Originally published on: November 09, 2024
In the midst of heightened investor interest and anticipation surrounding the 2024 United States elections, the cumulative monthly traffic to 20 of the leading crypto exchanges jumped by 8% in October. This surge in web traffic reflects the growing participation among retail traders in the crypto market.
Data from ICO Analytics revealed that Pump Fun saw the most significant month-over-month increase with a staggering 100% growth in October. Following closely behind was BullX with a 78% uptick in web traffic, and Uniswap secured the third spot with a 42% increase.
The top three exchanges in terms of total visits were Binance, WhiteBit, and Coinbase, drawing in 54 million, 33 million, and 30 million visits respectively in October.
The spike in traffic paved the way for a market rally, aligning with the “uptober” narrative that anticipates a surge in digital asset markets during October after a period of sideways movement in the summer months.
As the 2024 US elections unfolded on Nov. 6, the outcome triggered a rally that propelled the price of Bitcoin to new all-time highs. Indicators suggest that this rally may just be getting started, with factors such as increased open interest in Bitcoin futures contracts, expected lower interest rates, and robust inflows into Bitcoin ETFs underpinning the upward momentum.
The surge in trading volume observed by BlackRock’s IBIT Bitcoin ETF after the election results further bolstered investor confidence in the crypto market. Additionally, stablecoin exchange inflows hitting $9.3 billion on Nov. 7 suggest that traders are optimistic about further price appreciation in the near term.
Notably, Ethereum also experienced a shift in sentiment as the price of Ether surpassed the $3,000 mark and inflows into Ethereum ETFs turned positive after a period of lackluster price performance.
With these developments in mind, investors are closely watching the evolving landscape of the crypto market, poised to capitalize on emerging opportunities and navigate potential risks in the ever-changing digital asset space. Stay informed with critical insights by subscribing to the Markets Outlook newsletter for expert analysis delivered every Monday. Join us as we explore more articles like this and stay ahead of the curve in the dynamic world of cryptocurrency trading.
