As October 2024 approaches, the cryptocurrency market is still full of fresh prospects, with several altcoins emerging as clear growth prospects. By concentrating on alternative coins that offer cutting-edge technology, distinctive use cases, and promising development, investors are turning their attention away from Bitcoin and Ethereum.

The best altcoins to keep an eye on in October 2024 are highlighted in this guide, along with the reasons why each one can offer significant value to your holdings this month.

These selections merit your consideration, regardless of your level of experience with cryptocurrencies or your level of inexperience with the altcoin market. Come with me as we explore the leading altcoins of October 2024!

Top Altcoins to Watch in October 2024

• XRP (XRP)

XRP has remained extremely sensitive to a favorable outcome in the USA, in terms of how the ongoing legal battle would be decided by the Court, especially with the new SEC chairman. 

In that regard, if Donald Trump wins the U.S. elections or if Ripple and the SEC settle before moving to trial, XRP will rally sharply above $1. A pro-business stance of Trump can soften the overall regulatory environment for the better and help ease the scenario around the cryptocurrency like XRP. The regulatory hurdles, therefore, can go light, with more fires ignited by investor optimism. Therefore, even the regained peaks of previous times around XRP cannot be written off.

A Democratic victory would ensure that the current regulatory rules continue to be enforced in full force, and a lot would then depend on U.S. regulatory commissions. 

Investors may see a decreased confidence in XRP to grow under such a circumstance, especially as the SEC has been historically very cautious about digital assets it might classify as securities. This legal ambiguity continues to haunt XRP and might cap its adoption and, hence, price potential, which makes its future less predictable.

• Ethereum (ETH)

 

Ethereum is the second largest cryptocurrency by market cap and has been viewed as undervalued by many experts in the crypto space. According to Ryan Adams, co-founder of Bankless, Ethereum is undervalued at around $10,000, meaning there is still a huge upside from the current market price. 

Ethereum is the back and spine of decentralized applications, decentralized finance, and NFTs. Being an integral part of blockchain systems, the use cases stretch as far as it seems. 

Secondly, with the next planned upgrades of Verge and Purge; and a widening variety of applications within all different industries, Ethereum sits in an excellent position to attract accretive investments from holders. 

Many think of this dip to $2500 as a chance to build positions in Ethereum because of the intrinsic value it holds. At these levels ETH has enormous upside potential.

• Solana (SOL)

Solana recently broke above strong resistance in the area near $174. On October 30, 2024, Solana’s next key level has also been touched at $181. A breakout here could lead to a run towards the $209 target. A move of such magnitude would be that of a huge price jump, and in the short term, it can be achievable based on Solana’s growth in the ecosystem as well as increasing popularity from decentralized applications. 

The fact that it is becoming a more popular network for DeFi projects and NFTs adds to its appeal, drawing in retail and institutional investors. 

The recent price action reflects a change in market sentiment that has helped Solana break free from substantial resistance, as shown on its chart. If SOL can sustain its trend and break through the $181 mark, it would mean a strong upward trend, which would attract more market players, and the price would surge to $209.

• BNB Coin (BNB)

BNB, has been undervalued for quite some time, mainly because of uncertainty brought about by legal battles that Binance CEO Changpeng Zhao, CZ, had to deal with. The detention of CZ created an impression of uncertainty surrounding Binance, thus damaging its market positioning; this affected the value of BNB. His release on 29 September restored optimism to stabilize Binance’s operation and market outlook. 

Presence of CZ brings about elements of leadership continuity, thus important for investor confidence since the cryptocurrency exchange market has been highly competitive and heavily regulated.

Other than leadership stability, BNB Chain also saw a spectacular increase in activity and asset bridging, which was reflected in increased usage and adoption. The growing inflow of bridged assets represents strong growth in cross-chain interactions, further solidifying the utility and appeal of the Binance ecosystem. This can be a strong driving force for the price rise of BNB, since an increase in network usage usually means greater demand for the native token.

If BNB can hold the rally till $600, it can expect a strong rebounding till $1000 with the support of both technical expansion and stable leadership.

• Dogecoin (DOGE)

Dogecoin is famous for its meme origin, as well as community-led development. Recently, the charts have been showing promising bullish trends for Dogecoin.

It has made a “rounding bottom” completion, which indicates a very good sign that a bearish trend would change into a bullish trend. The rounding bottom pattern makes it further probable that Dogecoin has set a firm base for the directionality to the upside. 

Technically, the Relative Strength Index and Moving Average Convergence Divergence, are showing good signs. RSI has broken out above 70, which indicates an uptick in buying pressure and MACD has reflected a second-order positive divergence, which supports the bullishness.

The community of Dogecoin is still strong, permanently engaged on the social platforms and having faithful users. Although Dogecoin got popular because of a light character, its adaptation as a way of making payments, along with constant recognition by public people, allowed it to earn more validity as a crypto asset. The current technical indicators of Dogecoin are more likely to find themselves for further upward move, hence an interesting object for a trader who makes money due to short-period price dynamics.

Conclusion

The cryptocurrency market is very dynamic, and each asset will present unique opportunities and risks in light of regulatory developments, technical factors, and the general market sentiment. 

For XRP, the outlook will depend on regulatory clarity in the U.S. While Ethereum has already cemented its position in decentralized applications, it still presents huge upside. Solana’s recent technical breakthroughs indicate short-term growth if it can break through above certain resistance levels. BNB Coin has more network activity and recent leadership stability, which makes it a good investment. Dogecoin has bullish chart patterns, which show renewed interest in its community and near-term gains.