[ad_1]
Hello Geckos!
How was your Halloween?
This year has been a real whirlwind with so many things happening all over the world. We can barely believe it is already time for our monthly October report. However, we are still excited to share our findings with you!
Bitcoin has had a rather bullish run this month due to a number of factors such as the US elections and large financial institutions implementing measures for adoption. On top of that, we’re also seeing signs of slowing the DeFi hype.
Here are ours 4 major cryptocurrencies for the month of October:
- Bitcoin’s price jumped 28% and hit multi-year highs at $ 13,778
- Total cryptocurrency market capitalization recorded another annual high of $ 378 billion
- Bitcoin Perpetual Swap Open Interest Up 40% Since Beginning of September, Indicative of Bullish Sentiment on Bitcoin
- Uniswap continues to dominate the DEX market, taking 69% of the DEX market share
1. The price of Bitcoin rose 28% and reached multi-year highs at $ 13,778
Bitcoin (BTC) began its rally as soon as the DeFi mania started to slow down. News from large institutions like MicroStrategy, PayPal, Square and DBS Bank taking steps to adopt the cryptocurrency helped drive positive sentiment for Bitcoin.
As a result, Bitcoin’s price jumped 28% in October and hit multi-year highs at $ 13,778. Further evidence of Bitcoin’s growth can be found in its trading volume which ended the month with a 22% jump. This is its best monthly performance since the February-March 2020 market crash.
2. The total market capitalization of cryptocurrencies recorded another annual high of $ 378 billion
Despite the slight decline in September, the total market capitalization of cryptocurrencies continued with a 19% increase in October. This led to another annual high of $ 378 billion.
It also experienced a slight 7% recovery in trading volume, which brought it back to average trading volumes last seen in August. This was also likely caused by an increase in interest from large institutions adopting and implementing Bitcoin in their business strategies.
3. Open Interest on Bitcoin Perpetual Swap up 40% since the beginning of September, indicative of a bullish sentiment on Bitcoin
The Open Interest Bitcoin Perpetual Swap aggregate saw an increase of $ 87 million (+ 5%) this month and crossed the $ 2 billion mark once again.
We found it Binance formed the majority of the Open Interest at $ 738 million with Bybit followed behind at $ 563 million.
Overall, Open Interest on Bitcoin Perpetual has risen nearly 40% from its largest daily decline on Sept. 7. This increase in interest is likely to be due to the arrival of new money to capitalize on Bitcoin’s bull run.
4. Uniswap continues to dominate the DEX market, gaining 69% of the market share
Finally, we found it DEX volume in October decreased by $ 9.4 billion (-32%) across all exchanges. Uniswap suffered the biggest blow with the biggest loss of $ 5.5 billion (-59%).
However, despite the decline, Uniswap continued to hold its position as the most popular DEX. the protocol consolidated its dominant position in the market by increasing its market share from 66% to 69% in October.
Did you like this preview of our October report? You can grab your copy of the full report here!
Do you like what you see? Sign up for our newsletter for daily cryptocurrency updates and follow us on Twitter (@coingecko) for scoop!
[ad_2]Source link
