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Cryptocurrency News Articles
Top Cryptocurrencies to Buy in October 2024: Bitcoin (BTC), Wormhole (W), Conflux (CFX), and Sui (SUI)
Oct 10, 2024 at 10:54 pm
As October 2024 is just around the corner, the cryptocurrency markets are slowly stabilizing after a recent volatility spurt that saw the markets react
Markets Pro cryptocurrency traders are keeping a close eye on Bitcoin and three altcoins that are showing signs of strength in October 2024.
Bitcoin is back above $62,000 and showing signs of life once again. This comes as the markets are finally starting to stabilize after a recent period of volatility that was sparked by Iran’s missile attack on Israel. The markets reacted strongly to the news, with Bitcoin dropping below $60,000 at one point. However, the cryptocurrency has since recovered and is now trading at its highest level since April.
The dust is finally starting to settle after a period of market turmoil. Investors are now cautiously returning to the markets, and they are looking for the best opportunities to invest in either major cryptos like Bitcoin or promising altcoins.
Bitcoin is once again approaching $62,000, and with a history of October being referred to as “Uptober,” there could be some better investment opportunities lurking in it. Here are some of the top cryptocurrencies to buy now: Bitcoin, plus three altcoins: Wormhole (W), Conflux (CFX), and Sui (SUI).
Bitcoin (BTC) – The Market Leader
Bitcoin is the老大 of the crypto market. It leads the pack, and it remains the most popular crypto for both institutional and retail investors. It is still quite robust despite the geopolitical turmoil that was reportedly caused by Iran’s recent adventurism, trading around $62,000.
This was one of the best months for Bitcoin historically, and the term “uptober” was coined for frequent bullish movements in the market this time. With geopolitical tensions cooling and continuing into a stable macroeconomic landscape, Bitcoin could push toward $100,000 by the end of the year—that would be 60% more than its current price.
There are several key reasons why Bitcoin often heads the list as an all-time favorite cryptocurrency among seasoned investors and new entrants alike. One of them is its resistance to volatility. In addition, the current economic environment provides a solid foundation for the continued ascent of Bitcoin, an environment that central banks could also use to relax monetary policies that would fuel even more demand for BTC as a hedge against inflation and economic uncertainty.
Here’s why you should buy Bitcoin now:
– Historic Bullish October: Bitcoin has historically been bullish during this time of October, so if you are likely to invest, the best time has already arrived.
– Massive Upside Potential: Bitcoin being at the peak value of $100,000 at year end can be very profitable in profit making.
– Safe-Haven Asset: Since it is a decentralized asset, Bitcoin is considered a safe haven investment during political turmoil or when the economy is uncertain.
Altcoins to watch for October 2024
While Bitcoin is likely to carry on its bull run, some altcoins are outdoing others with even greater strength. They indeed make excellent opportunities for investors looking at higher returns. Three such high-altcoin performers in the month are Wormhole (W), Conflux (CFX), and Sui (SUI). Let’s have a closer look at their recent performances and future potential.
Wormhole (W): Cross-Chain Powerhouse
The cross-chain crypto asset bridging protocol Wormhole (W) is bringing seamless transfers across different blockchain networks, making it one of the most important infrastructures in the fast-growing decentralized finance (DeFi) space. At its peak on October 2, Wormhole was the best-performing major cryptocurrency at one point, surging 25% in just 24 hours to reach its highest level since June and climb above $0.40 before slightly retreating to the $0.37 range.
Although there is no clear pump initiator for this recent pump in Wormhole, technical analysis appears quite positive. The price has broken out of its multi-month downtrend beginning early September and appears to be rallying further. Should this trend persist, Wormhole may test resistance at the $0.45 mark and possibly push to $0.78 in the coming weeks.
Here’s why you should invest in a Wormhole now:
– Strong Tech Setup: Wormhole is out of the downtrend and rallying upwards in a sustained manner.
– Rising Relevance in DeFi: With cross-chain protocols projected to be more than just nice-to-haves for the sustainable growth of DeFi, Wormhole’s utility will be bound to rise in demand, with that translating to a rise in demand for the token.
– Potential High Yield: Coming from a 25% pump in one day, the project’s expected performance should be very lucrative for investors looking for returns within a short-term horizon.
Conflux (CFX): New Generation Layer-1 Blockchain
Among the other altcoins attracting investors, Conflux, known as CFX, is an advanced layer-1 blockchain
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The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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