Crypto Exchange Traffic Surges Following U.S. Election Results

In October, the 20 largest crypto exchanges saw an 8% rise in traffic, signaling increased investor engagement as the 2024 U.S. elections drew nearer and retail trader participation grew.

According to ICO Analytics, Pump Fun saw the most dramatic growth in terms of traffic, doubling its visits in October. BullX followed closely with a 78% surge, while Uniswap experienced a 42% increase in traffic.

Binance, WhiteBit, and Coinbase maintained dominance, collectively receiving millions of visits, with Binance leading at 54 million, WhiteBit at 33 million, and Coinbase at 30 million. This surge in exchange activity was reflected in the broader market, as October’s rally aligned with the “uptober” trend, where digital assets typically experience a boost after a summer slowdown.

The market response to the U.S. election results on November 6 contributed to Bitcoin reaching new all-time highs, with many analysts predicting the rally could continue. Indicators such as a $1.1 billion rise in open interest on Bitcoin futures, the possibility of reduced interest rates, and strong Bitcoin ETF inflows all suggest that the rally has room to grow.

READ MORE:

Republicans Could Boost Crypto Market to $10 Trillion by 2026 – Standard Chartered

On the same day as the election, BlackRock’s Bitcoin ETF saw an unprecedented $4.1 billion in trading volume, further fueled by the election of a pro-crypto candidate. Additionally, a significant increase in stablecoin exchange inflows, reaching $9.3 billion by November 7, points to continued optimism among traders, further supporting the ongoing price surge.

Alexander Zdravkov