Following an impressive monthly opening, sentiments in the crypto market have turned bullish and investors are hunting for the best cryptocurrencies to watch going into October.
It is worth noting that the global cryptocurrency market cap was estimated at $2.08 trillion at the end of August, representing a 10% increase. However, September turned out to be the opposite as the market lost the same percentage of its value by the monthly close.
Even the glamorous Bitcoin Golden Cross was not enough to stop the market from a free fall that saw Bitcoin trade briefly. below $40k. For the rest of the month, BTC was stuck, oscillating between $40,000 and $45,000 during the fourteen days of the month.
With below-par performance seemingly disappearing, the crypto market looks primed to have a stellar October and possibly a great last quarter of the year.
Five (5) Cryptocurrencies to Watch in October
October is one of Bitcoin’s most positive months. The king coin action during the tenth month of the year suggests that we may see it enjoy more upswing. On average, BTC gains more than 20% during this time. Based on this, it is the largest coin’s third favorite month of the year.
In the more than eleven years since bitcoin’s introduction to the market, an equal amount has passed, with the coin coming out with only four losses – coming out positive at more than seven. The highest crypto’s firstborn gained during the previous Octobers is 55.7% in 2013 and a loss of 31.8% in 2011.
Given that the month has just started, there are no clear patterns as to the gains and losses. Nonetheless, the king coin is off to a good start as it exceeded $48,000 during the last 24 hours. We may see at least a 10% increase this month if the bullish sentiment continues to gain traction.
A 10% increase will guarantee that shuffles between $50,000 and $55,000. In the bearish light, a similar amount of loss may result in the coin struggling to hold the $40,000 support.
VeChain trading volume increased by more than 100% over the last 24 hours as a new monthly candle starts. Last month, there was a red candle for the coin as it was down by 21%. VET saw a high of $0.15 and a low of $0.08 over the last thirty days.
The VET/USD pair is surging with the entire market as it is currently up by 19% in the last 24 hours. The candle representing the new month is currently green as a result of the current increase in price.
This October, we may see VeChain rise as high as $1.20. To attain the set height, the pair will have to maintain the $0.9 support as it will serve as the base to flip the $1.5 resistance. The coin is looking more bullish as a result of the recent interception of MACD, making it one of top cryptocurrencies to watch over next 30 days.
Quant is barely five months old and has not found it top. QNT hit a high of $428 and a low of $179. The coin has been searching for the highest price possible since its introduction to the market. This we see evident in the price movement of the coin displayed on the chart.
The “search” is still on as QNT records a new all-time high at the start of the new month. It is only logical to expect that the coin will continue to surge as there are no foreseeable obstacles in its way. The QNT/USD pair may hit $450 over the next 30 days.
Decentraland (MANA) was one of the many coins that ended last month at loss. It ended the month with a 26% deficit as it hit a high of $1.1 and low of $0.59. MANA has displayed a lot of volatility throughout the last thirty days. We will see the same this month.
The next 30 days will see the MANA/USD pair rise as high as $1.2. Supporting this claim is the Moving Average Convergence Divergence (MACD). We are seeing a clear cross between the two lines – signifying an impending uptrend. The coin is sure to pick up momentum afterwards.
We’ve seen AUDIUS show remarkable volatility over the last 30 days. Hitting a high of $3.2 and a low of $1.2, the coin closed last month with losses as high as 14%. On September 16, the Moving Average Convergence Divergence (MACD) converged to herald another bull run. Nonetheless, the coin was still at risk of retracement.
The AUDIUS/USD pair had a bearish cross a few days after the bullish – resulting in last month’s loss. This October, we are about to see another MACD cross on the chart. If this takes place, the pair will pick momentum and surge as high as $3.
Final Words
Talks about the crypto market reaching a new all-time high this quarter are back in the news. However, whether that prediction comes through would depend on how the market performs in the month of October. This article mentions the top cryptocurrencies to watch out for, especially Bitcoin as its performance will once again prove pivotal.
