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The first edition of CryptoCompare’s Asset Report is now live. This report provides readers with a summarised analysis of the latest movements in the cryptocurrency markets. This report also includes factsheets that dive into the latest developments of the five largest digital assets - Bitcoin, Ethereum, Ripple, Solana and Cardano.
October was a strong month for the cryptocurrency markets with several all-time highs seen across the top cryptocurrencies. Bitcoin reached an all-time high of $66,980 on 20th October, followed by Solana and Ethereum which also hit all-time highs of $210 and $4,460 respectively.
Key takeaways:
- Market speculation surrounding the US-listed Bitcoin ETF, followed by its acceptance, triggered a healthy run for Bitcoin and other top cryptocurrencies throughout October - with the flagship crypto ending the month at $61,350 (+40%).
- From the 27th to the 30th of October, Ethereum was deflationary as 63k ETH were burnt in that period as a result of high transaction volumes (up 9.6% to 37.6mn in October) and growing average transaction fees (up 15.4% to $36.04 in October).
- Solana boasted the highest monthly returns in October (up 43.3%), however, despite the platform’s growth, TVL is still low relative to funds locked into DeFi on Ethereum ($12.5bn for Solana versus $164bn for Ethereum).
- Investment inflows surged for single tracker Bitcoin-based digital asset investment products, with inflows in October reaching almost $800mn (excluding the $1bn+ for ProShares’ newly listed BTC futures ETF). For comparison, the asset experiencing the second-largest inflows was Solana ($36.4mn).
Highlights from the Top 5 Assets in October
Bitcoin reached a new all-time high of $66,980
Bitcoin's price rose 40.0% in October to $61,350, reaching a market capitalization of $1.2tn at the end of the month. An all-time high of $66,980 was reached by the cryptocurrency on October 20th.
Average daily active addresses in the Bitcoin network grew 7.8 % to 974,879 in October, the highest level since May 2021. Similarly, new addresses in the network increased 9.2% to 444,651.
Ethereum was deflationary at the end of October
Between 27th and 30th October, Ethereum was deflationary as 62k ETH were burnt during this time due to high transaction and fee volumes.
Ripple Sees Spike in Total Transactions and Account Creation on Network
Total transactions on the Ripple network grew 21.3% in October to 43.3mn. Account creation also rose, reaching 211.6k (29.9% increase from September).
Solana Boasts Highest Returns of Top 5 cryptocurrencies in October
Total Value Locked (TVL) in the Solana blockchain grew 35.0% in October to a total of $12.5bn and peaked on the 26th of October at $13.7bn.
Raydium became the protocol with the highest TVL in the Solana network, reaching $1.9bn at the end of the month, a 34.5% growth from September.
Monthly Cardano Transactions Reach Highest Level This Year
There were mixed movements in activity within the Cardano blockchain, as monthly transactions rose 43.2% to 2.63mn, while average daily active addresses fell 52.9% to 56k.
