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    Rising Interest in Cryptocurrencies Ahead of US Elections: An Analysis of Exchange Website Traffic and Market Trends

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    Visits to the top 20 cryptocurrency exchanges increased by 8% in October, suggesting a greater interest in digital currencies ahead of the 2024 US elections. The major gainers were Pump Fun, BullX, and Uniswap with traffic growth of 100%, 78% and 42% respectively. The widely visited exchanges in October were Binance, WhiteBit, and Coinbase. The increase in web traffic coincided with a market rally for cryptocurrencies, with Bitcoin reaching new all-time highs following the elections. There was also a notable inflow into stablecoins, indicating expectations for an even further rise in crypto prices.

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    Monthly visits to the top 20 cryptocurrency exchanges increased by 8% in October. This suggests more people are getting interested in digital currencies, especially as the 2024 US elections were around the corner.

    Data from ICO Analytics indicates that the biggest increase in percentage terms was registered by Pump Fun, which saw traffic double in October. Another big gainer was BullX, its web traffic jumped by 78% from September to October. Uniswap came in third with a 42% rise.

    The platforms that had the most visits in October were Binance, WhiteBit, and Coinbase. They recorded 54 million, 33 million, and 30 million visits, respectively.

    The high volume of web traffic also coincided with a financial market rally for cryptocurrencies. People often expect these markets to take off in October, following a quieter summer.

    As November 6, 2024 US elections came to a close, cryptocurrencies saw a surge in prices – Bitcoin reached new all-time highs. There’s even a possibility that this trend will continue, thanks to an extra $1.1 billion on Bitcoin futures contracts and more money being poured into Bitcoin ETFs.

    The election also sparked the highest trading volume on record for BlackRock’s IBIT Bitcoin ETF ($4.1 billion), following the victory of the pro-crypto Republican, former President Donald Trump.

    There was a huge inflow into stablecoins too, typically used to indicate how much interest there is in the market, hinting that people are expecting crypto prices to rise even more. Furthermore, previously disappointing Ethereum saw its fortunes rise as well, with the price of Ether breaking the $3,000 mark.

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