CoinEx Research has published a detailed report on the cryptocurrency market for October 2024. This month was a breakthrough month for the digital coin segment: bitcoin soared to new highs during the long-awaited Uptober. The positive price movement coincided with the crypto-centric sentiment generated by the US election, potentially affecting bitcoin’s status as a Trump Trade phenomenon. It is also worth noting that Donald Trump’s remarks in favor of cryptocurrencies have boosted confidence in digital assets, stimulating speculation surrounding potential growth.
Bitcoin rallies above $70000
According to CoinEx’s previous report “From Recession Fear to Risk”, digital gold broke the significant resistance levels expected during Uptober and ended October at $70,300. Price momentum reflects bullish sentiment, with open interest in bitcoin futures surpassing $24 billion. While trading volume remains moderate compared to previous highs in 2024, this slower pace indicates healthy market momentum that could support further growth.
Bitcoin’s path to new highs
Digital gold is increasingly seen as a Trump Trade asset as the politician’s stance on cryptocurrencies reinforces positive investor sentiment. CoinEx’s first pre-market trading product, PRE TRUMP, has a 66% chance of Donald Trump winning, increasing speculative interest. Spot bitcoin ETFs also recorded significant net inflows of nearly $1.2 billion in September and $5.4 billion in October, indicating steady institutional interest.
Attention on Solana and AI meme tokens
The Solana ecosystem has seen explosive growth, with the SOL/ETH exchange rate hitting a record high. Increased activity on Solana’s decentralized exchanges (DEX), regular hackathons, and a favorable development environment have helped Solana overtake Ethereum in some metrics, establishing its competitiveness in the Tier 1 landscape.
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At the same time, AI-themed meme tokens also gained momentum, with SPX and MOODENG (an asset dedicated to an animal from TikTok videos) dominating the crypto landscape. The market capitalization of AI tokens such as GOAT reached nearly $900 million, reflecting the continued interest in AI-themed memes and digital assets.
Kaspa’s KRC-20 protocol gains momentum
Kaspa’s new KRC-20 protocol on the Kaspa network has gained impressive popularity. Since its launch, the number of daily transactions has grown from less than 20,000 to a peak of over 90,000 and daily transfer volume has skyrocketed from 150,000 to over 8 million, demonstrating KRC-20’s crucial role in expanding the Kaspa ecosystem. CoinEx supported the protocol by listing 12 KRC-20 tokens and reaffirming its commitment to emerging crypto innovation. For a more in-depth analysis, you can read the article “KRC-20: An innovative token protocol driving the development of the Kaspa ecosystem”.
First net outflow of stablecoins in the last 12 months
October saw a small net outflow of $314 million in stablecoins as investors took a more cautious stance ahead of the November US elections. While this figure is small compared to previous bear markets, this outflow suggests that investors are hedging against potential volatility and keeping capital on the sidelines for now.
Forecast for November
The current market trajectory remains bullish, with institutional investor interest in bitcoin-ETFs likely to drive further growth. In addition, macroeconomic factors such as favorable interest rates are creating an optimal environment for cryptocurrencies. The impact of the November US election on market sentiment will be closely monitored, potentially affecting the regulation and adoption of digital coins.
CoinEx’s analysis for October highlights the resilience and adaptability of the cryptocurrency segment, driven by both technical and macroeconomic trends. These indicators suggest a solid foundation for future market growth.
About CoinEx
Founded in 2017, CoinEx is an international cryptocurrency exchange that aims to simplify the use of digital assets. The platform provides a wide range of services including spot, margin and futures trading, exchange, automated market making (AMM) and financial management services that are utilized by over 10 million customers from over 200 countries and regions. Since its inception, CoinEx has been firmly committed to the principle of “user first”. Created with the intention of realizing a fair, respectful and secure cryptocurrency environment, the platform offers easy-to-use products and thus allows users with different levels of experience to freely access the world of digital coins.
Its CoinEx Research division provides in-depth analysis of the evolving cryptocurrency market, helping investors navigate potential risks and opportunities. Learn more about the exchange on its official pages:
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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