The dynamic realm of cryptocurrencies saw a rather tranquil year after an initially robust beginning, encountering substantial hurdles that led to a phase of relative dormancy. Nevertheless, October has consistently held a reputation as one of the market’s more favorable months, earning it the moniker “Uptober.” While the month did exhibit some volatility thus far, investors maintain a positive outlook regarding the potential for an upward trajectory in the coming weeks. Consequently, which cryptocurrencies should investors be keeping a close watch on?
October’s Crypto Champions
Bitcoin [BTC]: October has historically been a strong month for Bitcoin, showcasing an average monthly return of 6.5% since 2013, surpassing its performance in any other month throughout the year. Meanwhile, the US SEC is currently assessing several spot Bitcoin exchange-traded funds [ETFs] for potential approval. Approval of any of these ETFs could potentially lead to a significant influx of new capital into the Bitcoin market. Furthermore, the upcoming Bitcoin halving, scheduled for May 2024, is on the horizon, and historically, these events have ushered in bullish price movements.
Additionally, there has been considerable attention on the activities of Bitcoin’s substantial holders, often referred to as “whales.” In the past 48 hours, these whales have acquired assets amounting to approximately $3.2 million. This development is perceived as a positive sign, as these large wallets are accumulating assets in anticipation of a potential market upturn. At the time of this report, BTC was trading at $27,902.46, reflecting a 3.82% daily increase.
Solana [SOL]: Recent blockchain data reveals that substantial amounts of Ethereum [ETH] and Solana [SOL] have been locked in addresses linked to the FTX bankruptcy estate. As per available records, over 5.5 million SOL, equivalent to $122 million at current prices, and just over 24,000 ETH, valued at $30 million, have been staked in separate transactions. Additionally, the Solana Foundation has entered into a partnership with the DMCC [Dubai Multi Commodities Centre] Crypto Centre as an ecosystem collaborator.
This collaboration, as stated by the DMCC, enhances the services offered by the organization, allowing its members to advance their projects through the utilization of Solana. This expansion is undeniably a positive development for the Solana network. At the time of this update, SOL was trading at $22.80, reflecting a 3.95% daily increase.