Originally published on: November 09, 2024
In a recent report, it was revealed that cumulative monthly traffic to the top 20 crypto exchanges increased by 8% in October. This spike in web traffic indicates a growing interest among investors, especially retail traders, as the 2024 United States elections approach.
Among the exchanges, Pump Fun stood out with an impressive 100% growth in web traffic from September to October. BullX and Uniswap closely followed with 78% and 42% increases, respectively. However, it was Binance, WhiteBit, and Coinbase that dominated the total number of visits in October, with 54 million, 33 million, and 30 million visits, respectively.
The surge in web traffic to crypto exchanges correlates with the “uptober” trend, where digital asset markets typically experience a rally in October after a period of stagnation during the Summer months.
The momentum in the crypto markets leading up to the 2024 elections was further fueled by the outcome of the races on Nov. 6, which pushed the price of Bitcoin to new all-time highs. This rally is supported by various indicators, including a significant increase in open interest on Bitcoin futures contracts, expectations of lower interest rates, and strong inflows into Bitcoin ETFs.
The victory of the pro-crypto Republican candidate in the elections also boosted investor confidence, as evidenced by the record-high trading volume of BlackRock’s IBIT Bitcoin ETF. Additionally, stablecoin exchange inflows hit $9.3 billion on Nov. 7, signaling investors’ anticipation of further price appreciation.
Furthermore, the recent rally has sparked renewed interest in Ethereum, with the price of Ether breaking above $3,000 and a positive shift in inflows into Ethereum ETFs after months of lackluster performance.
As we navigate these exciting developments in the crypto market, it’s crucial for investors to stay informed and adapt their strategies to capitalize on emerging opportunities. Subscribe to our Markets Outlook newsletter for weekly insights to guide your investment decisions and trading tactics.
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