CoinEx Research October 2024 Report: Bitcoin's Bullish "Uptober" Momentum

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Nov 12, 2024, 00:51 ET

HONG KONG, Nov. 12, 2024 /PRNewswire/ -- CoinEx Research October 2024 report shows a breakthrough month for the cryptocurrency market, marked by Bitcoin's surge to $73,000 in what's been dubbed "Uptober." With Bitcoin closing October at $70,300, this bullish trend reflects heightened optimism, partly fueled by a pro-crypto sentiment ahead of the U.S. elections. Trump's supportive stance on digital assets has further reinforced confidence, positioning Bitcoin as a "Trump Trade" and sparking speculations about a potential rally.

Key Highlights

Bitcoin's Rally and the "Trump Trade"
Bitcoin's breakout above $70,000 signifies strong market momentum. Open interest in Bitcoin futures climbed beyond $24 billion, indicating robust participation. CoinEx's premarket trading product, PRE_TRUMP, shows a 66% probability of a Trump victory, driving speculative interest as his pro-crypto stance adds positive sentiment to digital assets. Spot Bitcoin ETFs also saw inflows of $1.2 billion in September and $5.4 billion in October, reflecting ongoing institutional interest.

Solana and AI Meme Tokens on the Rise
Solana's ecosystem has experienced significant growth, with SOL's exchange rate versus Ethereum (ETH) reaching record highs. Increased activity on Solana's decentralized exchanges (DEXs) and ongoing support for development have helped it outperform Ethereum in some key metrics. Simultaneously, AI-themed meme tokens, led by $GOAT, reached market caps nearing $900 million, indicating a strong interest in this novel blend of meme culture and AI.

Kaspa's Expanding Ecosystem with KRC20
The KRC20 protocol launch on the Kaspa network has been a catalyst for adoption. Since its debut, daily transaction volumes on the network have surged to over 8 million, underscoring the protocol's role in accelerating Kaspa's ecosystem. CoinEx has listed 12 KRC20 tokens, reinforcing its commitment to supporting emerging crypto technologies.

Stablecoins See Minor Outflows
In an unusual shift, October saw stablecoins experience a net outflow of $314 million. Although modest compared to previous market downturns, this trend suggests investor caution, likely influenced by anticipation of the U.S. election in November.

November Outlook
CoinEx's outlook for November remains optimistic, with institutional interest and a supportive macro environment likely to fuel further growth. The impact of the U.S. election on market sentiment and potential regulatory shifts will be pivotal, setting the stage for continued resilience and adaptability in the cryptocurrency market.

As the market advances, CoinEx's insights highlight a strong foundation for further growth, driven by both technical and macroeconomic factors.

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 margin trading, futures, swaps, automated market maker (AMM), and financial management services for over 10 million users across 200+ countries and regions.

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.