Digital-asset markets in October showed signs of a potential recovery from the industry’s long-standing “crypto winter,” which has caused financial strain and layoffs for many companies (Coindesk). Bitcoin (BTC) experienced a strong month, driven by optimism surrounding the potential approval of new spot bitcoin exchange-traded funds by the U.S. Securities and Exchange Commission (Coindesk). However, Ethereum‘s native token, ETH, saw more modest gains, with analysts at Coinbase Institutional attributing this to “the lack of a strong fundamental narrative” (Coindesk).
On the other hand, the native token of Injective, a layer-1 blockchain designed for finance, called INJ, experienced significant gains in October (Coindesk). Additionally, Solana’s SOL token, which is currently hosting its Breakpoint conference in Amsterdam, also saw impressive growth (Coindesk). Notably, the Solana blockchain has achieved a streak of 234 days without any outages, marking a significant improvement from its previous performance (Coindesk).
Among the members of the CoinDesk Smart-Contract Platform Index (SMT), some tokens experienced slower growth in October. This includes SUI, METIS, and SEI (Coindesk).
Overall, the digital-asset market in October showed signs of recovery, with bitcoin leading the way and other tokens experiencing varying degrees of growth. However, Ethereum’s performance was relatively subdued, highlighting the need for a stronger narrative to drive its value.
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