CoinEx Research October 2024 Report: Bitcoin Soars in an Uptrend

CoinEx Research has released its comprehensive cryptocurrency market report for October 2024. October marked a milestone month for the crypto market, with Bitcoin reaching new all-time highs during the much-anticipated "Uptober." This bullish momentum may have been driven by pro-crypto sentiment surrounding the upcoming U.S. election, further reinforcing Bitcoin’s status as a “Trump Trade.” Notably, Trump’s favorable stance toward cryptocurrencies boosted market confidence in digital assets and sparked speculation about a potential bull run.

Key Market Highlights

Bitcoin's Surge Past $70,000

As highlighted in CoinEx’s previous report, “From Recession Concerns to Market Optimism,” Bitcoin closed October at $70,300, breaking through the key resistance level associated with “Uptober.” The total open interest in Bitcoin futures surpassed $24 billion, reflecting strong market sentiment. Although trading volume remains relatively moderate compared to earlier 2024 peaks, this steady growth indicates healthy market momentum that could support further gains ahead.

Bitcoin on the Path to New Highs

Bitcoin has gained significant favor in the market due to Trump’s pro-crypto policy positioning, solidifying its image as a “Trump Trade.” On CoinEx’s first prediction market product, PRE_TRUMP, Trump’s probability of winning reached 66%, attracting strong speculative interest. Spot Bitcoin ETFs also continued drawing institutional attention, 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 demonstrated strong performance, with the SOL/ETH exchange rate hitting an all-time high. Increased decentralized exchange (DEX) activity on Solana, combined with regular hackathons and a developer-friendly environment, has enabled it to outperform Ethereum across several metrics, highlighting its competitiveness among Layer 1 blockchains.

Meanwhile, AI-themed meme tokens such as $SPX and TikTok-inspired animal-themed meme coins like $MOODENG have also captured market enthusiasm. With sustained investor interest in meme and AI-related assets, AI-focused tokens such as $GOAT have seen their market capitalization approach $900 million, underscoring the growing influence of these asset classes in the crypto space.

Kaspa’s KRC20 Protocol Gains Attention

Kaspa’s new KRC20 protocol has shown remarkable adoption rates. Since launch, daily transaction counts have skyrocketed from under 20,000 to over 90,000, while total daily transactions have surged from below 150,000 to more than 8 million—demonstrating KRC20’s pivotal role in expanding the Kaspa ecosystem. CoinEx quickly adopted the protocol, listing 12 KRC20 tokens and reaffirming its commitment to supporting emerging crypto innovations. For more details, read CoinEx’s latest article: KRC20: An Innovative Token Protocol Driving Kaspa Ecosystem Development.

Source: CoinEx (data as of November 1, 2024)

Stablecoins See First Net Outflow in 12 Months

Rarely, stablecoins experienced a slight net outflow in October totaling $314 million, as investors adopted a more cautious stance ahead of the November U.S. election. While this figure is negligible compared to prior bear markets, the capital withdrawal reflects risk-averse behavior, with investors opting to hold cash temporarily amid anticipated market volatility.

Outlook for November

Current market trends remain strong, and continued institutional interest in Bitcoin ETFs is expected to further fuel market growth. Additionally, favorable macroeconomic factors such as supportive interest rates are creating a conducive environment for cryptocurrency expansion. As the U.S. election approaches in November, we will closely monitor its impact on market sentiment and the potential implications for crypto regulation and adoption.

CoinEx’s October research underscores the resilience and adaptability of the cryptocurrency market amid evolving technological and macroeconomic trends. As November unfolds, these indicators suggest the market has laid a solid foundation for future growth.

About CoinEx

Founded in 2017, CoinEx is a global cryptocurrency exchange dedicated to simplifying crypto trading. The platform offers a diverse range of products—including spot and futures trading, margin trading, swaps, AMM (Automated Market Maker), and wealth management services—to over 10 million users across more than 200 countries and regions. Since its inception, CoinEx has adhered to a “user-first” principle, striving to create a fair, secure, and trustworthy trading environment. Its intuitive product design helps users of all experience levels easily enter the world of cryptocurrency.

The CoinEx Research team delivers in-depth market analysis and insights to help investors navigate upcoming challenges and opportunities in the crypto market.