According to a DappRadar report from October, the cryptocurrency market has recovered and now has a $1 trillion market cap.
Over one trillion dollars is invested in cryptocurrencies
Despite reports that a hack during the month resulted in losses of $1 billion, Bitcoin’s marketplace capitalization enhanced up to one trillion dollars. By the middle of this Fall, there was an average of almost two unique active users for the decentralized applications, an increase of 6 points up to 84 percent since September. These facts might be a sign of the sphere’s resilience in the face of a general recession.
NFTs are currently used by over 1 million traders. The market for digital assets now heavily relies on NFTs, or non-fungible tokens. As for the report of DappRadar, NFT trading level has decreased by 30% since the beginning of Fall to about 660 million dollars. However, no matter the fall in NFT exchange levels, there are now about one million investors, up 18% from the previous year.
The other sphere also improves
At the same time, as the NFT marketplace proceeds to contract, crypto-related tech adoption in the game-play sector is surging. Averaging 898,481 UAW per day in October, gaming is one of the most promising web3 industries, according to DappRadar.
DeFi continues to recover. Thanks to a bigger crypto ecosystem, the decentralized finance (DeFi) market is bouncing back. The sector’s growth last month to $83 billion was 5.33 percent. Ethereum is still the most widely used network, with a TVL of $51 billion, up 9 point 52% from September.
From 69 percent in September to 61 points 97 percent in October. With a TVL of $8.3 billion, BNB comes in second, up 8.57 percent from September. The indicator is unaffected by the lately identified BNB chain exposure.
The cryptocurrency market eventually reached a market valuation of $1 trillion last month after weeks of dominated performance. The limited cost has finally been broken by the cryptocurrency market. In October, altcoins made a comeback, led by Dogecoin (DOGE).
If conditions persist, this year the crypto market might return to past level despite the bear market tendencies.
