
Cryptocurrency market capitalization soared to $1 trillion in October despite a $1 billion loss recorded by hacks in October.
DappRadar, a global app store for decentralized applications, revealed in an October report that the cryptocurrency market continues to recover, reaching a market cap of $1 trillion.
Last month, the number of industry-specific active wallets (UAW) for blockchain dapps reached an average of 2.01 million per day, up 6.84% from September. The data suggests the industry’s resilience to broader economic disruptions.
Non-fungible token (NFTs) have become an integral part of the digital asset space. DappRadar has revealed that NFT trading volume has dropped 30% since September to reach $662 million. This is the lowest amount ever recorded this year.
However, despite the decline in NFT trading volume, the number of unique traders increased by 18% to reach 1.11 million.
Last month, OpenSea’s market share decreased by 8.3% compared to August. Additionally, his NFT trading volume on the platform fell 12.1% month-over-month ($313 million), the lowest volume since July 2021.
Adoption continues to surge in the blockchain gaming sector while the NFT space continues to shrink. DappRadar revealed that his average daily UAW number for the gaming sector was 898,481 in October, making him one of the most promising web3 sectors.
The decentralized finance (DeFi) sector continues its recovery in step with the broader cryptocurrency ecosystem. The sector registered 5.33% growth last month to reach $83 billion.
Ethereum remains the most popular chain with a $51 billion TVL, growing 9.52% since September. Comparing Ethereum to other blockchains, its dominance dropped from 69% in September to 61.97% in October. BNB is in second place with TVL of $8.3 billion, growing 8.57% since September.Recent BNB chain exploit It didn’t affect my metrics at all.
The cryptocurrency market continued its modest recovery last month, finally reaching $1 trillion in market cap after weeks of poor performance. The report states:
Over $1.2 billion in short-term liquidations took place in about 24 hours after the crypto markets started turning green on Oct. 25. was finally released from
Altcoins weren’t left behind as Dogecoin (DOGE) led the charge with a significant rally in October. Doge It ended the month at a six-month high of $0.12, up 50% over the last 30 days. The price increase follows Elon Musk’s acquisition of Twitter and Dogechain’s future roadmap announcement.
Despite the record security hacks reported last month, there has been a recovery. According to the DeFi fraud, hacking and exploits database DEFIYIELD, this month saw his $1.09 billion loss, the largest financial loss of the year.
Cross-chain hacks accounted for 82% of reported exploits last month. The biggest scam of the month is Francisco Valdevino da Silva, aka Bitcoin Chief.
Brazilian authorities reveal he is suspected of defrauding and laundering up to 4 billion Brazilian reals (about $766 million) from thousands of Brazilians and citizens of at least 10 other countries Did.
At the current pace, 2022 could surpass 2021 as the biggest year for cryptocurrency and blockchain hacks, despite the bear market.