Crypto exchange traffic saw an 8% surge in October, reflecting renewed enthusiasm from retail investors, largely influenced by the approach of the 2024 U.S. elections. Data from ICO Analytics indicates rising participation and optimism within the crypto markets, setting the stage for what some see as an early bull market.
Growth in Exchange Traffic and Top Platforms
Pump Fun led in traffic growth, with a remarkable 100% increase in monthly visits, followed by BullX with 78% and Uniswap with 42%. Binance, WhiteBit, and Coinbase commanded the highest overall traffic, attracting 54 million, 33 million, and 30 million visits, respectively, during October. This wave of activity coincides with the seasonal “Uptober” trend, where crypto markets historically see gains after quieter summer months.
Momentum further accelerated following the November 6 U.S. elections, in which pro-crypto candidates, including former President Donald Trump, made notable wins.
Bitcoin Rally and Bullish Indicators
In parallel with increased exchange activity, Bitcoin surged to new record highs, fueled by bullish indicators in the futures and ETF markets. The Chicago Mercantile Exchange (CME) reported a $1.1 billion rise in open interest in Bitcoin futures, while BlackRock’s IBIT Bitcoin ETF posted $4.1 billion in trading volume on a historic trading day, underscoring a rise in institutional demand. Stablecoin inflows of $9.3 billion into exchanges on November 7 also suggest growing market confidence and anticipation of further gains.
Ethereum Joins the Rally
As Bitcoin climbed, Ethereum (ETH) crossed the $3,000 mark. Positive inflows into Ethereum ETFs, after months of lackluster performance, point to changing investor sentiment, aligning with an increasingly optimistic market outlook for major digital assets.
Market Capitalization and Bitcoin’s Climb Above Meta
Bitcoin’s rally propelled it to the 9th spot in global market capitalization rankings, surpassing Meta Platforms (formerly Facebook) with a market cap of $1.46 trillion and a price of $73,800 per BTC. This rally places Bitcoin among top assets globally, alongside major tech giants and precious metals, with Gold, NVIDIA, and Apple leading.
Ryan Lee, Chief Analyst at Bitget Research, noted, “The market may be responding in advance to Trump’s previous hints about potentially designating BTC as a strategic reserve asset. If Trump secures his position, Bitcoin could sustain its rally, pushing toward new all-time highs.”
This combination of heightened exchange activity, a supportive macroeconomic landscape, and robust institutional interest suggests that the crypto market could be entering an early bull phase.
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