Cryptocurrency insights

We will specifically look at how on-chain volumes witnessed a significant improvement last month. Volumes increased as a result of an increase in trading activity on the CEX and NFT marketplaces.

We next take a quick look at the state of the bitcoin mining industry, where miners’ profits have increased as a result of increased network activity.

Lastly, we also examine the most recent developments in the Ethereum network, which has been burning through a large amount of ETH since “EIP-1559” while continuously providing beacon chain holders with large profits.

Analysis of October’s cryptocurrency trends and on-chain volumes

Bitcoin drove October’s solid cryptocurrency sector growth, with all on-chain indicators and new trends rising.

Since October has been good for cryptocurrencies, the bitcoin community calls it “uptober”.

First, “Total adjusted on-chain volume,” which rose 34.8% to $196 billion, showed the impact of rising market prices.

ETH rose 20.1% and BTC 45.7% from September.

When bitcoin rallies like October’s happen, centralised exchanges celebrate.

Rising prices gently stimulate more trades on bitcoin trading platforms, where concentrated traders profit from far greater fees.

The surge in Bitcoin and Ethereum prices has resulted in a 55.2% increase in CEX spot activity, reaching $291.2 billion over the last 30 days.

Spot trade volumes for the top two crypto assets on the market have increased by almost 80% on CEX since September.

This indicator is finally improving after declining continuously for the past two years.

It’s also fascinating to note that the stablecoin market is rebounding, with somewhat higher Ethereum volume in October.

We may observe that DAI usage has nearly tripled from 40 billion monthly volumes in September to 112 billion at this time.

Users have also been using USDT and USDC more frequently at the same time.

We are still far away from the stratospheric quantities seen during the 2021 bull market, although the rising trend.

We might declare that we are approaching the heyday as soon as we surpass the $500 billion monthly mark.

As of the now, Ethereum has 390 billion dollars.

Two more intriguing October patterns are the burn of Ethereum and bitcoin mining.

In addition to other information and cryptocurrency trends for October, it is thought to be noteworthy to share one specific statistic on Bitcoin mining activities.

Even miners were taken aback by the sharp increase in the value of the market’s first coin, which startled all traders last month with a gain of +28.4%.

Rising prices contribute to increased on-chain activity and, consequently, higher fees for network providers. With BTC’s elevated dollar countervalue, miners saw a substantial 17.4% increase in earnings, reaching $885 million in October—four times the revenues reported in 2022.

The BRC-20 token market surge, impacting network costs, caused a peak in this indicator in May. It’s anticipated that November or December could surpass May’s $912 million, with Bitcoin’s performance ultimately determining the outcome.

Ethereum stakers’ revenue is compelling data. Following the Shanghai update allowing the revocation of ETHs prohibited on the beacon chain, stakeholders increased their delegation to Ethereum. By the end of October, a total of 27.89 million ETH in circulation generated returns for their holders.

Staker revenues have increased once again as a result of soaring ETH prices; last month, they took home an amazing $125 million.

We are far from the 2018 and 2021 congestion statistics, which is unfortunate—or fantastic, depending on how we evaluate the user experience graph. Ethereum network operators should profit from revenue growth, but users shouldn’t pay exorbitant costs.

We see that ETH has been steadily deflationary since EIP-1559 was applied to the Ethereum chain in August 2021, as staker revenues recover.

Every day, albeit in very tiny amounts, some ETH is burned, which lowers the total number of coins produced via block generation and delivered to market.

Up to 41,348 ETH with a total countervalue of $70.3 million were burnt in October.