As September brings its door to a close, market trends have teased the potential for three cryptocurrencies to record exponential growth in October. They include Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), the biggest coins in the top 10 by market capitalization.
Market Analytics Show Uptrend is Imminent in October
The past few years have witnessed October live up to its expectations of an “Up-tober” reputation. Over the years, October is usually marked by uptrends in the price of most top cryptocurrencies.
As regards Bitcoin, the biggest cryptocurrency, it has witnessed five consecutive Octobers of notable price surges. Data from the crypto analytics platform Cryptorank shows Bitcoin’s price increased substantially in October 2019, 2020, 2021, 2022, and 2023.
Specifically, Bitcoin increased by 10.5%, 28.1%, 40%, 5.55%, and 28.5% for each years respectively. Likewise, the Cryptorank data for Ethereum also showed green within the last five years in October.
The altcoin recorded an increase of 1.4%, 7.7%, 42.8%, 18.5%, and 8.6% in October 2019, 2020, 2021, 2022, and 2023, respectively. Besides Ethereum, Solana is another altcoin that has seen outstanding jump in its price for the month of October.
Per Cryptorank data, Solana surged 43.1% in October 2021 but declined slightly by 1.65% in the following year. However, October 2023 proved to be a positive one for Solana as the altcoin experienced an 80.1% price increase. This surge pushed Solana above many other projects and its market capitalization increased by $6 billion.
Bitcoin, Ethereum, and Solana Fundamentals to Trigger Sustained Uptick
With this data in mind, it is anticipated that Bitcoin, Ethereum, and Solana may see new all-time highs in October 2024. Here are some fundamentals that could trigger bullish outcomes for these leading digital assets next month.
Starting with Bitcoin, the main driver behind its October 2023 growth was the expectations surrounding the launch of the first spot Exchange-Traded Fund (ETF). With the ETFs now trading, rising demand may see Bitcoin moving higher next month.
Another factor to trigger bullish momentum in Bitcoin is the implementation of interest rate cuts in the United States and China. Analysts expect more liquidity to consequently flow into Bitcoin.
This liquidity is also anticipated to flow into Ethereum, further boosting its price. Other fundamentals to trigger price growth for Ethereum in October include increased whale activities and rising adoption of Ethereum Layer-2 scaling solutions.
On the other hand, Solana’s high throughput, improved scalability, and low fees make it an excellent choice for developers. As more developers flock towards the blockchain, Solana’s demand may growth, setting the price up for a rally in October.
Analyst Projections for Each Cryptocurrency
Quant analyst PlanB has predicted a $100,000 price target for Bitcoin by the end of 2024. The analyst based his prediction on mining recovery post the Bitcoin halving event. CryptoJack, another analyst, predicted a Bitcoin breakout to $128,000 from a “cup and handle” pattern. Exciting prospects aren’t limited to just Bitcoin, though.
Analysts suggest that Ethereum may stretch the current pullback to cross the $3500 mark soon. Furthermore, on-chain analyst Ali Martinez predicts a possible 900% increase for Solana in the near term. As of this writing, Bitcoin, Ethereum, and Solana are trading at $65,658, $2,657, and $156.77 respectively.
