CoinEx Research has released its comprehensive report on the cryptocurrency market for October 2024. October 2024 has been a breakthrough month for the cryptocurrency market, with Bitcoin surging to new highs in the much-anticipated “Uptober.” This positive price movement aligns with a pro-crypto sentiment building around the upcoming U.S. elections, potentially influencing Bitcoin’s status as a “Trump Trade.” Notably, Trump’s pro-crypto stance has contributed to increased confidence in digital assets, driving speculations around a potential rally.
Key Market Highlights
Bitcoin’s Rally Above $70,000
According to CoinEx’s previous report, “From Recession Fears to Risk-on Cheers,” Bitcoin broke through significant resistance levels,called “Uptober”, closing October at $70,300. The price action reflects a bullish sentiment, with open interest for Bitcoin futures exceeding $24 billion. Although trading volume remains moderate compared to earlier peaks in 2024, this slower pace suggests healthy market momentum that could support further gains.
Bitcoin’s Path to New Highs
Increasingly viewed as a “Trump Trade,” Bitcoin has gained favor as Trump’s pro-crypto stance reinforces positive sentiment around digital assets. In CoinEx’s first premarket trading product, PRE_TRUMP, Trump’s odds stand at 66% for a potential win, heightening speculative interest. Spot Bitcoin ETFs also recorded robust net inflows of nearly $1.2 billion in September and a staggering $5.4 billion in October, signaling consistent institutional interest.
Spotlight on Solana and AI Meme Tokens
Solana’s ecosystem experienced a surge, with the SOL/ETH exchange rate hitting a record high. Increased activity on Solana’s decentralized exchanges (DEXs), regular hackathon events and a supportive development environment helped Solana surpass Ethereum in some metrics, establishing its competitiveness within the Layer 1 landscape.
Meanwhile, AI-themed meme tokens also made a splash, $SPX, and the TikTok-inspired animal meme $MOODENG, dominated the crypto landscape. AI-themed tokens like $GOAT reached nearly $900 million in market cap, reflecting continued interest in meme-driven and AI assets.
Kaspa’s KRC20 Protocol Gains Traction
The new KRC20 protocol on the Kaspa network saw impressive adoption. Since its launch, daily transactions have surged from under 20,000 to a peak surpassing 90,000, daily transaction volume has skyrocketed from fewer than 150,000 transactions to over 8 million, marking KRC20’s pivotal role in expanding the Kaspa ecosystem. CoinEx has quickly adopted this protocol, listing 12 KRC20 tokens, further cementing its commitment to supporting emerging crypto innovations. For an in-depth analysis, refer to CoinEx’s latest article, “KRC20: Innovative Token Protocol Driving Kaspa Ecosystem Development.
Source: CoinEx (Data as of 01 Nov 2024)
Stablecoins’ First Net Outflow in 12 Months
In a rare shift, October saw a slight net outflow in stablecoins, with $314 million withdrawn as investors adopt a more cautious stance ahead of November’s U.S. election. While a minor figure relative to previous bear markets, this outflow suggests investors are hedging against potential volatility, keeping capital on the sidelines for now.
Outlook for November
The market’s current trajectory remains bullish, with institutional interest in Bitcoin ETFs likely to support further growth. Additionally, macroeconomic factors, such as favorable interest rates, contribute to a positive environment for cryptocurrency expansion. The impact of November’s U.S. election on market sentiment will be closely watched, with potential implications for crypto regulation and adoption.
CoinEx’s October research highlights the cryptocurrency market’s resilience and adaptability, driven by both technical and macroeconomic trends. As the market approaches November, these indicators suggest that a strong foundation is in place for future growth.
About CoinEx
Established in 2017, CoinEx is a global cryptocurrency exchange committed to making crypto trading easier. The platform provides a range of services, including spot and futures trading, margin trading, swaps, automated market makers (AMM), and financial management services for over 10 million users across 200+ countries and regions. Since its establishment, CoinEx has steadfastly adhered to a “user-first” service principle. With the sincere intention of nurturing an equitable, respectful, and secure crypto trading environment, CoinEx enables individuals with varying levels of experience to effortlessly access the world of cryptocurrency by offering easy-to-use products.
CoinEx Research remains committed to providing in-depth analyses and insights into the evolving cryptocurrency market, helping investors navigate through the complexities and opportunities that lie ahead.
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