Originally published on: November 09, 2024
October witnessed a remarkable 8% surge in cumulative monthly traffic to the top 20 crypto exchanges, signaling a spike in investor interest and engagement as anticipation for the 2024 United States elections grew.
In a report by ICO Analytics, Pump Fun emerged as the standout performer with an impressive 100% increase in web traffic during October. Following closely behind were BullX and Uniswap, boasting growth rates of 78% and 42% respectively.
Binance, WhiteBit, and Coinbase solidified their dominance in terms of total visits, with 54 million, 33 million, and 30 million respectively in October.
This influx of traffic translated into a market rally, aligning with the popular “uptober” trend, where digital asset markets typically experience a surge in October after a period of stagnation.
The surge in crypto exchange traffic was further fueled by the unfolding United States elections, culminating in a monumental rally that propelled Bitcoin’s price to new all-time highs of $80,765.
Numerous indicators suggest that this rally may just be the beginning, with factors such as increased open interest on Bitcoin futures contracts, anticipation of lower interest rates, and substantial inflows into Bitcoin ETFs painting a bullish picture for the market.
BlackRock’s IBIT Bitcoin ETF saw record-breaking trading volume of $4.1 billion on the day of a pro-crypto Republican candidate’s victory, underlining the market’s optimism. Additionally, stablecoin exchange inflows peaked at $9.3 billion on the back of rising Bitcoin prices, hinting at sustained investor confidence.
Furthermore, Ethereum saw a resurgence in investor sentiment as its price surpassed $3,000 and inflows into Ethereum ETFs turned positive after a period of lackluster performance.
As the crypto market continues to evolve, the recent traffic surge to exchanges serves as a testament to the growing enthusiasm and participation among investors, setting the stage for an eventful period ahead.
