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Best Cryptocurrency to Buy in October 2024: Altcoins and Bitcoin Performance Analysis
- Bitcoin, currently trading at around $62,000, remains the most popular crypto for both institutional and retail investors as it is resistant to volatility.
- Bitcoin has historically been bullish during the month of October, hence providing the best time to invest. There is massive potential for Bitcoin to reach $100,000 by year end.
- Wormhole (W), Conflux (CFX), and Sui (SUI) are three altcoins with high potential seen as excellent opportunities for investors looking for higher returns.
- Wormhole, a cross-chain crypto asset bridging protocol, experienced a 25% surge in just 24 hours recently, bringing seamless transfers across different blockchain networks and making it one of the infrastructures most important in the fast-growing decentralized finance (DeFi) space.
- Conflux is an advanced layer-1 blockchain protocol designed to rectify some of the scalability and speed issues that previous blockchains, such as Ethereum, have suffered from. It was trading above $0.18 on Oct 2nd, recovered from Monday lows in the $0.15 range.
- Sui, a layer-1 blockchain as well, has had a massive growth of 135% since the start of September. Rapid growth in its ecosystem, especially within DeFi, resulted in its total value locked in its smart contracts on blockchain hitting an all-time high of $1 billion.
- Investors can expect Bitcoin to remain stable while alternatives like altcoins may hold great profit-making potentials in the coming weeks.
- Bitcoin is considered a safe haven investment during political turmoil or when the economy is uncertain.
- Fast-growing DeFi space, innovative technologies, and rising adoption curve have driven the performance of altcoins.
- Altcoins, specifically Wormhole, Conflux, and Sui, present promising investment opportunities in October 2024 with their technical indicators, innovative technologies, and speed of ecosystem growth.
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