Friendly interest rates and other macroeconomic factors have also created a favorable environment for the expansion of cryptocurrencies.
The CoinEx Research Team released a comprehensive report on the cryptocurrency market for October 2024. October 2024 was a milestone month for the cryptocurrency market, with Bitcoin reaching an all-time high during the highly anticipated "Uptober." This positive price trend may have been influenced by the pro-cryptocurrency sentiment formed around the upcoming U.S. elections, further reinforcing Bitcoin's "Trump Trade" status. In particular, Trump's pro-cryptocurrency stance has boosted market confidence in digital assets and sparked speculation of a potential bull market.
Major Market Highlights
Bitcoin Breaks Through $70,000
According to CoinEx's report last month titled "From Economic Recession Worries to Market Optimism," Bitcoin closed at $70,300 in October, breaking through the important resistance level of "Uptober." The total open interest in Bitcoin futures surpassed $24 billion, reflecting a strong market atmosphere. Although trading volume remains relatively flat compared to the early highs of 2024, this gradual growth indicates healthy market momentum, which may support further increases in the future.
Bitcoin's Path to New Highs
Due to Trump's pro-cryptocurrency policies driving positive sentiment towards digital assets, Bitcoin has been highly regarded in the market as the "Trump Trade." In the first prediction market trading product launched by CoinEx, PRE_TRUMP, Trump's election probability reached 66%, sparking significant speculative interest in the market. Bitcoin spot ETFs also showed continued institutional interest, recording a robust net inflow of approximately $1.2 billion in September, which surged to $5.4 billion in October.
Spotlight: Solana and AI Meme Coins
The Solana ecosystem has recently shown strong performance, with the SOL/ETH exchange rate reaching an all-time high. The significant increase in activity on Solana's decentralized exchanges (DEX), along with regular hackathon events and supportive development environments, has allowed Solana to surpass Ethereum on certain metrics, demonstrating its competitiveness in the Layer 1 blockchain space.
On the other hand, AI-themed meme tokens like $SPX and animal meme tokens inspired by TikTok, such as $MOODENG, have also stirred excitement in the cryptocurrency market. As the market continues to focus on meme and AI assets, the market capitalization of AI-themed tokens like $GOAT has approached $900 million, indicating that the influence of such assets in the market is steadily expanding.
Kaspa's KRC20 Protocol Gains Attention
The new KRC20 protocol on the Kaspa network has demonstrated remarkable adoption rates. Since its launch, daily transaction volume has rapidly surged from less than 20,000 to over 90,000, while the total daily transaction count has skyrocketed from below 150,000 to over 8 million, showcasing the critical role KRC20 plays in the expansion of the Kaspa ecosystem. CoinEx has quickly adopted this protocol and launched 12 KRC20 tokens, further solidifying its commitment to supporting emerging crypto innovations. For more detailed analysis, please refer to CoinEx's latest article, "KRC20: An Innovative Token Protocol Driving Kaspa Ecosystem Development."
Source: CoinEx (data as of November 1, 2024)
First Net Outflow of Stablecoins in 12 Months
Rarely, as the November U.S. elections approach, investors have adopted a more cautious attitude, leading to a slight net outflow of stablecoins in October, totaling $314 million. Although this is a negligible figure compared to previous bear markets, this outflow of funds indicates that investors are hedging against potential market volatility and temporarily choosing to hold capital on the sidelines.
November Outlook
Current market trends remain strong, and institutional interest in Bitcoin ETFs is expected to further drive market growth. Additionally, friendly interest rates and other macroeconomic factors have created a favorable environment for the expansion of cryptocurrencies. As the November U.S. elections approach, we will closely monitor their impact on market sentiment and the potential implications for cryptocurrency regulation and adoption.
CoinEx's October research emphasizes the resilience and adaptability of the cryptocurrency market under technological and macroeconomic trends. With the arrival of November, these indicators show that the market has laid a solid foundation for future growth.
CoinEx Information
CoinEx, established in 2017, is a global cryptocurrency exchange dedicated to simplifying cryptocurrency trading. The platform offers a diverse range of products, including spot and contract trading, leveraged trading, swaps, AMM (automated market maker), and wealth management services to over 10 million users from more than 200 countries and regions. Since its inception, CoinEx has adhered to the service principle of "user first," striving to create a fair, secure, and trustworthy cryptocurrency trading environment. Its user-friendly product design helps users of varying experience levels easily enter the world of cryptocurrencies.
The CoinEx research team provides in-depth market analysis and insights to assist investors in navigating the upcoming challenges and opportunities in the crypto market.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
