Cryptocurrency market shows divergence between token prices and protocol revenue

The cryptocurrency market is experiencing mixed performance and a notable divergence between token prices and protocol revenues. While Bitcoin has maintained a dominant market share, often trading near the 81,000 to 110 million won range depending on the specific reporting window, many major altcoins have shown weekly weakness.

A report from Alea Research highlights a significant gap in the market: while the median price increase for 34 analyzed tokens was 84.3% in the third quarter, the median revenue growth for those same protocols was only 6.0%. This suggests that price surges are not necessarily driven by improved business fundamentals. For instance, Aave saw a 87.4% price increase despite a 32.7% drop in protocol revenue.

Macroeconomic factors continue to influence the sector. Although slowing U.S. employment data has shifted expectations regarding Federal Reserve interest rate hikes, rising long-term Treasury yields and slowing inflows into spot funds remain headwinds. In the domestic Korean market, volatility remains high, with specific tokens like Nestree seeing triple-digit gains while the broader market remains in a state of observation.