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Views: The Veles team is pleased to present the latest market insights from October 2024!
How did the cryptocurrency market perform this month? Which digital assets led the way? And what should we anticipate for November? Let’s dive into the key highlights:
Market Overview
Price Movements: October brought substantial growth to the cryptocurrency market. Bitcoin (BTC) reached a price of $73,544 on October 29, marking its highest level in the last seven months. BTC’s 13% monthly gain significantly outpaced the S&P 500 index, which rose only 1%. Other major cryptocurrencies also experienced notable gains: Ethereum (ETH) rose by 4% to $2,637, Binance Coin (BNB) gained 2% to $608, and Solana (SOL) climbed 2% to $182, its highest level in three months.
Bitcoin’s Performance, October 2024. Source: Tradingview
Total Cryptocurrency Market Capitalization: The market capitalization of the cryptocurrency sector reached $2.39 trillion, with Bitcoin dominating around 60%. Investment inflows into Bitcoin ETFs continue to grow, now reaching $66 billion. Increased institutional interest in these ETFs is supporting BTC’s upward price trend and contributing to the overall market capitalization expansion.
Key Growth Drivers
The October crypto rally was supported by several factors:
Inflation Expectations and Political Uncertainty — With the current macroeconomic landscape and the upcoming U.S. election on November 5, many investors view Bitcoin as a hedge against inflation.
Federal Reserve Rate Cuts — In September, the U.S. Fed cut interest rates, which weakened confidence in traditional assets and increased investor interest in BTC and gold as alternative assets.
Political Support for Bitcoin — Both candidates in the upcoming election, Kamala Harris and Donald Trump, have backed policies expected to impact the cryptocurrency market, with Trump proposing a national strategic Bitcoin reserve.
November Outlook
October has historically been a strong month for Bitcoin, and if this trend continues, November may sustain the positive momentum.
Monthly BTC/USD Returns (Screenshot). Source: CoinGlass
Crypto bulls see growth potential for Bitcoin regardless of the U.S. election outcome, viewing the scenario as a “win-win.” Former President Donald Trump, a known crypto supporter, has proposed replacing the SEC chair with a more crypto-friendly candidate, which could strengthen the market’s position. On the other hand, analysts believe Bitcoin will remain an attractive asset under Kamala Harris, especially given the likelihood of continued monetary easing.
Veles Platform News
Monthly Performance Metrics: The trading volume on the Veles platform reached $787 million in October. Total user profits were $2.62 million, with the most profitable day falling on October 14, generating $231,000 across 108,000 trades.
Platform Updates
Launched personalized consultations (Pro Consultation).
Introduced a $1 bot for users to explore platform mechanics.
Added the unique, free DiverX SrgArt indicator.
Launched Crypto Navigator Pro.
These updates and insights mark another progressive month for both the market and the Veles platform. We look forward to continuing to support your trading success in the coming months!
