8 a.m. ▪
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min reading ▪ by
Fenelon L.
Crypto euphoria is once again taking hold of the markets as the main exchange platforms record a significant increase in their attendance in October 2024, driven by investor optimism and the American political outlook.
Spectacular growth driven by the giants of the sector
The month of October marked a turning point for the crypto ecosystem with an 8% increase in cumulative traffic on the 20 main exchange platforms. According to data from ICO Analytics, the three industry behemoths – Binance, WhiteBit and Coinbase – attracted 54, 33 and 30 million visitors respectively.
This exceptional performance takes place in a particular context where Pump Fun has doubled its attendance (+100%), closely followed by BullX (+78%) and Uniswap (+42%).
The general increase in traffic confirms the phenomenon now known as “Uptober”, a period traditionally favorable to digital assets after the relative summer lull. This trend can be explained in particular by the renewed interest of individual investors, keen not to miss the next bullish rally.
The determining impact of the American political context
The American political environment plays a catalytic role in this positive dynamic. The emergence of crypto-friendly candidates, including Donald Trump, has breathed new optimism into the market.
This newfound confidence materialized in spectacular fashion on November 6, when BlackRock's IBIT Bitcoin ETF saw a record trading volume of $4.1 billion.
Technical indicators reinforce these encouraging prospects. The $1.1 billion increase in open interest in Bitcoin futures at the Chicago Mercantile Exchange, coupled with massive capital flows into stablecoins reaching $9.3 billion, is a testament to the robustness of the movement . Ethereum is not to be outdone, crossing the symbolic $3,000 mark and in turn attracting significant investments via its ETFs.
The boom in exchange platform traffic in October 2024 marks a decisive turning point for the crypto industry. This renaissance, supported by both technical and political factors, could well herald a new era of growth for crypto assets.
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Fenelon L.
Passionate about Bitcoin, I like to explore the twists and turns of blockchain and cryptos and I share my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER
The comments and opinions expressed in this article are those of the author alone, and should not be considered investment advice. Do your own research before making any investment decisions.
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