Based on October trading data from the Crypto.com exchange, 97% of the platform’s users focus almost exclusively on trading Bitcoin and Ethereum. These two largest cryptocurrencies by market capitalization dominate trading traffic, thus a Crypto.com its daily volume increased to nearly 5.3 billion dollars by the end of the month. The site’s traffic and trading activity jumped significantly during the October period, which the crypto-community “Uptober” is referred to as – , referring to the typical price increases at this time.
Crypto.com’s monthly trading volume in October rose to a record $139 billion, more than double the $57 billion reported by Coinbase. With this growth, Crypto.com overtook Coinbase and took the lead in the US market as well. According to the management of the stock exchange, the increase is primarily due to the rise in the price of Bitcoin and Ethereum, which attracted more investors to the market.
At the end of October, the price of Bitcoin came close to the all-time high, which was reached on March 14, 2024 at $73,835. BTC rose to around the $73,600 level, leading to a pick-up in trading activity on major crypto exchanges. In contrast, Ethereum showed slower but steady growth and crossed the $2,700 mark during the month, which also contributed to the growth of the platform’s traffic.
Data shows that demand for Bitcoin and Ethereum among Crypto.com users remains unabated. Investors’ confidence and interest in these two digital assets play a key role in the growth of the stock market, which is expected to continue in the coming months.
