The CoinEx research team released a comprehensive report on the cryptocurrency market for October 2024. October 2024 was a milestone month for the cryptocurrency market, with Bitcoin reaching an all-time high during the highly anticipated 'Uptober.' This positive price trend may have been influenced by the pro-crypto sentiment surrounding the upcoming U.S. elections, reinforcing Bitcoin's status as the 'Trump Trade.' In particular, Trump's pro-crypto stance has bolstered market confidence in digital assets and sparked speculation of a potential bull market.
Key Market Highlights
Bitcoin's Surge Beyond $70,000
According to CoinEx's report last month, 'From Economic Recession Fears to Market Optimism,' Bitcoin closed at $70,300 in October, breaking through the important resistance level of 'Uptober.' The total open interest in Bitcoin futures surpassed $24 billion, reflecting a strong market atmosphere. Although trading volume remains relatively flat compared to the early highs of 2024, such gradual growth indicates healthy market momentum, potentially supporting further increases in the future.
The Path to Bitcoin's New Highs
Due to Trump's pro-crypto policies driving positive sentiment towards digital assets, Bitcoin has been highly regarded in the market as the 'Trump Trade.' In CoinEx's first prediction market trading product, PRE_TRUMP, the probability of Trump's election reached 66%, sparking significant speculative interest in the market. Bitcoin spot ETFs also show continued institutional interest, recording about $1.2 billion in steady net inflows in September, which surged to $5.4 billion in October.
Spotlight: Solana and AI Meme Coins
The Solana ecosystem has recently performed strongly, with the SOL/ETH exchange rate hitting an all-time high. The significant increase in activity on Solana's decentralized exchange (DEX), coupled with regular hackathons and a supportive development environment, has allowed Solana to outperform Ethereum on several metrics, demonstrating its competitiveness in the Layer 1 blockchain environment.
On the other hand, AI-themed meme tokens like $SPX and animal meme tokens inspired by TikTok like $MOODENG have also stirred excitement in the cryptocurrency market. As market interest in meme and AI assets continues, the market capitalization of AI-themed tokens like $GOAT has approached $900 million, indicating the growing influence of such assets in the market.
The KRC20 Protocol of Kaspa is in the spotlight
The new KRC20 protocol of the Kaspa network has shown astonishing adoption rates. Since its launch, daily transaction volume has skyrocketed from less than 20,000 to over 90,000, while total daily transactions have surged from below 150,000 to over 8 million, highlighting the crucial role KRC20 plays in the expansion of the Kaspa ecosystem. CoinEx quickly adopted this protocol and listed 12 KRC20 tokens, further solidifying its commitment to supporting emerging crypto innovations. For more detailed analysis, please refer to CoinEx's latest article (KRC20: The Innovative Token Protocol Leading the Development of the Kaspa Ecosystem).
Source: CoinEx (Data as of November 1, 2024)
Stablecoins experience net outflow for the first time in 12 months
Rarely, as the U.S. elections in November approach, investors have adopted a more cautious attitude, leading to a slight net outflow of stablecoins in October, totaling $314 million. Although this is a negligible figure compared to previous bear markets, this outflow of funds indicates that investors are hedging against potential market volatility and temporarily choosing to hold back capital.
November Outlook
Current market trends remain strong, with institutional interest in Bitcoin ETFs expected to further drive market growth. Additionally, macroeconomic factors such as friendly interest rates create a favorable environment for the expansion of cryptocurrencies. As the November U.S. elections approach, we will closely monitor their impact on market sentiment, as well as potential implications for cryptocurrency regulation and adoption.
CoinEx's October research emphasizes the resilience and adaptability of the cryptocurrency market under technological and macroeconomic trends. With the arrival of November, these indicators show that the market has laid a solid foundation for future growth.
CoinEx News
CoinEx, established in 2017, is a global cryptocurrency exchange dedicated to simplifying cryptocurrency trading. The platform offers a diverse range of products, including spot and contract trading, leveraged trading, swaps, AMM (Automated Market Maker), and wealth management services to over 10 million users from more than 200 countries and regions. Since its inception, CoinEx has adhered to the service principle of 'User First,' committed to creating a fair, secure, and trustworthy cryptocurrency trading environment. Its user-friendly product design helps users of varying experience levels easily enter the world of cryptocurrency.
The CoinEx research team provides in-depth market analysis and insights to help investors navigate the upcoming challenges and opportunities in the crypto market.
