how the DeFi, NFT and crypto market changed in October.

After a tumultuous September, the crypto market rallied to an all-time high in October, with DeFi’s TVL hitting $250 billion and BTC surpassing $66,000. 

Changes to DeFi TVL (Data source: Footprint Analytics)

However, with all eyes on growing token prices, it was easy to overlook several patterns and announcements that seem to have a substantial influence on the market in Q4. 

• As nations declare broad cryptocurrency regulations, DeFi will become increasingly regulated.
• Institutional investors are buying into Bitcoin ETFs, which is providing a good picture.
• Curve and MakerDAO are vying for the top place in the loan sector.
• Several new public chains have rapid growth following their first introduction.

BTC reaches fresh highs as a result of the Bitcoin futures ETF.

The price of bitcoin soared from $48,000 to roughly $60,000 after Grayscale announced a series of initiatives to convert bitcoin funds into spot ETFs and digital asset investment company Valkyrie listed its bitcoin futures ETF on NASDAQ. BTC even hit a new high of $66,000 on October 20. 

The concept that institutions would progressively acquire crypto assets has gained a lot of traction among investors. As a result, we may see a scenario in which banks make enormous BTC and other token acquisitions in the form of whale buying. 

Price Changes in BTC and ETH (Data source: Footprint Analytics)

In October, two factors contribute to the DeFi TVL’s growth:

The loan sector is seeing head-to-head rivalry amongst the leading platforms.

According to Footprint Data’s TVL ranking, Aave and MakerDAO briefly overcame Curve to become the projects with the highest DeFi TVL in the middle of the month, but rapidly fell behind.

Curve was remained the most popular show on the network as of Oct. 31, with $19.2 billion in TVL. Curve’s TVL increased by 34% in October, and its token price hit $4.7, the highest in over a year. MakerDAO’s TVL growth rate was similarly 37.68 percent.

According to the statistics, the loan business is very competitive, making identifying a market leader almost difficult. To put it another way, now is not the time to put all your DeFi loan eggs in one basket.   

Price and Volume Trends for Curve Token CRV (Data source: Footprint Analytics)

Ethereum’s hegemony is being eroded by small yet many networks.

Until Binance arrived on the market in February 2021, Ethereum had a near-monopoly in the public chain arena, followed by Terra and Polygon. 

The data from the previous month show a clear trend toward further fragmentation rather than consolidation. 

According to Footprint Data, 11 public chains have had a TVL increase of more than 100% in the last 30 days. Tron grew at a pace of 1119 percent, bringing its TVL to $7.6 billion and putting it in eighth place. Fantom, Arbitrum, and Avalanche are examples of public chains that have grown by more than 100%.

As a consequence, Ethereum’s market share fell by 8% in only two months, from 73 percent in August to 65 percent in October. 

Market Share Changes by Public Chain (Data source: Footprint Analytics)

In October, there were several newcomers to the crypto world.

In October, newly launched chains outperformed expectations.  

Secret’s TVL increased by 222 percent as public chain laws tighten, causing blockchain users to emphasize on privacy. Secret, the first chain with privacy protection, will grow in popularity as PriFi—as it’s now known—becomes the favored crypto option. (At least, that’s how advocates of the chain argue.) 

NEAR is another chain that should not be overlooked. While the chain’s 86 percent growth isn’t as impressive as the month’s other breakouts, the company recently launched a $800 million ecosystem development fund to promote NEAR-based development initiatives, organizations, and people. In October, Aurora, an NEAR-based solution for scaling Ethereum dApp applications, closed a $12 million fundraising round. 

Other notable public chains include Sifchain, Harmony, and Celo, which all grew by over 200 percent in October. Despite the fact that the new public chains are nowhere near as popular as Ethereum, market share continues to shift as they provide new use cases and address issues that developers and consumers have with Ethereum.

Top 5 Public Chains’ TVL Growth Rate (Data source: Footprint Analytics)

Summary

The market momentarily got turbulent in September as national rules on crypto were introduced in the United States, China, Australia, and other countries, but a record-breaking October revealed we’re still riding the bull for the time being. 

The token price reduction and restrictions were followed by institutional backing and buy-in for blockchain on a longer time horizon. While this has generated an impression of decreased market risk among traditional financial firms, it has been contentious among blockchain aficionados. Is this the news that banks and financial businesses have been waiting for as a signal to step in after seeing their profits blown out of the water by crypto traders? 

Review of October’s Major Events

News and Policy:

• Chairman of the Federal Reserve: The Federal Reserve has no intentions to outlaw cryptocurrencies.
• A cryptocurrency enforcement unit will be established by the US Justice Department.
• China’s National Development and Reform Commission is in charge of the country’s development and reform. The phase-out of producing businesses will include “virtual currency’mining’ operations.”
• The first-day trading volume of the Valkyrie Bitcoin Futures ETF was US$78 million, making it the second-highest first-day trading volume ever.
• Grayscale intends to submit an application to Convert Bitcoin Funds to Spot ETFs.
• The name of the firm has been changed to Meta by Facebook.
• Throughout order to develop a Meta-Universe, Facebook aims to recruit 10,000 individuals in Europe.
• Coinbase has asked for new laws and rules to govern cryptocurrencies in the United States.

Chain of Publicity:

• On the chain, Fantom reaches a new high of 1 million unique addresses.
• Unique Network, a public NFT network, has raised $11.3 million.
• NEAR announces the formation of a $800 million eco-development fund focused on the DeFi space.
• Polygon has roughly 3,000 DApps, with 62 percent of them being launched exclusively on Polygon.

NFT:

• By the end of the year, Coinbase plans to launch an NFT marketplace.
• Mojito, an NFT technology business, receives a $20 million investment from Sotheby’s and Future Perfect Ventures.
• Candy Digital, an NFT studio, has raised $100 million in a $1.5 billion Series A fundraising round.
• The OpenSea website has surpassed the top 500 websites in the world in terms of traffic.
• The entire trading volume of CryptoPunks’ derivative NFT project PUNKS Comics topped $500 million.

DeFi:

• Shiba Inu (SHIB) has surpassed Polkadot to become the eighth most valuable cryptocurrency.
• Over 700,000 ETH were burnt, with a total worth of over $3 billion.
• Cream Finance, a company that uses the Ethernet DeFi protocol, was hacked and lost $115 million.
• The market capitalization of Ethereum has risen to 15th position among global assets, surpassing Alibaba.
• The overall transaction volume of Uniswap exceeds $500 billion.

Footprint Analytics is the source of this report.

Footprint Analytics is a one-stop shop for analyzing blockchain data and uncovering insights. It cleans and combines on-chain data so that users of any skill level may begin exploring tokens, projects, and protocols right away. Anyone may create their own personalized charts in minutes using over a thousand dashboard templates and a drag-and-drop interface. With Footprint, you can discover blockchain data and invest more wisely.  

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The “daily satoshi” is a cryptocurrency market index that shows the price of Bitcoin, Ethereum and other cryptocurrencies in US dollars. In October, the DeFi market has been booming with many new projects being released. The NFT market also saw a rise during this month.

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