This is Why Crypto is Performing So Well - Should Buy October Rally?

The cryptocurrency market has performed quite well this month compared to the previous month. The global cryptocurrency market cap has gained by 2.88% over the last 24 hours and is currently targeting $1 trillion.

Crypto market advances slightly amid Uptober momentum

Bitcoin, the world’s largest cryptocurrency, has gained by 3.77% over the last 24 hours to trade at $19,938, while its greatest rival, Ethereum, is up by 4.16% to trade at $1349. There has been a widespread bullish momentum across many altcoins, as investors hope “Uptober” will deliver notable gains.

All of the top 30 largest cryptocurrencies by market cap are trading in the green zone. The current positive sentiment could continue for a while. It could spill over to November, as investors anticipate a similar bull run that happened at the same time last year when many cryptos were creating all-time highs.

Bitcoin has plunged by 71% from an all-time high of around $68,000 created in November last year. Bitcoin looks prime to be leading in gains, and it is currently eyeing breaking past the $20K levels again.

On the other hand, Ether has dropped by 72% from an all-time high of around $4800 created in November last year. Ether witnessed intense volatility in September amid the Merge. However, if October lives up to its reputation, ETH could head towards $1700 and break past the $2000 levels.

XRP stands as the top gainer during the past 24 hours after a 5.55% gain. While most of the market plunged in September, XRP stood out after rallying by over 40% in the last month. Cardano and Solana have also gained by 2.40% and 3.59%, respectively, over the past 24 hours.

The two largest meme coins, Dogecoin and Shiba Inu do not appear to be gaining much with the Uptober momentum. The two meme coins have gained by around one percentage point each.

Terra Luna Classic is one of the top losers in the top 50 largest coins. LUNC has plunged by almost 10% over the past 24 hours. LUNC had made an impressive rally in September amid speculations that its supply would reduce significantly once the 1.2% tax burn was introduced. However, it now seems like traders are betting against the token.

The interest of traders in the crypto market in October comes amid plunging global currencies. Economic uncertainty has weakened currencies as central banks introduce monetary tightening policies to tame inflation levels. This has reduced the appetite for risk assets.

New cryptos to consider buying in October?

This month creates a buying opportunity for new cryptocurrencies in the market. Some of the next cryptos to explode are Tamadoge (TAMA) and IMPT.

Tamadoge has had one of the most successful launches. After completing a $19 million presale, the token is listed on the OKX exchange, BitMart, and Uniswap. It will also be listed on LBank and MEXC Global on October 5. TAMA is currently on an explosive Uptober rally after gaining by 114% in the last 24 hours.

The IMPT token presale is also worth considering. IMPT is a green carbon offsetting crypto that could see 50X gains this year. IMPT has a high ESG score and runs on the new Ethereum PoS network, whose energy consumption dropped 99% after the Merge.

Tamadoge - The Play to Earn Dogecoin

Our Rating

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