Cumulative monthly traffic to 20 leading crypto exchanges increased by 8% in October, reflecting heightened investor interest and increasing participation among retail traders heading into the 2024 United States elections.
According to data from ICO Analytics, Pump Fun recorded the highest month-over-month increase in percentage terms — with 100% growth in October. BullX followed behind with a 78% growth in web traffic from September to October, and Uniswap came in third place with a 42% increase.
Binance, WhiteBit, and Coinbase dominated monthly traffic in terms of total visits in October, at 54 million, 33 million, and 30 million, 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.
Web traffic to crypto exchanges in October. Source: ICO Analytics
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Evidence of a sustained rally
While crypto exchanges experienced a boost in web traffic during the lead-up to the 2024 United States elections, the outcome of the races on Nov. 6 ignited a rally that sent the price of Bitcoin (BTC) to new all-time highs.
Several indicators suggest the current rally could be sustained and is only just beginning. The factors include an additional $1.1 billion in open interest on Bitcoin futures contracts on the Chicago Mercantile Exchange, the expectation of lower interest rates, and strong inflows into Bitcoin ETFs.
On Nov. 6, BlackRock’s IBIT Bitcoin ETF experienced its highest volume day on record — with 4.1 billion in trading volume — following the victory of the pro-crypto Republican candidate, former President Donald Trump.
Recent Stablecoin exchange inflows — which investors use as a proxy to gauge market interest — are another signal that traders expect further price appreciation. On Nov. 7, stablecoin exchange inflows hit $9.3 billion as the price of Bitcoin continued to rise.
The recent rally also saw a change in investor sentiment toward Ethereum, as the price of Ether (ETH) broke above the $3,000 level, and inflows into Ethereum ETFs turned positive, following months of disappointing price action.
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