October marked significant changes in the crypto market, driven by several factors, including political developments and positive trends.
October Trend: A Start for Crypto Exchanges
October was a pivotal month for crypto exchanges amidst rising expectations and positive trends. Exchanges like Binance, WhiteBit, and Coinbase saw massive surges in web traffic, with Binance leading with 54 million visits. Not just large platforms benefited; smaller platforms like Pump Fun and BullX reported impressive growth, with a 100% and 78% increase in web activity, respectively. These figures reflect the growing desire from both retail and institutional investors to capitalize on potential price rallies. Notably, institutional players were also making significant moves. BlackRock’s IBIT Bitcoin ETF reached a record trading volume of $4.1 billion, signaling growing institutional interest in digital assets. Ethereum (ETH), previously overshadowed by Bitcoin, surged past $3,000, drawing renewed attention.
Donald Trump's Influence on Crypto Growth
The 2024 U.S. presidential election became a major factor driving crypto surge, especially due to Donald Trump's pro-crypto stance. During his first term, Trump supported the growth of digital assets, and his return promised policies that would further support the sector. Investors speculated his administration would create a crypto-friendly environment, including strategic Bitcoin reserve asset ideas and blockchain-supportive regulations. This fueled confidence among crypto investors, who saw these political shifts as a path to stability and growth.
What's Next for the Crypto Market?
With the political landscape shifting and bullish sentiment growing, the crypto market seems to be entering a new phase. October's momentum, driven by higher exchange traffic and institutional investments, hints at a potential breakout.
The crypto market, influenced by political changes and growing institutional interest, suggests significant movements shortly.
