In October 2024, Bitcoin surged past $72K bolstered by ETF inflows and increased whale activity, while Ethereum underperformed. The stable macroeconomic environment and crypto becoming a topic in U.S. elections influenced market stability. High whale accumulation and interest in meme sectors signify evolving trends. Prediction markets and Layer-2 solutions also saw substantial growth, indicating robust innovation in crypto.
In October 2024, the crypto market rallied, led by Bitcoin’s surge above $72K, driven by ETF inflows and increased whale activity. The total crypto market cap reached $2.4 trillion, while trading volume soared to $47.8 billion. Bitcoin traded at $72.3K, enjoying a significant rise of 11.7% this month, while Ethereum lagged at $2.6K with minimal growth of 0.30%.
Macroeconomic factors played a role in stabilizing market sentiment, including U.S. federal rate cuts and easing measures in China. With stablecoins attracting new capital, liquidity has strengthened, creating a solid foundation for Bitcoin and other major assets. Amid pivotal U.S. elections, cryptocurrency is becoming a crucial topic as its regulatory future hangs in the balance.
In a notable trend, Bitcoin ETFs absorbed about $901 million in October alone, amassing a total of approximately $3.28 billion for the month. This growth reflects sustained investor interest with Bitcoin outperforming Ethereum, which faced outflows totaling $35 million.
The October price rally for Bitcoin shows upward momentum, even briefly peaking at $73.45K before stabilizing around $72K. Despite lower historical averages for October, the ongoing dynamics, including favorable Federal policies and ETF inflows, foster optimism for further price highs.
Ethereum’s performance lagged behind, trailing the market by about 8% amid rising transaction fees that deterred user activity. The chances of reclaiming the $2.8K support for ETH seem increasingly bleak as demands for staking diminish.
The number of Bitcoin “whales,” or entities holding at least 1,000 BTC, increased to 1,678, reflecting an 11.68% growth year-to-date. This accumulation signals a growing confidence among these large investors regarding Bitcoin’s potential price trajectory.
In sector performance, memes captured attention in October, outpacing Solana, Ethereum, DeFi, and NFTs in popularity. AI memes also emerged as a hot trend, despite the broader AI market’s decline. The newly launched GOAT token, exemplifying AI-blockchain synergy, surged by an astounding 492%.
Layer-2 networks are making headlines, with Arbitrum leading in total value locked, while Coinbase’s Layer-2 Base gains ground with significant user activity. New projects like Worldcoin and Unichain are emerging alongside Ethereum-based innovations.
As political uncertainty looms, prediction markets continue to thrive, with Polymarket achieving remarkable success this month by reaching $1.3 billion in betting volume, showcasing a 2.5x increase and capturing most of the crypto prediction market’s total value locked.
The crypto market in October 2024 showcases a dynamic landscape, with Bitcoin leading the charge through significant price increases and ETF inflows. Ethereum struggles with declining performance, while whale activity reflects growing investor confidence. The rise of meme sectors, competition among Layer-2 solutions, and thriving prediction markets reveal a community engaged with new innovations. With macroeconomic support and the electoral landscape shaping future policies, the market anticipates even greater developments ahead.
Original Source: coinmarketcap.com
