“The negative has already been played out.” What altcoins have growth potential in October :: RBC.Crypto
In September, the crypto market collapsed after Bitcoin reached $ 52 thousand. Experts named tokens that can provide good profitability when quotes recover next month
At the beginning of September, the price of bitcoin reached a three-month maximum at around $ 52 thousand. After that, the first cryptocurrency went down and fell to $ 39.6 thousand. As a result of the fall in the value of bitcoin, altcoins fell significantly in price. Over the month, the Cardano price fell by 24%, the Binance Coin price fell by 29%, and the XRP price fell by 19%. RBC-Crypto experts named the most promising altcoins for the next month, and also predicted what will happen to the market.
Historical data
The ideal scenario for the market in October would be the return of the bitcoin price above $ 52 thousand, according to Sergey Zhdanov, CEO of the EXMO crypto exchange. According to him, in this case, the largest altcoins will be able to surpass the growth of the first cryptocurrency in percentage terms and significantly reduce its market share.
“If you look at the seasonal factor, then in 2019 and in 2020, October was a positive month for the price of bitcoin and the chances for a positive remain for this year,” the expert noted.
September is indeed a statistically weak month for bitcoin, like June-July, but this does not mean that the market is guaranteed to fall for these months, explained Mikhail Karkhalev, financial analyst at Currency.com crypto exchange. According to him, the past negative events have practically been played out, so there are chances for a recovery in October. The current macroeconomic situation in the world is conducive to growth, so the markets for risky assets will systematically grow until November, until the next Fed meeting, the analyst added.
What altcoins to pay attention to
At the moment, it is worth taking a close look at blockchains that are actively developing and solving the scalability problem, advised Zhdanov. In his opinion, such projects include Ethereum, Solana, Polkadot and Cardano… CEO of crypto exchange EXMO named token a leader in development Solana, since the project is already superior to competitors at times.
“The secret behind Solana’s empowerment is its new Proof-of-History protocol, which delivers unprecedented network bandwidth,” explained the expert.
The head of the analytical department of AMarkets Artem Deev agreed with Zhdanov. In his opinion, against the background of the recovery of the crypto market, which may begin in October, the most promising look Solana, Cardano and Polkadot…
If bitcoin begins recovery and active growth next month, then we can expect the next season of altcoins, predicted Karkhalev. He advised to focus on tokens Polkadot, Uniswap, Chainlink, Cardano, Filecoin and Chiliz… These projects will continue to actively develop and, over time, will take their position in the market, according to a financial analyst at the Currency.com crypto exchange.
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– Competitors Ethereum and Solana. Overview of the main blockchains at the moment
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Text source: MCC.EXCHANGE
