How was your Halloween, Geckos?
We can barely believe that it is already time for our October monthly report. Nonetheless, we are still excited to share our findings with you!
Bitcoin has had quite a bullish run this month due to a variety of factors. Other than that, we are also seeing signs that the DeFi hype is slowing down.
With so much happening in the crypto space, it can be hard to keep track of everything. That’s where we come in with our October report to bring you up to speed on what you need to know!
Here are our 4 key crypto-highlights for the month of October:
- Bitcoin’s price rose by 28% and hit multi-year highs at $13,778
- Total crypto market cap recorded another yearly-high of $378 billion
- Open Interest on Bitcoin Perpetual Swaps up 40% since early September, indicative of bullish sentiment on Bitcoin
- Uniswap continues to dominate the DEX market, taking 69% of the DEX market share
Bitcoin’s price rose by 28% and hit multi-year highs at $13,778
Bitcoin began its rally as soon as the ETH craze began to slow down. News of large institutions taking steps to adopt the cryptocurrency helped to drive the positive sentiment for Bitcoin.
As a result, in October Bitcoin’s price went 28% higher and hit multi-year highs at $13,778. Further proof of Bitcoin’s growth can be found in its trading volume which ended the month with a 22% jump.
Total crypto market capitalization recorded another yearly-high of $378 billion
Despite the slight pullback in September, total cryptocurrencies market capitalization continued with a 19% increase in October. This led to another yearly-high of $378 billion.
It also saw a slight recovery of 7% in trading volume, which returned it to average trading volumes last seen in August.
Open Interest on Bitcoin Perpetual Swaps up 40% since early September, indicative of bullish sentiment on Bitcoin
The aggregate Open Interest Bitcoin Perpetual Swaps saw an increase of $87 million (+5%) this month and breached the $2 billion mark once again.
Altogether, Open Interest on Bitcoin Perpetual increased almost 40% since its largest daily drop on the 7th of September. It is likely that this increase in interest is due to new money coming in to capitalize on Bitcoin’s bullish run.
Uniswap continues to dominate the DEX market, taking 69% of the market share
Lastly, we found that DEX volume in October fell by $9.4 billion (-32%) across all the exchanges. Uniswap had the biggest loss of $5.5 billion (-59%).
However, Uniswap still continued to maintain its position as the most popular DEX. In fact, the protocol solidified its market dominance increasing its market share from 66% to 69% in October.
Did you enjoy this sneak peek into our October report? You can grab your copy of the full report here!
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