Top 3 crypto-currencies to watch in October

In the crypto-currency markets, October is sometimes referred to as “Uptober,” and for good reason. Last October, for example, was a particularly good month that saw popular cryptos approach their all-time highs and the overall crypto market reach a market capitalization of $3 trillion. So what can we expect this year?

The good news is that, despite all the recent hype about Federal Reserve interest rate hikes and deteriorating stock markets, some crypto-currencies could be poised for a major breakout in October. The top crypto-currencies to watch in October are bitcoin (BTC -0.63%), Solana (SOL -0.17%) and XRP (XRP 6.17%). The performance of each is key to understanding the current state of the crypto-currency market. If these three cryptos post solid gains in October, then we could be headed for a very exciting 2023.

Bitcoin

Bitcoin, of course, is the linchpin of the market. While some altcoins are beginning to separate themselves from bitcoin in terms of performance, it is almost inconceivable to see a major bull market rally without bitcoin’s participation.

Over the past five months, bitcoin has been locked in a relatively narrow trading range of $18,000 to $25,000. Bitcoin is currently testing the $20,000 support level, and what happens in October will be crucial.

We are still in an inflationary and rising rate economic environment, and large institutional investors are expecting bitcoin to show signs of strength with each new Fed rate hike. I don’t expect significant price gains for bitcoin this month, but I am looking for signs of momentum and a breakout from a very narrow trading range.

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Solana

Last month, crypto-currency investors focused on Ethereum, which pulled off one of the most anticipated technological feats in crypto-currency history: The Merger. Unfortunately, it was a classic case of “buy the rumor, sell the news“. Over the past 30 days, Ethereum’s price has fallen by about 16%. For that matter, nearly every other major Layer 1 blockchain, including Avalanche and Cardano, has seen a double-digit drop over the month.

But the one crypto that has held up surprisingly well is Solana, which is widely considered the best Layer 1 blockchain behind Ethereum. Solana is up about 5% over the past 30 days, suggesting that investors may be looking for another crypto to take over from Ethereum and lead the market higher. New data indicates that Solana is rapidly gaining ground on Ethereum in the non-fungible token market.

Additionally, Solana has been on fire lately with all of its new innovations, including the announcement of the world’s first-ever crypto phone over the summer. The official launch of this crypto phone is scheduled for January 2023, so keep an eye out for what Solana might announce as part of his crypto mobile strategy in October.

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XRP

Finally, we have XRP, which was actually one of the best performing cryptos of September, largely due to positive news surrounding its ongoing litigation with the Securities and Exchange Commission. The market currently believes that XRP will get positive news surrounding a possible settlement with the SEC by the end of the year, and this has led to XRP’s value skyrocketing. Over the past 30 days, XRP, a payment and funds transfer system, has risen a staggering 45% to about $0.48. Is XRP overbought because of all the speculative froth surrounding the legal news? We’ll find out in October.

October Crypto Indicators

Since people keep talking about a “cryptographic winter“, it may be difficult to change the narrative on crypto if we don’t see positive signs of a market rebound before the weather gets much colder. That’s why I’m focusing primarily on Bitcoin and Solana’s performance in October.

Bitcoin’s performance will tell me a lot about how the cryptocurrency is doing in a tough macroeconomic situation. Solana’s performance could be the key to the blockchain ecosystem that will lead the way in 2023. XRP will give me insight into how speculative altcoins could perform for the rest of the year. Is the crypto-currency market strong enough for a long and sustained recovery? Let’s just hope crypto isn’t too scary for investors in October.

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