The ever-changing world of cryptocurrencies experienced a relatively calm year. Despite its strong start, it faced significant challenges and entered a period of inactivity. Nevertheless, October has traditionally been recognized as one of the market’s most favorable months, earning it the nickname “Uptober.” The month did display some volatility up to this point. However, investors are optimistic about the possibility of an upward trend for the remainder of the month.
So which cryptocurrencies should investors pay attention to?
Cryptocurrencies to look out for in Mid-October 2023
Bitcoin [BTC]: In October, Bitcoin has historically demonstrated strong performance, boasting an average monthly return of 6.5% since 2013, surpassing its performance in any other month of the year. The US SEC is presently in the process of evaluating several spot Bitcoin exchange-traded funds [ETFs] for approval. If any of these ETFs receive the green light, it has the potential to trigger a notable influx of fresh capital into the Bitcoin market. Additionally, the forthcoming Bitcoin halving, scheduled for May 2024, is on the horizon. These halving events usually usher in a period of bullish price movements.
Furthermore, there has been notable attention around the activities of Bitcoin’s large holders, often referred to as “whales.” Within the past 48 hours, these whales have made purchases totaling approximately $3.2 million. This development is seen as a bullish signal, as these large wallets are accumulating assets in anticipation of a potential upswing in the market. At press time, BTC was trading at $27,902.46 with a 3.82% daily surge.
Solana [SOL]: It appears that the FTX bankruptcy estate has recently locked up significant amounts of Ethereum [ETH] and Solana [SOL] in blockchain addresses connected to the cryptocurrency exchange. According to records, more than 5.5 million SOL, valued at $122 million at the present rates, along with slightly over 24,000 ETH, valued at $30 million, have been staked in separate transactions.
Furthermore, the Solana Foundation has joined forces with the DMCC [Dubai Multi Commodities Centre] Crypto Centre as an ecosystem partner. The DMCC stated that this partnership enhances the services of the DMCC and enables its members to progress their projects through the utilization of Solana. This expansion is undoubtedly bullish for the network. At press time, SOL was trading at $22.80, with a daily rise of 3.95%.