Which Altcoins Can Outperform Bitcoin in October 2024?
The post Which Altcoins Can Outperform Bitcoin in October 2024? appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) dominated the headlines for most of 2024 as its price outperformed most of the top altcoins. However, with October approaching, things have started to change, and the number one cryptocurrency is starting to play second fiddle. This shift is why investors are eyeing a potential breakout for non-BTC cryptos as speculation of an altcoin season intensifies. Here are the three altcoins that could stand out from the crowd in October 2024. Stacks (STX) Stacks is a Bitcoin layer-2 project that enhances the development of smart contract applications on blockchains. Its native token, STX, has seen its price increase by 20% in the last seven days and is one of the altcoins that could outperform Bitcoin next month. STX is on this list because, finally, the anticipated Nakamoto upgrade will take place on October 9. The event, which is expected to be bullish, was named after Bitcoin’s pseudonymous creator, Nakamoto Satoshi. When implemented, the upgrade would improve decentralized finance (DeFi) on the Bitcoin network. Stacks might also introduce a Bitcoin-pegged token, sBTC, along with the mainnet upgrade. Currently, STX’s price is $1.964. On the daily chart, the altcoin’s price dropped to $1.05 during the August 5 crash. However, the formation of an inverse head and shoulders pattern appears to have changed things for the token. The inverse head-and-shoulders pattern is a bearish-to-bullish reversal in which buyers capitalize on sellers’ fatigue. Eventually, this leads to an upward price movement. As of this writing, STX faces resistance at $2. However, the support at $1.73 reveals that it might not take long for the altcoin to rebound. Read More: 10 Alternative Crypto Exchanges After Bybit Exits France Stacks Daily Price Analysis. Source: TradingView Once that happens, Stacks’ price might increase by another 20% and hit $2.38 in October 2024. On the flip side, the…
Filed under: News - @ September 28, 2024 9:21 pm