CoinEx Research Report for October 2024: Bitcoin Surges with Positive Trends

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Market Highlights

Bitcoin Rally Surpasses $70,000
According to CoinEx’s previous report, “From Recession Risk to Risk-On Cheers,” Bitcoin broke significant resistance levels, closing October at $70,300. The price action reflects a bullish sentiment, with Bitcoin futures’ open interest exceeding $24 billion. Although trading volumes remain moderate compared to earlier 2024 peaks, this slower pace indicates a healthy market momentum that could support further gains.

Bitcoin’s Path to New Highs
Increasingly seen as a “Trump Trade,” Bitcoin has gained public favor thanks to Trump’s pro-crypto stance, bolstering positive sentiment toward digital assets. In CoinEx’s first premarket trading product, PRE_TRUMP, the odds of a potential Trump victory stand at 66%, heightening speculative interest. Spot Bitcoin ETFs also recorded a net inflow of nearly $1.2 billion in September and a remarkable $5.4 billion in October, signaling strong institutional interest.

Spotlight on Solana and AI-Themed Meme Coins
Solana’s ecosystem surged, with the SOL/ETH exchange rate reaching record highs. Increased activity on Solana’s decentralized exchanges (DEXs), regular hackathon events, and a developer-friendly environment helped Solana surpass Ethereum in certain metrics, strengthening its competitiveness in the Layer 1 landscape.

Meanwhile, AI-themed meme tokens also thrived: $SPX and the TikTok-inspired animal meme $MOODENG dominated the crypto scene. AI-themed tokens like $GOAT achieved nearly $900 million in market cap, reflecting sustained interest in meme and AI-based assets.

Kaspa’s KRC20 Protocol Growth
Kaspa’s new KRC20 protocol has seen impressive adoption. Since its launch, daily transactions rose from under 20,000 to a peak of 90,000, with daily transaction volume surging from less than 150,000 to over 8 million. This highlights KRC20’s crucial role in expanding the Kaspa ecosystem. CoinEx promptly adopted the protocol, listing 12 KRC20 tokens and further solidifying its commitment to supporting emerging crypto innovations. For a detailed analysis, read CoinEx’s latest article, “KRC20: Innovative Token Protocol Driving Kaspa Ecosystem Development.”

First Net Outflow of Stablecoins in 12 Months
October saw a slight net outflow of stablecoins, with $314 million withdrawn as investors adopted a more cautious stance ahead of the U.S. elections in November. Though smaller than previous bear market outflows, this movement suggests investors are hedging against potential volatility, keeping capital on the sidelines for now.

Outlook for November
The current market trajectory remains bullish, with institutional interest in Bitcoin ETFs likely to support further growth. Additionally, macroeconomic factors, such as favorable interest rates, are creating a positive environment for crypto expansion. The impact of the U.S. elections on market sentiment will be closely watched, with potential implications for cryptocurrency regulation and adoption.
CoinEx’s October research underscores the resilience and adaptability of the cryptocurrency market, driven by technical and macroeconomic trends. As November approaches, these indicators suggest a solid foundation for future growth.

About CoinEx
Founded in 2017, CoinEx is a global cryptocurrency exchange committed to simplifying crypto trading. The platform offers a range of services, including spot and futures trading, margin trading, swaps, automated market makers (AMM), and financial management services for over 10 million users in more than 200 countries and regions. Since its inception, CoinEx has adhered to the principle of “user-first,” aiming to create a fair, respectful, and secure trading environment. By offering user-friendly products, CoinEx allows individuals with varying levels of experience to seamlessly access the world of cryptocurrencies.
CoinEx Research is dedicated to providing in-depth analysis and insights on cryptocurrency market developments, helping investors navigate emerging opportunities and challenges.