AQN Digital Monthly Chart Pack - October 2024

To help you stay informed of trends across the digital asset ecosystem, we present the State of the Crypto Markets, a monthly chart pack which covers high-level thoughts on the recent happenings.

Some highlights from this edition include:

• Bitcoin and Ethereum saw contrasting performance in Q3, with Bitcoin up 3% and Ethereum down 23.5%, while Gold outperformed most assets with a 13.2% gain.

• BTC continues to show a stronger correlation with tech stocks, despite often being dubbed "digital gold." The asset is still in the process of solidifying its narrative as it balances between secular digitization and a potential safe-haven role.

• LayerZero and ZKsync's airdrops highlighted the challenges of sustaining post-launch momentum, but both networks showed signs of recovery, particularly ZKsync with a September TVL surge.

• Maple Finance's resurgence is a bright spot in DeFi, with TVL jumping from $100 million to $450 million and monthly revenues exceeding $200 thousand for three consecutive months.

• Chainlink’s CCIP continues to make strong inroads with major financial infrastructure providers like SWIFT and DTCC, seeing transaction volumes and revenues steadily increasing.

Please let us know what you think. We're always interested in receiving your feedback and questions.


All the best, 

Sebastien Davies, CFA

Market Strategist
AQN Digital