CandleFocus Binance monthly market insights: October was a meme token mode, Bitcoin (BTC) moved with S&P 500
2024-11-07
Author: Content Editor
October saw a 2.8% gain in the overall crypto market, with Bitcoin leading the way by rising 14% and showing a strong correlation with the S&P 500. BTC's inclusion in traditional finance and the inflows into ETFs contributed to this shift. Dogecoin (DOGE) also had a strong month, rising 33.1% and being added to Robinhood Crypto Europe. Solana (SOL) saw a net gain of 9.7% and benefitted from the popularity of meme tokens on platforms like Pump.fun. Meme tokens dominated the top performers in October and accounted for a larger share of trading volumes compared to top altcoins. Binance's research also highlighted the increasing revenues and adoption of on-chain applications in the crypto market.
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