The CoinEx research team has released a comprehensive report on the cryptocurrency market for October 2024. October 2024 was a milestone month for the cryptocurrency market, as Bitcoin reached an all-time high during the highly anticipated 'Uptober'. This positive price trend may be influenced by the pro-crypto sentiment formed before and after the upcoming U.S. elections, further reinforcing Bitcoin's 'Trump Trade' status. Notably, Trump's pro-crypto stance has boosted market confidence in digital assets and sparked speculation of a potential bull market.
Key Market Highlights
Bitcoin's surge past $70,000
According to CoinEx's report from last month, 'From Economic Recession Fears to Market Optimism', Bitcoin closed at $70,300 in October, breaking through the key resistance level of 'Uptober'. The total open contracts for Bitcoin futures exceeded $24 billion, reflecting a strong market atmosphere. Although trading volume remains relatively flat compared to the early peaks of 2024, this gradual growth indicates healthy market momentum that could support further rises in the future.
Bitcoin's path to new highs
Due to Trump's pro-crypto policies driving positive sentiment towards digital assets, Bitcoin has been viewed as the 'Trump Trade' and received high appreciation in the market. 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 approximately $1.2 billion in stable net inflows in September, and surging 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 reaching an all-time high. The significant increase in activity on Solana's decentralized exchanges (DEX), coupled with regular hackathon events and a friendly development environment, has allowed Solana to surpass Ethereum in some metrics, demonstrating its competitiveness in the Layer 1 blockchain space.
On the other hand, AI-themed meme tokens $SPX and TikTok-inspired animal meme token $MOODENG have also stirred up excitement in the cryptocurrency market. With the continued interest in meme and AI assets, the market capitalization of AI-themed tokens like $GOAT has approached $900 million, indicating that the influence of such assets in the market is continually expanding.
The KRC20 protocol of Kaspa is gaining attention
The new KRC20 protocol on the Kaspa network has shown astonishing adoption rates. Since its launch, daily trading volume has surged from less than 20,000 transactions to over 90,000, while daily total transactions have skyrocketed from below 150,000 to over 8 million, demonstrating the key role KRC20 plays in the expansion of the Kaspa ecosystem. CoinEx quickly adopted this protocol and launched 12 KRC20 tokens, further solidifying its commitment to supporting emerging crypto innovations. For more detailed analysis, see CoinEx's latest article (KRC20: An Innovative Token Protocol Leading the Development of the Kaspa Ecosystem).
Source: CoinEx (data as of November 1, 2024)
Net outflow of stablecoins for the first time in 12 months
Unusually, as the November U.S. elections 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 capital outflow indicates that investors are hedging against potential market volatility and temporarily choosing to hold capital on the sidelines.
November Outlook
Current market trends remain strong, and institutional interest in Bitcoin ETFs is expected to further drive market growth. Additionally, friendly interest rates and other macroeconomic factors 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 effects on cryptocurrency regulation and adoption.
CoinEx's October research emphasizes the resilience and adaptability of the cryptocurrency market under technical 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 was established in 2017 and 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 Makers), and wealth management services to over 10 million users from more than 200 countries and regions. Since its inception, CoinEx has adhered to the principle of 'user first', striving to create a fair, secure, and trustworthy cryptocurrency trading environment. Its user-friendly product design helps users of varying experience levels easily enter the cryptocurrency world.
The CoinEx research team provides in-depth market analysis and insights to help investors navigate the upcoming challenges and opportunities in the crypto market.
