October has come in with a bang in the crypto industry. While previous Octobers have seen cryptocurrencies spike in price, October 2024 holds doubts amongst investors and traders.
However, investors are not sitting by; instead, they have begun to pick out cryptocurrencies that may have bullish momentum in the year’s fourth quarter. While the crypto market may happen to be so volatile, some tokens may stand up to the tides.
Why is the crypto market down today?
The entire crypto market dipped on Oct. 1 as rising geopolitical tensions in the Middle East, increasing long liquidations and a sell-off in US equities appeared to cool investor enthusiasm for “Uptober.”#Crypto #Iran #Israel #bitcoin #xrp pic.twitter.com/SM20KWHrdH
— Laughing Ledger (@LedgerLaughing) October 2, 2024
Below are some crypto tokens promising bullish momentum as we enter October 2024. We will explore why these tokens could surge and what would make them worth watching.
5 Crypto that Could Rally Up in October 2024
Some of the cryptocurrencies that could have a bullish sentiment in October include:
- Ethereum (ETH)
- Solana (SOL)
- Ripple (XRP)
- Cardano (ADA)
- Polkadot (DOT)
1. Ethereum (ETH)
Ethereum is considered second in the most valued cryptocurrencies. The coin comes second, after Bitcoin, in terms of price and market capitalization. This crypto stands out as one of the crypto market’s giants because it supports smart contracts. Further, it houses dApps, games, and financial systems on the platform.
The chain becomes quite exciting to investors when the upgrade to Ethereum 2.0 further scales up the network, ups its security, and makes it energy-efficient. Furthermore, the shifting of Ethereum away from PoW into a proof-of-stake mechanism is game-changing.
That also sees the staking of ETH continuing to drive the token’s value upwards. Given that Ethereum is also massively utilized within the DeFi space, demand for ETH would also rise in the first place. Because of Ethereum’s infrastructure, which allows big developers to place trust in the blockchain, ETH is in contention to be the best crypto this October 2024.
2. Solana (SOL)
Besides Bitcoin and Ethereum, Solana ranks among the top cryptocurrencies. The platform’s low fees and high transaction speed attract many developers and investors, and because of this, Solana experienced a bullish outbreak at the start of October.
While Ethereum still struggles with extremely high gas fees, Solana can process thousands of transactions per second at much more affordable rates. That kind of speed is a pretty alluring alternative. Further adoption of decentralized applications and DeFi solutions could fuel Solana’s surge.
More importantly, Solana is among the hot contenders to become one of the extensive players in the NFT space and further drive it with more bullish momentum. Even today, Solana is one of the favorites of digital artists and collectors because it can easily handle big-scale NFT projects without slowing down the network or increasing costs.
3. Ripple XRP
In modern times, Ripple has become the cornerstone in conducting international transactions. Its native token, XRP, allows quick cross-border transactions at minimal costs. After conquering the legal battles with the SEC, Ripple is all set to see its fortune go high this October.
Clear regulation has opened a new frontier for XRP. Many investors believe Ripple’s chances of continuing its partnership progress in the financial space are high. Hundreds of banks have already implemented its technology, and Ripple is now among the few crypto projects that have implemented real-world utility.
More importantly, the demand for faster and cheaper international settlements is growing daily. The more financial organizations know about Ripple’s technology, the higher its value, XRP, will go.
4. Cardano (ADA)
Cardano is a promising crypto project that incorporates extensive academic research into its design. This ensures that a lot of effort is invested in promoting the platform’s security and sustainability. In October 2024, ADA investors had a bullish sentiment due to the coin’s increased demand for smart contract functionality on the blockchain.
While Cardano has been silently building over the last couple of years, recent developments in smart contract development have seen more developers come into the ecosystem to build dApps and DeFi solutions on the chain. This relates to the fact that Cardano is slowly going head-to-head with Ethereum, boasting a cheaper and faster way of creating and executing smart contracts.
Cardano boasts of sustainability in the crypto space thanks to proof of Stake. The underlying consensus mechanism allows for the transacting of ADA without the consumption of electrical power. At the same time, Proof of Work cryptocurrencies require much more energy to carry out transactions. This quickly makes ADA very attractive to environmentally sensitive developers and investors.
5. Polkadot (DOT)
It is highly different from other blockchain infrastructures. The cryptographic project’s multi-chain platform connects various blockchains, which helps in smooth sharing and interaction. Due to interoperability, DOT is becoming much more important in the crypto ecosystem.
It is riding with the bullish momentum of the coin, supported by an ever-growing parachain network. Parachains are a set of blockchains within the large ecosystem of Polkadot. Each of these chains is fitted for specific tasks in such a way that they become highly efficient.
More projects will be built on Polkadot, increasing demand for this coin in October 2024. However, scalability and security make it one of the major platforms where blockchain technology will hit its hopes for the future. While Polkadot is getting on its feet, investors are watching keenly, and the coin’s bull momentum reflects excellent interest.
Final Thoughts
Although most cryptocurrencies’ prices started lower in October 2024, the above coins have an opportunity for a bull run. However, the cryptocurrency market is highly volatile, and the price can change for various reasons.
For risk-takers, ETH, SOL, XRP, ADA, and DOT promise a decent return on investment. However, despite their immense potential to rise in price this month, you must keep an eye on these coins’ development and market trends.
