Dex-Trade News Digest: Bitcoin’s Bullish ‘Uptober’ & Solana’s Q3 Surge
The Crypto Update this week has two major highlights: Bitcoin is having a bullish 'Uptober trend', and Solana got an investment boost of $170 mln in Q3 2024.
Bitcoin’s ‘Uptober’ Rally Overcomes Geopolitical Concerns
According to 10x Research, Bitcoin's rally continued unabated in October despite ongoing geopolitical tension. A generally upbeat performance of the U.S. economy, with more-than-expected job increases, instills further optimism in the market. This came on the heels of a September jobs increase of 254,000 jobs added, coupled with inflation showing signs of cooling, so Bitcoin has room to continue higher.
Historically, October has been a very strong month for Bitcoin, averaging returns of about 20%. Institutional inflows into Bitcoin ETFs will add to the upward momentum. Analysts are still awaiting the U.S. Consumer Price Index-CPI-report as the key event that will provide the market with a proper direction.
Solana Raises $170M in Q3 Despite On-Chain Dip
Solana has led Q3 of 2024, in spite of the slump experienced on-chain, by raising over $170 million across its 29 projects. This is its best quarterly raise since Q2 2022. The market of its tokenized treasury also expanded very fast, doubling in value to $123 million, with a very large chunk in USDC deriving from Ethereum.
Interest in Solana remains strong on the institutional side, with firms like Hamilton Lane and Franklin Templeton planning tokenized offerings on the blockchain. Though the transaction fees of the blockchain are down 66% from their peak in March, its growing market share in transaction fees speaks to strong network usage.
It is up 15% in the last 30 days, which positions SOL at a point where the ecosystem of Solana is really thriving. It lures institutional players and extends this blockchain player's circle of influence.