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Crypto Market Growth Continues Despite a Spike in Hacking Incidents

Crypto Market Growth Continues Despite a Spike in Hacking Incidents

A recent report by DappRadar has shown that despite the frequent attacks that swept the cryptocurrency space in October, the market has maintained its growth, recording a total market cap of over $1 trillion at the time of publication. Since Oct. 25, when the market turned bullish after months of bearish sentiment, the crypto sector has been back in action and has reclaimed the $1 trillion mark in terms of total market cap. Cryptocurrencies, including leaders Bitcoin (BTC) and Ethereum (ETH), have been gaining daily, and the bears seem to have reined themselves in. In October, blockchain dApps registered an average of 2.01 million active unique wallets (UAW) per day, which is 6.84% more than the previous month. The metric demonstrates the market’s continued strength and resilience in a turbulent global economy.

A Rise in Crypto-Related Hacks

The positive developments come despite the recent lack of market certainty. According to the DEFIYIELD database of Defi scams, hacks and exploits, October saw the highest volume of lost funds since early 2022, as numerous security breaches resulted in the theft of approximately $1.09 billion worth of cryptocurrency assets. Cybercriminals favor cross-chain bridges as their targets, with such protocols responsible for 82% of October losses. Francisco Valdevino da Silva, commonly known as the “Bitcoin Sheikh,” suffered the month’s most potent attack, with the criminal stealing and laundering approximately $766 million from thousands of Brazilians and citizens of at least ten other nations.

NFTs Warming up to Crypto Winter

DappRadar’s report also noted that while October saw a significant decline in NFT trading volume and turnover, the number of unique non-fungible token (NFT) traders has steadily increased by 18 percent. NFT trading volume fell by 30%. Month-over-month to $662 million in October, marking a new yearly low. In addition, the number of transactions recorded has decreased by 30% since September. Although the overall trade volume of the sectors has reduced, the number of retailers has increased by 18% to 1.11 million.

The increase in the number of unique NFT traders can be attributed partly to the influx of newcomers into the crypto space, suggesting that newcomers and veteran traders alike are looking for NFTs. Later in the report, it was noted that seven Yuga Labs projects saw increases in sales volume in October, securing its spot as one of the top-performing NFT projects overall.

On the Flipside

The unexpected market rally came at a price, as almost $1.2 billion in short positions was liquidated on the first day of the market rally.

Why You Should Care

The ongoing cryptocurrency bear market appears to have ended in October as the market once again surpassed $1 trillion by market cap. Active. As major companies like Visa, PayPal, and Western Union register brands to increase their crypto exposure, DappRadar predicts the market will continue its bull run, which could become even more intense than previous rallies in.

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