Retail Interest Drives Traffic Surge to Top Crypto Exchanges in October
In October, traffic to the top 20 cryptocurrency exchanges rose by 8%, spurred by renewed retail investor interest as the 2024 U.S. elections drew closer. According to data from ICO Analytics, this increase reflects growing engagement and optimism within crypto markets.
Pump Fun, BullX, and Uniswap Lead Traffic Growth
Leading the surge, Pump Fun saw a remarkable 100% increase in visits, with BullX and Uniswap following at 78% and 42%, respectively.
Binance, WhiteBit, and Coinbase Dominate Visitor Traffic
Binance, WhiteBit, and Coinbase emerged as top traffic drivers, attracting 54 million, 33 million, and 30 million visits each in October. The increased activity aligned with an October rally known as “Uptober,” where markets tend to see gains following a quieter summer period.
On November 6, the U.S. elections added further momentum, as a pro-crypto victory for former President Donald Trump brought renewed market optimism. Bitcoin responded by reaching record highs, buoyed by a series of bullish indicators.
Bitcoin Futures and ETF Activity Fuel Market Rally
Open interest in Bitcoin futures on the Chicago Mercantile Exchange increased by $1.1 billion, alongside rising expectations for lower interest rates and substantial inflows into Bitcoin exchange-traded funds (ETFs). BlackRock’s IBIT Bitcoin ETF notably recorded a historic trading day with $4.1 billion in volume, underscoring the growing interest from institutional investors.
Additionally, stablecoin inflows totaling $9.3 billion on November 7 signaled further investor confidence, a sign often seen as a precursor to market gains.
As Bitcoin surged, Ethereum (ETH) gained traction as well, surpassing the $3,000 threshold. Inflows into Ethereum ETFs also turned positive, suggesting a shift in investor sentiment.
Signs of a New Bull Run in the Cryptocurrency Market
The combination of increased exchange activity, favorable macroeconomic factors, and heightened institutional interest suggests that the crypto market could be on the verge of a new bull run.
Bitcoin Surpasses Meta, Claims 9th Position in Global Market Cap
Bitcoin rose to 9th place in global market capitalization rankings, surpassing Meta Platforms (Facebook) as optimism surrounding Donald Trump’s 2024 election victory fueled market confidence. Bitcoin’s market cap reached $1.46 trillion, just edging out Meta’s $1.445 trillion.
This is not Bitcoin’s first time surpassing Meta; in March, Bitcoin also outperformed the social media giant after hitting a high above $73,000. The top market cap rankings continue to be led by assets like Gold at $18.359 trillion, followed by tech giants NVIDIA and Apple.
Ryan Lee, Chief Analyst at Bitget Research, commented, “The market seems to have anticipated Trump’s hints about potentially designating Bitcoin as a strategic reserve asset. If Trump pursues this, Bitcoin could drive the market higher with minimal pullbacks, possibly reaching unprecedented levels.”
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