As individual investors’ interest in the crypto market increases again due to the 2024 US presidential elections, traffic on the top 20 crypto exchanges increased by 8% in October.
ICO Analytics data suggests that this increase is due to increased participation and general optimism in the crypto market. In particular, Pump Fun exchange saw its monthly visits increase by 100%, while BullX and Uniswap exchanges saw their visits increase by 78% and 42% respectively.
Binance, WhiteBit and Coinbase Lead in Traffic
Among crypto exchanges, Binance, WhiteBit, and Coinbase receive the highest traffic. Binance is the leader with 54 million monthly visits, while WhiteBit and Coinbase are in second and third place with 33 million and 30 million visits, respectively.
This increase in traffic on exchanges reflects the period when the crypto market is on the rise and coincides with this uptrend called “Uptober.” The crypto market usually sees a recovery in October, so market optimism has gained momentum in recent months.
US Election Results and Market Rise
After Donald Trump won the US elections, market activity gained further momentum. On November 6, positive developments in the market allowed the price of Bitcoin to rise to record levels.
Open interest in Bitcoin futures contracts on the Chicago Mercantile Exchange rose to $1.1 billion, fueled by expectations of falling interest rates and strong inflows into Bitcoin exchange-traded funds (ETFs). BlackRock’s Bitcoin ETF IBIT reached a record $4.1 billion, indicating growing interest from institutional investors.
Stablecoin inflows also reflected growing confidence in the market. On November 7, $9.3 billion inflows into exchanges were seen, which is generally considered a sign of further market upside.
Bitcoin and Ethereum on the Rise$BTC
Along with Bitcoin, Ethereum (ETH) also regained momentum and managed to exceed $ 3,000. The fact that investments in Ethereum ETFs turned positive after months of weak performance shows the change in investors' perception.
Increased activity on exchanges, macroeconomic factors, and interest from institutional investors could signal the start of a new bull market in the crypto market.
Bitcoin Surpasses Meta to Take 9th Place
Bitcoin has moved into 9th place in the market cap rankings, overtaking Meta Platforms (formerly Facebook) amid optimism following Donald Trump’s victory in the 2024 presidential election. With a market cap of $1.46 trillion and a price of $73,800, Bitcoin has managed to surpass Meta, which has a market cap of $1.45 trillion.
Bitcoin had similarly outperformed Meta in 2021. In particular, it broke a major record in March with a price above $73,000, surpassing Meta’s market value.
The Most Valuable Assets in the Crypto Market
In terms of market value, technology giants and precious metals stand out in the ranking of the most valuable assets. While the market value of gold is at $18.359 trillion, it is followed by NVIDIA with $3.431 trillion and Apple with $3.377 trillion. Other important companies include Microsoft, Amazon and Alphabet (Google).
Ryan Lee’s Comment
“The market seems to have already reacted to Trump’s hints at using Bitcoin as a strategic reserve asset,” said Ryan Lee, an analyst at Bitget Research. “A Trump victory could see BTC continue to rally without a major pullback and could even reach higher levels,” Lee continued.