Total exchange in October increased by 8% – report
Cumulative monthly traffic to the 20 leading crypto exchanges increased by 8% in October – reflecting high investor interest and increasing participation among retail traders heading into the 2024 US election.
According to the data from ICO analysis, Pump Fun recorded the highest month-on-month percentage increase – 100% growth in October. BullX followed with a 78% increase in website traffic from September to October, while Uniswap took third place with a 42% increase.
Binance, WhiteBit and Coinbase dominated monthly traffic in October with 54 million, 33 million and 30 million visits respectively.
The increased traffic sparked a rally in crypto markets in line with the ‘top' narrative, or digital asset markets are typically expected to rise in October after trading sideways during the summer months.
Web traffic to crypto exchange in October. Source: ICO Analytics
Related: ‘Uptober' Sees 11% Bitcoin Price Rise as Traders Consider ‘Nuclear' Rally
Evidence of a continuous march
While crypto exchanges have seen growth in web traffic in the lead-up to the 2024 US elections, The outcome of the November 6 tournament sparked a rally that sent the price of Bitcoin (BTC) to a new all-time high.
Several indicators suggest that the current rally may continue and is just beginning. The reasons included an additional $1.1 billion in open interest in Bitcoin futures contracts on the Chicago Mercantile Exchange, expectations of lower interest rates and strong inflows into Bitcoin ETFs.
In the year On November 6, BlackRock's IBIT Bitcoin ETF experienced the highest volume on record – with a trading volume of $4.1 billion – following the victory of pro-crypto Republican candidate former President Donald Trump.
Recent stablecoin exchange earnings — which investors use as a proxy to gauge market demand — are another sign that traders expect further price appreciation. In the year On November 7, the stablecoin's exchange rate reached $9.3 billion as the price of Bitcoin increased.
The recent rally has seen a change in investor sentiment for Ethereum as the price of Ether (ETH) broke above $3,000 and entry into Ethereum ETFs turned positive after months of disappointing price action.
Magazine: Bitcoin ‘Starts Tearing Up' As Trump Picks Improve: Felix Hartmann, X Hall of Flame
