Traffic on crypto exchanges grew by 8% due to elections and Uptober
Traffic growth on exchanges in October
The total monthly traffic on the top 20 cryptocurrency exchanges increased by 8% in October, reflecting rising investor interest due to the Uptober movement and heightened activity from retail traders ahead of the 2024 U.S. presidential election.
According to ICO Analytics, the largest percentage increase was recorded by the exchange Pump Fun, which saw a 100% growth in traffic over the month.
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The second-largest increase was on the BullX platform, with web traffic up by 78% from September to October, followed by Uniswap, which registered a 42% increase.
In terms of total monthly traffic in October, the leaders were Binance, WhiteBit, and Coinbase, drawing in 54 million, 33 million, and 30 million users, respectively.
Why Traffic on Crypto Exchanges Increased
The rise in crypto exchange traffic in October was driven by two factors: anticipation of the U.S. presidential election and increased interest in the crypto market under the popular Uptober trend.
U.S. elections traditionally attract strong attention to financial markets, as they can impact the dollar, bitcoin, inflation, and regulatory policy. Such developments encourage investors to turn to exchanges in search of ways to protect capital.
At the same time, bitcoin typically experiences growth in October, a trend known in the community as Uptober. This has motivated retail investors hoping to see new all-time highs before year’s end.
As a reminder, Reddit recently sold a large portion of its bitcoin holdings before Uptober's price rally.
