As October 2024 is just around the corner, the cryptocurrency markets are slowly stabilizing after a recent volatility spurt that saw the markets react to geopolitical tensions. The major bulk of the market turmoil was precipitated by Iran’s missile attack on Israel and led to a cautious stance among investors. With the dust slowly settling, quite a number of traders are now looking for the best opportunities to invest in either major cryptos like Bitcoin or promising altcoins.
As Bitcoin approaches $62,000 and bounces out of nearly $60,000, the optimism is slowly returning to the market once again, and with such a history, October is often referred to as “Uptober,” so better investment opportunities might be 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 definitely the base of the crypto market. It’s really leading that pack, and bitcoin remains the most popular crypto for both institutional and retail investors. It is still quite robust notwithstanding the geopolitical turmoil reportedly caused by the recent adventurism by Iran, 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 cool 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.
Among the key reasons why Bitcoin often heads the list as an all-time favorite cryptocurrency among seasoned investors and new entrants alike 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.
Why 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 going to bring seamless transfers across different blockchain networks, making it one of the infrastructures that are most important 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 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.
Why Invest in a Wormhole Now?
Strong Tech Setup: Wormhois 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 shouldwould 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 protocol designed to rectify some of the scalability and speed issues that previous blockchains, such as the Ethereum network, suffer from. On October 2, Conflux was up 12%, trading above $0.18, quite recovered from Monday lows in the $0.15 range.
Conflux was driven by innovative technology as well as a rising adoption curve in the blockchain area. It had been in an uptrend since early September, and if it could break through resistance around $0.19, then that could open the door to some substantial further gains.
Why Invest in Conflux Now?
The upward momentum of Conflux has implied strong demand as well as positive sentiment since September.
Innovative Technology: In fact, Conflux having the aspect of next-gen blockchain protocol will have a great chance to capture a massive piece of the layer-1 market.
Breaking Resistance: If only CFX can break past the $0.19 resistance area, then it’s going higher fast as investors watch this onboard for a good return on investment.
Sui (SUI): The Fast-Growing Layer-1 Ecosystem
Another layer-1 blockchain, Sui, has also been a performer in the crypto market. Since the start of September, Sui has had massive growth of 135%. For example, as of October 2, it was traded at just under $1.90—this was its highest since April—due to rapid growth in its ecosystem, especially within DeFi.
Sui’s total value locked in its smart contracts on blockchain recently hit a record high of $1 billion, surpassing the all-time high. It is one of the good indicators that users are increasingly adopting and trusting the Sui ecosystem. Although still far from the previous all-time high at about $2.17, there still seems to be room for further appreciation, says Warren Buffett.
Why Invest in Sui Now?
Rapid Ecosystem Growth: The rising TVL in the Sui ecosystem suggests that its ecosystem is expanding rapidly, which could also raise the demand for the token.
Room for Price Appreciation: Sui hasn’t touched its all-time high, so the token still holds a lot of space to price up as the ecosystem grows.
It has been on a strong uptrend since September, and this can be carried over to the rest of October.
Conclusion
October 2024 would be that interesting moment, when the apparent stabilizing of crypto markets would ease the investors. It has been recorded that the history of Bitcoin tends to move positively in October. This is why the seeming loss of geopolitical tension would encourage the probable holding on to it by the investors. But the fact remains that this Bitcoin with a potential increase of about 60% within the remaining months of the year makes it not only an option for the long-term investor but also more appealing for short-term traders.
Altcoins to watch for are more exciting ones—Wormhole, Conflux, and Sui, for instance. These altcoins caught attention with their technical indicators, innovative technologies, and speed of ecosystem growth, promising positive returns for investors seeking to diversify portfolios. Watch out in the coming couple of weeks for the cross-chain capabilities of Wormhole, for scalability solutions presented by Conflux, or for the expanding DeFi ecosystem offered by Sui.
