October led to increased web traffic on crypto exchanges alongside a growing crypto market.
As ‘Uptober’ sentiment took over the crypto markets, the cumulative traffic to crypto exchanges increased by 8%, according to ICO Analytics data. That indicated massive retail and investor interest last month. Crypto investors remained confident through the last leg of the US election cycle as pro-crypto Donald Trump won to become the 47th US president.
ICO Analytics revealed that Pump.fun, a memecoin creation and trading platform, observed the largest month-on-month growth in October, hitting 100%. That growth took it past what household names like Binance and Coinbase witnessed. However, these large centralized exchanges (CEXs) made it to the top 3 in web traffic witnessed.
Binance, Whitebit, and Coinbase, in that order, clocked in humongous numbers at 54 million, 33 million, and 30 million. This collective feat reflects how the market functions in October. The month usually sees increasing crypto prices after months of sideways action in prior months, earning it the name Uptober in the community. That trend has persisted since the launch of Bitcoin, sans a couple of years.
Crypto Metrics Significantly Improved in October
The expanding crypto valuations, alongside greater traffic to exchanges, led to bitcoin (BTC) breaking through to hit a new all-time high (ATH) of over $74,000 the night before Trump’s victory. That rally took a new form a few days later as the asset surpassed $79,000 on November 10 to clear a new ATH. This may not be the peak as the growth could be sustained and take BTC’s price and the crypto market cap to unseen heights. BTC is exchanging hands at just below $80,000 at the time of writing.
Multiple market indicators suggest that. For instance, the open interest associated with futures contracts on the Chicago Mercantile Exchange saw an increase of $1.1 billion. Other indicators include reduced interest rates in the US and robust inflows into BTC exchange-traded funds (ETFs). BlackRock’s iBIT ETF saw trading action of $4.1 billion on election day.
Stablecoin exchange inflows, another metric used to understand trader sentiment, indicate they expect BTC’s price to rally further up. A day after Trump won the election, stablecoin inflows hit $9.3 billion with BTC’s continued price growth.
The action also bled to Ether (ETH), the second largest asset by market cap. It broke through the $3,000 mark and is trading above that. Inflows into ETH ETFs have also turned green, indicating investors are finally expecting ETH’s value to snowball, after months of the ETFs receiving disappointing interest.
