October 2024 Recap of Digital Assets Industry
Investors piled into Bitcoin ETFs ($3.3 billion) in October, pushing Bitcoin’s dominance to new highs. Bitcoin outperformed all major digital assets and asset classes in October, up +11% against the S&P 500 and Nasdaq.
While Ethereum (ETH) performed well this month relative to most Layer 1s, it continues to fall against Bitcoin. Investors are optimistic as Ethereum continues to scale through L2s that could bring in millions of users who will need ETH to use the L2 chains.
Solana performed well (+10%) again with DEX trading in October up 132% compared to September.
MicroStrategy revealed its plan to raise $42 billion in new capital for bitcoin purchases over the next three years, according to its Q3 2024 earnings release.
Florida's Chief Financial Officer said he wants the agency that manages the state’s retirement funds to consider investing in Bitcoin — joining a growing number of American states adding Bitcoin to their portfolios.
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