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October Crypto Surge: Global Rate Cuts, DeFi Growth, and Bitcoin Dominance Fuel Bullish Trends

In "Uptober" 2024 crypto markets surged, riding on rate cuts and record on-chain activity. What does this mean for Bitcoin, Ethereum, and DeFi’s evolving landscape?

"Uptober" has seen crypto markets continue to rally, bolstered by recent global economic shifts, including interest rate cuts by the Federal Reserve and People’s Bank of China. With Bitcoin dominance climbing and DeFi hitting new records, investors are dubbing this month “Uptober” as optimism spreads.


Chart depicting October cryptocurrency trends, highlighting Bitcoin's market dominance and DeFi growth.
Crypto Market in October – ‘Uptober’ Sends Bitcoin and DeFi to New Highs.

Key Points


  • Interest Rate Cuts Boost Confidence:

    October saw rate cuts globally, with China lowering its lending rate by 25 basis points and Canada reducing its benchmark rate to 3.75%. These moves follow earlier U.S. federal rate cuts, providing liquidity boosts that have flowed into risk assets, especially crypto. This trend supports Bitcoin's strong performance as a favored “store of value,” and risk appetite has improved across crypto markets.


  • DeFi Expansion:

    DeFi continued its October growth with a 9.6% increase in total value locked (TVL), driven by heightened on-chain activity. Layer 1 networks like Sui and Base captured increased investor attention with growth in decentralized lending, liquid staking, and derivatives. Base’s daily active addresses surged as Coinbase’s wallet integration made it easier to interact with DeFi apps, reflecting rising user engagement and confidence in decentralized finance ecosystems.


  • NFT and Real-World Assets (RWA) Trends:

    While NFT trading volumes dipped this month, real-world assets tokenized on-chain surpassed $12 billion. Tokenized treasuries and private credit led this expansion, particularly appealing to investors as U.S. interest rates remain high. This shift marks a pivot from NFTs to tangible, revenue-generating assets in crypto portfolios, aligning with the growing appeal of stable, regulated digital assets for mainstream investors.



October’s strong crypto market performance reaffirms investor confidence, with macroeconomic boosts and evolving asset classes helping shape the month’s “Uptober” narrative.


Related: Cointelegraph

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