October has historically been a bullish month for the cryptocurrency market. In fact, owing to the bullish performance, investors often refer to this month as “Uptober.” Since 2013, the month of October has only given negative growth on two occasions. With a historic bull run in 2021 and a tragic collapse in 2022, investors are hopeful that the market will pick up steam from here on out.
With that being said, let’s take a look at…
The top two cryptocurrencies to watch in October
Since January of this year, ETH’s price has risen by about 38%. Although it is far shy of Bitcoin’s (BTC) near 60% growth, it is still a commendable feat. However, one of the biggest developments for ETH is the launch of several Ethereum Exchange-Traded Funds (ETFs). Although the launch has been somewhat lackluster, the asset might pick up steam later in the month.
Moreover, ETH’s price surged yesterday, reaching a high of $1735.72. However, the second-largest crypto by market cap could not hold this level. It quickly underwent a correction and is currently down by 4% in the last 24 hours. Nonetheless, ETH is a worthy cryptocurrency to watch this October. At press time ETH was trading at $1,657.89.
Despite tumbling over 90% after the collapse of FTX, Solana (SOL) has made quite a remarkable recovery in 2023. The token is up by 140.56% since January of this year. Furthermore, according to CoinShares’ latest weekly fund flow report, SOL witnessed 27 weeks of inflows and just 4 weeks of outflows this year. Additionally, the token continues to be favored by institutional investors. This could make it a safe bet for many retail investors and makes it a good cryptocurrency to watch in October 2023.
At press time, SOL was trading at $23.95, up by 0.5% in the last 24 hours, and by 24% over the last week.