The CoinEx research team has released a comprehensive report on the cryptocurrency market for October 2024. October 2024 was a landmark month for the cryptocurrency market, with Bitcoin hitting an all-time high during the highly anticipated “Uptober.” This positive price trend may be influenced by the pro-cryptocurrency sentiment formed around the upcoming US election, thereby strengthening Bitcoin’s “Trump Trade” status. In particular, Trump's pro-crypto stance has increased market confidence in digital assets and sparked speculation about a potential bull run.
Key market highlights
Bitcoin surges above $70,000
According to CoinEx’s report last month, “From Recession Fears to Market Optimism,” Bitcoin closed at $70,300 in October, breaking the important “Uptober” resistance level. The total amount of open interest in Bitcoin futures exceeded $24 billion, reflecting the strong atmosphere in the market. Although trading volume remains relatively flat compared to the previous high in 2024, such gradual growth shows that the market momentum is healthy and may support further gains in the future.
Bitcoin’s Road to New Highs
As Trump's pro-cryptocurrency policies have driven positive sentiment towards digital assets, Bitcoin has been highly regarded by the market as a "Trump Trade". In the first prediction market trading product PRE_TRUMP launched by CoinEx, Trump's election probability reached 66%, triggering high speculative interest in the market. Bitcoin spot ETFs also showed continued institutional attention, recording solid net inflows of approximately US$1.2 billion in September, which surged to US$5.4 billion in October.
Spotlight:Solana and AI meme coins
The Solana ecosystem has been performing strongly recently, with the SOL/ETH exchange rate hitting an all-time high. Due to the significant increase in Solana decentralized exchange (DEX) activities, regular hackathon events and friendly development environment support, Solana has surpassed Ethereum in some indicators, demonstrating its leadership in the Layer 1 blockchain environment. competitiveness. 
On the other hand, the AI-themed Meme Token $SPX and the TikTok-inspired Animal Meme Token $MOODENG are also making waves in the cryptocurrency market. As the market continues to pay attention to Meme and AI assets, the market value of AI-themed tokens like $GOAT has reached nearly US$900 million, showing that the influence of this type of assets in the market is constantly expanding. 
Kaspa’s KRC20 protocol attracts attention
Kaspa Network's new KRC20 protocol has shown impressive adoption rates. Since its launch, the daily transaction volume has rapidly surged from less than 20,000 to more than 90,000, while the total daily transaction volume has also surged from less than 150,000 to more than 8 million, showing the role of KRC20 in the expansion of the Kaspa ecosystem. played a key role. CoinEx quickly adopted the protocol and listed 12 KRC20 tokens, further solidifying its commitment to supporting emerging crypto innovation. For more detailed analysis, please refer to CoinEx's latest article " KRC20: An innovative token protocol leading the development of the Kaspa ecosystem ."
Source: CoinEx (data as of November 1, 2024)Stablecoins see net outflows for first time in 12 months
What is rare is that as the US election approaches in November, investors adopt a more cautious attitude, resulting in a small net outflow of stablecoins in October, totaling $314 million. While this is a miniscule figure compared to previous bear markets, this outflow shows 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. In addition, macroeconomic factors such as friendly interest rates also create a favorable environment for the expansion of cryptocurrencies. As the US election approaches in November, we will be closely monitoring its impact on market sentiment, as well as the potential impact on cryptocurrency regulation and adoption.
CoinEx October research highlights the cryptocurrency market’s resilience and adaptability amid technological and macroeconomic trends. As November approaches, these indicators suggest the market has laid a solid foundation for future growth.
CoinEx Information
Founded in 2017, CoinEx is a global cryptocurrency exchange dedicated to simplifying cryptocurrency trading. The platform provides diversified products such as spot and contract trading, leverage trading, swaps, AMM (automated market maker) and financial management services to more than 10 million users from more than 200 countries and regions. Since its establishment, CoinEx has always adhered to the service principle of "user first" and is committed to creating a fair, safe and trustworthy cryptocurrency trading environment. Its simple and easy-to-use product design helps users of different experience levels easily enter the world of cryptocurrency.
The CoinEx research team provides in-depth market analysis and insights to help investors address upcoming challenges and opportunities in the crypto market.
