In October 2024, interest in cryptocurrencies significantly increased, with web traffic to leading crypto exchanges rising by 8%. Both the U.S. election campaign and hopes for a new bull market played a role in this growth.
Growth of Crypto Exchanges in October
According to ICO Analytics, Pump Fun saw the highest month-over-month traffic growth at 100%. BullX and Uniswap also recorded significant increases, with 78% and 42% respectively. Binance, WhiteBit, and Coinbase attracted 54 million, 33 million, and 30 million visits, demonstrating the growing interest in crypto amid hopes for price increases.
Political Influence on Crypto Exchanges
The political landscape significantly influenced interest in the crypto market. President-elect Donald Trump's support for Bitcoin and blockchain technology increased investor trust. His potential policies might lead to new regulations that favor the growth of digital assets.
Altcoins and Other Growth Factors
Indicators such as the surge in Bitcoin futures, the record-breaking trading volume of BlackRock's ETF, and stablecoin inflows post-election indicate continued bullish momentum. Ethereum's breakthrough past the $3,000 mark also attracted renewed investor interest.
Increasing traffic to crypto exchanges, Trump's pro-crypto stance, and political uncertainty following the election created the perfect catalyst for crypto's growth in October. This may signal the early stages of a new bull run.
