As a seasoned researcher with over two decades of experience in the dynamic world of finance and technology, I have witnessed numerous market cycles and trends come and go. However, the recent surge in crypto traffic and the sustained rally we are currently witnessing is truly remarkable.
The total monthly visitor count on the top 20 cryptocurrency trading platforms grew by 8% in October, indicative of growing investor curiosity and escalating engagement from individual traders as we approach the 2024 U.S. elections.
Based on ICO Analytics’ findings, Pump Fun experienced the greatest month-over-month percentage increase, rising by 100% in October. BullX saw an uptick of 78%, while Uniswap registered a 42% growth in web traffic over the same period.
In October, Binance, WhiteBit, and Coinbase led the way with the highest number of monthly visitors, recording approximately 54 million, 33 million, and 30 million visits respectively.
The increased traffic drove a rally in the crypto markets consistent with the ‘uptober’ narrative, or the expectation that digital asset markets typically surge in October after trading sideways during the Summer months.
Evidence of a sustained rally
As the 2024 U.S. election approached, crypto exchanges saw an increase in online visitors. However, the actual election results on November 6 sparked a surge that propelled the value of Bitcoin (BTC) to unprecedented record levels.
Evidence points to this surge potentially persisting even more, as it seems to be just getting started. Factors contributing to this include a significant increase in open interest on Bitcoin futures contracts by over $1.1 billion on the Chicago Mercantile Exchange, anticipation of reduced interest rates, and robust investments pouring into Bitcoin ETFs.
On November 6th, the BlackRock IBIT Bitcoin ETF saw its all-time high trading volume, an impressive $4.1 billion, after the win of a pro-cryptocurrency candidate, former U.S. President Donald Trump.
As an analyst, I’ve noticed that substantial inflows into stablecoin exchanges serve as a telling indicator of investor enthusiasm and anticipated market growth. For instance, on November 7th, when Bitcoin’s price was on the upswing, these stablecoin exchange inflows surged to a staggering $9.3 billion.
Lately, the surge in the market has led to a shift in investor feelings towards Ethereum, with the cost of Ether (ETH) breaching the $3,000 threshold, and money flowing into Ethereum Exchange-Traded Funds (ETFs) becoming positive again, contrasting months of unfavorable price trends.
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2024-11-09 21:24