Researchers from The Block noted key cryptocurrency trends this week
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Johny Smith
2024/10/20
3 mins read
Recent data analysis from The Block shows important trends in the digital coin market, from the growing popularity of stablecoins to the decline in income of Ethereum network participants. One of the main events was the increase in the supply of DAI by 40%, which brought this figure to 6.2 billion. This is the maximum in the last 12 months. The rebranding of MakerDAO to Sky allowed DAI to transform into Sky Dollars (USDS) with a rate of 1 to 1, and the MKR governance token was exchanged for SKY at a ratio of 1 to 24 thousand. However, despite the innovations, the price of MKR has fallen by 30% since August, reaching marks $1375.
Ethereum has also faced problems. Validator income fell from $247 million in March to $174 million in September due to a decrease in network activity. Their number has increased to 1.09 million, but the increase in ETH supply since April, as well as the negative burn rate (-0.06%), raise concerns about possible inflation. The number of active addresses also continues to fall, reflecting the general trend of decreasing activity on the network.
The decentralized exchange (DEX) segment is also experiencing a decline. DEX futures trading volume was 3.26% in September, down from 5.18% in February. Despite significant volumes, platforms like Hyperliquid, which processes $1.23 billion daily, are still behind centralized exchanges including Binancewhere the monthly volume of Bitcoin futures is $480 billion. The main barriers to DEX growth remain low liquidity and complex interfaces.
However, the Aptos network recorded a sharp increase in usage, reaching a record of 571 thousand active addresses on October 9, compared to 135 thousand in mid-September. The number of daily transactions reached 2.75 million, and the total value locked (TVL) increased by 18% (to $650 million). This caused the value of the APT token to increase by 30% in October, bringing its market capitalization to $5.2 billion.
Interest in meme cryptocurrencies has also returned. According to Google Trends, searches for the related term reached a 2-month high. MOODENG and SPX6900 showed impressive results: the 1st grew from $50 thousand to $300 million market capitalization in just 17 days, and the 2nd from $7 million to $850 million in a month.
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