Originally published on: November 09, 2024
In a telling sign of increased investor interest and participation, web traffic to 20 top cryptocurrency exchanges surged by 8% in October. This spike comes as retail traders gear up for the 2024 United States elections, bringing with it a wave of optimism.
ICO Analytics data reveals that Pump Fun stole the show with a remarkable 100% growth in traffic last month. Not far behind were BullX and Uniswap, boasting 78% and 42% increases, respectively.
Key players like Binance, WhiteBit, and Coinbase dominated the scene in terms of total visits, raking in 54 million, 33 million, and 30 million hits in October, respectively.
The upsurge in exchange traffic has led to a market rally, following the trend dubbed “uptober,” where digital asset markets typically soar in October after a quiet Summer period.
As the US elections unfolded on Nov. 6, Bitcoin hit new all-time highs, thanks to the momentum that exchange traffic had built up. This rally shows promising signs of sustainability, fueled by additional open interest on Bitcoin futures contracts, the anticipation of lower interest rates, and robust inflows into Bitcoin ETFs.
BlackRock’s IBIT Bitcoin ETF saw record-breaking volume on Nov. 6, following pro-crypto election results. Moreover, stablecoin exchange inflows hit $9.3 billion on Nov. 7, hinting at investors’ expectations of further price growth.
Ethereum didn’t stay behind either, as the price of Ether surpassed $3,000, with positive inflows into Ethereum ETFs after a lackluster performance in previous months.
The current market dynamics reflect growing confidence in digital assets and a promising outlook for the future. With such exciting developments, the crypto world is poised for new heights in the coming months.