This article is a Chinese translation based on Binance Research's latest monthly report, and I have summarized it.
Expand from the dimensions of market performance, sector performance, on-chain performance to the performance of specific targets.

Without ornate or obscure language, this article is understandable even to Vitalik's grandmother.

Main text👇🏻

- Monthly market performance 🔻

The total market cap in October grew by 2.8%, and October has always been a relatively strong month in traditional financial markets. Driven by approximately $54 billion in spot ETF inflows, Bitcoin's closing price in October approached historical highs, and to this day, propelled by election events, has successfully surpassed new highs.

The following chart shows the monthly performance of the top ten cryptocurrencies from last month:

(1) Dogecoin achieved the highest increase, which is directly related to Musk's support for the campaign;
(2) Following that are various L1 targets, among which SOL is the strongest, achieving nearly double-digit growth;
(3) The market heat related to Telegram/TON has decreased, accompanied by weak performance after the launch of Tap-to-Earn, with TON recording a monthly decline of 16.9%. Telegram's updated policies may further exacerbate negative sentiment, including handing over users' IP addresses and phone numbers to authorities with valid legal requests;
(4) The largest decline was seen in Ripple, due to ongoing litigation with the U.S. Securities and Exchange Commission, with XRP dropping 20.4% that month.

📍 In October, the TVL growth of the three chains Solana, Base, and Aptos stood out, at 13.4%, 22.2%, and 57.1%, respectively.

(1) Solana has a very strong market consensus, with the on-chain DeFi TVL reaching $7.6 billion. In the growth of the on-chain sector, the RWA private credit field saw impressive growth, with Maple Finance and Credix experiencing TVL increases of 366.2% and 168.0%, respectively.
(2) Base's TVL reached a historical high of $2.7 billion. This growth was attributed to the increased on-chain activity of Base, with monthly transaction volumes exceeding 166.5 million, DEX monthly transaction volume significantly rising to $26.8 billion, an overall increase of 83.6%.
The on-chain native DEX-Aerodrome's TVL grew 23.8%, exceeding $1.4 billion, accounting for more than half of the Base DeFi market share.
(3) Recently, market attention has begun to shift towards the Move ecosystem, with a large influx of funds, bringing Aptos's TVL close to $870 million. Native DeFi projects such as Aries Markets (lending), Amnis Finance (liquid staking), and Thala (comprehensive DeFi applications) have all experienced significant growth in TVL.

- In October, the total sales volume of the NFT market grew by 15.8%, reaching the $350 million mark. This is the first increase since March 2024, following six consecutive months of decline.

Additionally, this growth does not come from the leading L1s (ETH/SOL/BTC), but rather from the NFT markets of Mythos, Algorand, and Fantom (Mythos chain is a decentralized blockchain platform driven and built by the well-known game development company Mythical Games, and it is also a Polkadot parachain)

- The correlation between Bitcoin and the S&P 500 index is close to a historical high 🔻

Historically, the weaker the relationship between Bitcoin and the U.S. Dollar Index, the more it highlights its appeal as a hedge against volatility in traditional financial markets. However, as the correlation between Bitcoin and the S&P 500 index approaches a historical high, this appeal is diminishing.

If the correlation between Bitcoin and the index continues to deepen, it will ultimately reduce its effectiveness as an independent hedge and portfolio diversification tool.

- Solana set a record for token issuance 🔻

Solana's token issuance has consistently led other chains. Since January, thanks to the continuous meme coin market and the support of Pump.fun, Solana has maintained its dominance in meme or token issuance.

Platforms like pump.fun have personalized and simplified the token creation process, significantly lowering the entry barriers for users to create and launch their own tokens, making it easier for users to participate in the crypto economy than ever before. This has triggered a surge in speculative activities and driven a spike in new tokens on Solana.

The convenience of token creation has fueled a frenzy of speculative activity. As of the week of October 21, Solana accounted for a record 90.6% of the weekly token issuance, marking a historical high for the chain.

Memecoins continued to perform very strongly in October, with 4 out of the 5 best-performing tokens in the past 30 days being meme coins, including the highest increase among the top ten by market cap, which is also Dogecoin from the Meme sector.

The trading volume share of Memecoins relative to the top 50 altcoins (by market cap) has also steadily increased, with over a 12% rise so far in 2024. At one point, this figure exceeded 20%.

The strong performance of Meme coins this year can be attributed to two main reasons:

(1) Firstly, the market generally perceives them as 'fair', especially compared to VC-backed tokens. The allocation of many VC tokens may lean towards some insider trading, and the unlock periods of tokens vary. Meme coins are basically fully circulated, and the market sees this as fairer.

(2) There is also the issue of accessibility/threshold. Many Meme coins focus on a specific hot topic, creating a stark contrast in terms of market understanding threshold with the latest L2 or middleware altcoins, immediately creating a larger potential target market.

Thank you for reading, these are the key points of the basic report, you can continue to follow my series of content.