Last month, the Crypto.com exchange—based on its October trading data—saw a major shift in focus from the market: 97% of the platform’s users are now focusing almost exclusively on trading Bitcoin (BTC) and Ethereum (ETH). These two largest cryptocurrencies by market capitalization have dominated trading traffic, leading to a significant increase in the exchange’s daily volume to nearly $5.3 billion by the end of the month.
Crypto.com’s monthly trading volume in October also rose to record levels, reaching $139 billion—more than double the $57 billion reported by Coinbase. With this growth, Crypto.com has overtaken Coinbase and claimed the lead in the US market as well. According to the exchange’s management, the increase is primarily due to the rise in Bitcoin and Ethereum prices, which attracted more investors to the market.
In October, the price of Bitcoin came close to the all-time high, which was reached on March 14, 2024, at $73,835. BTC rose to around the $73,600 level, leading to a pick-up in trading activity on major crypto exchanges. Ethereum showed slower but steady growth and crossed the $2,700 mark during the month, also contributing to the growth of the platform’s traffic.
Data shows that demand for Bitcoin and Ethereum among Crypto.com users remains unabated. Investor confidence and interest in these two digital assets play a key role in the growth of the stock market, which is expected to continue in the coming months.
<p>The post Crypto.com: Bitcoin and Ethereum Dominate October Trading Activity and Break first appeared on CoinBuzzFeed.</p>
