Interest in cryptocurrencies increased in October 2024, with web traffic to the top 20 crypto exchanges rising by 8% during the month.
The U.S. presidential election, the hope of a new bull run, and the “Uptober” trend, along with the increasing activity from retail and institutional investors contributed to the rise.
Top crypto exchanges see major growth in October
According to data from ICO Analytics, Pump Fun saw the highest month-over-month growth in October, with a 100% increase in web traffic. BullX followed closely behind, recording a 78% growth, while Uniswap saw a 42% rise in traffic.
In terms of total visits, crypto exchanges like Binance, WhiteBit, and Coinbase dominated, attracting 54 million, 33 million, and 30 million visits respectively. The rise in traffic shows more people are getting into crypto, hoping to benefit from potential price growth.
Web traffic to crypto exchanges in October 2024. Source: ICO Analytics
The political landscape also played an important role in generating interest in the crypto market. President-elect Donald Trump’s campaign leading up to the 2024 U.S. election increased the trust factor among crypto investors. Trump has adopted a pro-crypto stance and has favored Bitcoin and blockchain technology. His first-term policies helped digital assets grow, and many believe his return could lead to more crypto-friendly regulations.
Political influence on crypto exchanges
Comments such as making Bitcoin a strategic reserve asset helped Trump raise excitement among the crypto crowd. His win has many expecting a further rally in Bitcoin’s value as more institutional investors come on board. Investors also expect Trump to institute policies that will support the market’s growth in the coming years.
Indicators like the surge in Bitcoin futures, the record-breaking $4.1 billion trading volume of BlackRock’s IBIT Bitcoin ETF, and stablecoin inflows hitting $9.3 billion on November 7 all continued the bullish momentum post-election.
Even Ethereum, which had been underperforming for months, saw renewed interest as it broke through the $3,000 mark, with inflows into Ethereum ETFs turning positive.
The increasing traffic to crypto exchanges, Trump’s pro-crypto stance, and the political uncertainty surrounding the 2024 elections created the perfect catalyst for crypto’s growth in October. Election outcomes paired with expectations of favorable policies suggest that the market is entering the early stages of a new bull run.
