Main Takeaway: Steady Saturday
Crypto markets have largely remained unchanged over the weekend, with a slight drop of 1%. Last week was a terrible week for US equities, and global equities as well. So the crypto market will largely keep moving with stocks. However, it’s important to note the historical distinction that October usually has on crypto, causing it to break out of correlation with stocks. But with that, it’s also necessary to acknowledge the macro backdrop is significantly more gloomy than in previous years, even despite global Covid disruptions and supply chain shortages.
Key Stories: How Many Metaverse Users Are There?
A report came out on CoinDesk that revealed numbers from DappRadar saying that Decentraland and Sandbox have significantly low metaverse users on their platforms. Specifically, the story reported that Decentraland only has 38 users and Sandbox only has 522. However, these numbers were quickly disputed by the relevant companies as incorrectly calculated.
The main takeaway is it’s difficult to calculate DeFi statistics based on smart contract transactions and other metrics. Therefore, this is one weakness in the industry at present – the availability of clear and transparent data, despite being on the blockchain.
Today’s Top Gainers
The top five performing coins on Phemex d-o-d are Ethernity (ERN/USDT), Quant (QNT/USDT), Multichain (MULTI/USDT), EarthFund (1EARTH/USDT), Skyup (SU/USDT).