DappRadar Report Indicates the Recovery of the Crypto Market

DappRadar Report Indicates the Recovery of the Crypto Market
  • Unique Active Wallets in DeFi increased by 7% (504K) from September.
  • NFT trading volume reached $662 million, down 30% from September.

The world’s largest marketplace for decentralized applications, DappRadar, revealed in its most recent report that the cryptocurrency market is growing and recovering with a market valuation of more than $1 trillion.

Also, Unique Active Wallets (UAW) for blockchain dapps reached 2.01 million on average per day in October which is up 6.84% since September. And DeFi increased by 7% (504K) from September and exceeded half a million UAW for the first time since June. But, the number of UAW in the blockchain gaming industry fell by 2% (898K) from the previous month, and its market share also declined, falling to 45%. 

The Sign of Market Recovery

As bears eventually stepped aside, the global crypto market cap finally crosses the $1 trillion threshold and Bitcoin (BTC) and Ether (ETH) witnessed daily increases, as per the DappRadar research. Through October, altcoins also fared well.  Elon Musk’s purchase of Twitter and Dogechain’s release of its future roadmap led Dogecoin (DOGE) to reach a 50% increase over the previous 30 days and six-month highs.

Bitcoin and Ethereum price chart (Source: DappRadar)

Further, the total value locked in DeFi platforms (TVL) climbed this month by 5.33% to reach $83 billion, demonstrating further signs of recovery. Ethereum is still the most widely used chain with $51 billion TVL, which increased by 9.52% from September.

However, the NFT trading volume reached $662 million, the lowest level DappRadar has seen this year, down 30% from September and the sales count also dropped by 30%. The NFT trading volume for Ethereum reached the lowest level since June 2021 to $324 million in October, a fall of 21%. Solana’s trading volume dropped by 49% ($66M). When compared to August OpenSea’s market share shrank by 8.3% in October, and its monthly NFT trading volume fell by 12.1% ($313 million). 

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