Crypto seizes market attention again in October 2024, driven by a significant increase in traffic on major exchanges and American political prospects.
Spectacular Growth Driven by Industry Giants
October marked a decisive turning point for the crypto ecosystem, with an 8% increase in cumulative traffic on the 20 main exchange platforms. According to ICO Analytics, the top three in the sector – Binance, WhiteBit, and Coinbase – attracted 54, 33, and 30 million visitors, respectively. This exceptional performance occurs as Pump Fun doubled its traffic, with BullX and Uniswap also showing significant growth.
The Crucial Impact of the American Political Context
The American political environment plays a catalytic role in this positive dynamic. The emergence of candidates favorable to cryptos, including Donald Trump, has injected new optimism into the market. This renewed confidence was demonstrated by a record transaction volume of $4.1 billion on BlackRock’s Bitcoin IBIT ETF. Technical indicators also reinforce these prospects, with an increase in open interest on CME and substantial capital flows into stablecoins.
A Turning Point for the Crypto Industry
The surge in exchange traffic in October 2024 marks a turning point for the crypto industry. This renaissance, supported by both technical and political factors, may well herald a new era of growth for crypto assets.
The combination of positive political circumstances and favorable technical indicators supports optimism in the crypto market, potentially signaling a new stage of growth.
