Hello Geckos!
How was your Halloween?
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 such as the U.S elections and large financial institutions implementing steps for adoption. Other than that, we are also seeing signs that the DeFi hype is slowing down.
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
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. This is its best monthly performance since the February-March 2020 market crash.
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. This was also likely caused by a surge in interest of large institutions adopting and implementing Bitcoin into their business strategies.
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.
We found that Binance made up a majority of the Open Interest at $738 million.
Altogether, Open Interest on Bitcoin Perpetual increased almost 40% since its largest daily drop on the 7th of September.
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 took the brunt of the hit with the biggest loss of $5.5 billion (-59%).
However, despite the drop 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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