Dappradar Says Capitalization of Global Crypto Market Surpasses $1 Trillion

PersonOutlineIconUPYO.comCalendarTodayIcon November 3, 2022AccessTimeIcon 4 Mins Read
PersonOutlineIconUPYO.comCalendarTodayIcon November 3, 2022AccessTimeIcon Mins Read
NFTs

NFTs

The global crypto market saw a state of optimism once again after its total capital market exceeded $1 trillion, according to Dappradar.

In its report, Dappradar said in terms of cryptocurrencies, Dogecoin was the luckiest cryptocurrency regarding its performance. Dogecoin closed at $0.12 this month, with a 50% increase since the beginning of the month. The growth was driven by Elon Musk’s acquisition of Twitter worth $44 billion.

Regarding the NFTs, the trading volume of NFTs was down by 30% from September, recording $662 million, the lowest amount registered this year. Moreover, the value of total sales declined by 30% month-over-month.

Nevertheless, the report mentioned a growth in the number of unique traders by 18% to 1.11 million, saying it shows that new people are becoming more interested in entering the NFT industry and that the demand is still high.

In terms of cryptocurrencies, Ethereum continues its downward trend in the NFT trading volume. In October, it registered $324 million with a decline of 21%, the lowest NFT trading volume registered since June 2021. Also, Solana’s trading volume decreased by 49%, recording $66 million.

According to the report, due to the NFTs hype, more companies begin to look to NFTs as a way to collect money, however, companies should be aware of legal requirements that limit the use of NFTs for fundraising.

Dappradar pointed to the increasing competition among the NFT marketplaces in October.

Opensea was dominant with a percentage of 47.8. The trading volume of NFTs declined by 8.3%, compared to August, registering as the NFT trading volume plunged by 12.1%, recording $313 million month-over-month. This is the lowest trading volume recorded since July 2021.

While the X2Y2 marketplace, which came in second place, boosted its dominance on NFTs trading volume this month, recording 27.7% (+8.4%). Despite the increasing dominance, the NFT trading volume month-to-month declined by 38.82% ($181 million). It is worth mentioning that X2Y2 debuted an NFT loan feature that aims to attract more users without imposing any charges.

Also, Magic Eden bolstered its dominance in October by 2.3% compared to August, registering 9.4%. However, the trading volume of NFTs declined by 52.07% ($61 million) month-over-month.

The report concluded that despite fluctuations in the global market, NFTs and their marketplaces are still showing strong signs of resilience.

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