This year’s
cryptocurrency “Uptober” did not disappoint and benefitted the
largest cryptocurrencies and centralized exchanges. Bitcoin’s (BTC) nearly 30%
increase drove retail trader activity, impacting a significant growth in spot
volumes among the TOP 10 exchanges. On average, volumes grew by 54% in October
compared to September.
According
to data collected by Finance Magnates Intelligencer, the total volume
increased month-over-month (MoM) by $153 billion, bouncing back from the worst
month since the beginning of 2023.
October has
historically been one of the best months for cryptocurrencies and the returns
they achieve. The term “Uptober” is aptly coined, as it captures the
month’s bullish trend in cryptocurrencies and marks the start of the year’s
most robust quarter for digital assets.
Expectations
for October were high, and ultimately, no one was disappointed: neither traders
nor crypto exchanges. For record-holders such as ByBit and OKX, monthly volumes
increased by nearly 80%.
Dynamic leaps also caused reshuffles among the leaders;
Binance and Upbit maintained their positions, but Huobi had to give way to
Bybit, which found itself in third place on the podium. Bybit thus
increased its market share (among the TOP 10 exchanges) from 4% reported in
September to 8% in October.
Market Breaks the
Unfavorable Trend
Although
year-over-year (YoY) comparison of volumes does not turn…
