October 2024 looks promising for those interested in cryptocurrencies. Before we dive into some coins that might do well this month, let’s quickly recap what happened in September.
September Recap: ‘Slumptember’
September has often been a tough month for crypto, earning the nickname “Slumptember.” Historically, many cryptocurrencies have lost value during this month. However, this September was different. Bitcoin (BTC) rose by 7.75%, outperforming its previous record of 6% in 2016. While BTC has struggled in September in the past, with eight of the last twelve months showing losses, this year marked a notable exception.
Looking Ahead to October
Historically, October has been a much better month for Bitcoin, with nine out of the last eleven years seeing gains. In the past five years, October gains have ranged from 5.5% to 40%, even during bear markets. The only years that saw losses were 2018 and 2014. Given this pattern, many analysts are optimistic about a bullish October.
Cryptocurrencies to Watch
Here are three cryptocurrencies that could be worth considering this month:
1. Binance Coin (BNB)
Recently, Binance founder Changpeng Zhao (CZ) was released from U.S. custody after four months, which led to a 25.7% increase in BNB’s price, reaching $614. This is the first time BNB has hit this level since June 2024. CZ’s influence in the crypto world is strong, and the buzz around his release may help BNB regain its all-time high of $724 in October.
2. The Open Network (TON)
The TON ecosystem, associated with Telegram, has seen massive growth in 2024, especially with the popularity of Telegram Mini Apps. Despite some ups and downs, Toncoin has risen by at least 140% this year. October is expected to bring more excitement, with new memecoins launching and increased interest from institutions, which could positively affect Toncoin’s value.
3. Bitcoin (BTC)
Bitcoin appears set for a potential rally in October. There’s been a surge in demand for Bitcoin Spot ETFs, with $366 million in inflows on September 26, the highest since July. Major ETF providers like BlackRock, Fidelity, and Ark have seen significant inflows, indicating strong interest from traditional investors. If this trend continues, Bitcoin could rise above $70,000 this month, offering a good opportunity for profits.
With promising trends and significant developments in the crypto space, October could be a month full of opportunities for investors. Keep an eye on BNB, TON, and BTC for potential gains!
