Bitcoin, Ethereum, and Solana Anticipate Exponential Growth in October 2024

As September brings its door to a close, market trends have teased the potential for three cryptocurrencies to record exponential growth in October

As September nears its end, several market trends suggest that three cryptocurrencies may experience exponential growth in October. These cryptocurrencies are Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), being the top three coins in the top 10 by market capitalization.

According to market analytics, an uptrend is expected in October. Over the past few years, October has lived up to its reputation for being an “Up-tober.” Usually, during this month, most top cryptocurrencies experience an uptrend in price.

For instance, regarding Bitcoin, being the largest cryptocurrency, it has seen five consecutive Octobers of significant price surges. Data from the crypto analytics platform Cryptorank shows that Bitcoin's price increased substantially in October of 2019, 2020, 2021, 2022, and 2023.

Specifically, Bitcoin increased by 10.5%, 28.1%, 40%, 5.55%, and 28.5% for each year, respectively. Similarly, Cryptorank data for Ethereum also showed positive results within the last five years in October.

The altcoin recorded an increase of 1.4%, 7.7%, 42.8%, 18.5%, and 8.6% in October of 2019, 2020, 2021, 2022, and 2023, respectively. Apart from Ethereum, Solana is another altcoin that has seen an outstanding jump in its price for the month of October.

According to Cryptorank data, Solana surged by 43.1% in October 2021 but declined slightly by 1.65% in the following year. However, October 2023 proved to be a positive one for Solana as the altcoin experienced an 80.1% price increase. This surge pushed Solana above many other projects and saw its market capitalization increase by $6 billion.

With this data in mind, it is anticipated that Bitcoin, Ethereum, and Solana may see new all-time highs in October 2024. Here are some fundamentals that could trigger bullish outcomes for these leading digital assets next month.

Beginning with Bitcoin, the main driver behind its October 2023 growth was the expectations surrounding the launch of the first spot Exchange-Traded Fund (ETF). Now that the ETFs are trading, rising demand may see Bitcoin moving higher next month.

Another factor that could trigger bullish momentum in Bitcoin is the implementation of interest rate cuts in the United States and China. Analysts expect this to lead to more liquidity flowing into Bitcoin.

This liquidity is also expected to flow into Ethereum, further boosting its price. Other fundamentals that could trigger price growth for Ethereum in October include increased whale activities and rising adoption of Ethereum Layer-2 scaling solutions.

On the other hand, Solana’s high throughput, improved scalability, and low fees make it an excellent choice for developers. As more developers flock towards the blockchain, Solana’s demand may growth, setting the price up for a rally in October.

Quant analyst PlanB has predicted a $100,000 price target for Bitcoin by the end of 2024. The analyst arrived at this prediction based on mining recovery post the Bitcoin halving event.

Another analyst, CryptoJack, has predicted a Bitcoin breakout to $128,000 from a “cup and handle” pattern. However, these projections are not limited to just Bitcoin.

According to analysts, Ethereum may stretch the current pullback to cross the $3500 mark soon. Furthermore, on-chain analyst Ali Martinez predicts a possible 900% increase for Solana in the near term.

At the time of writing, Bitcoin, Ethereum, and Solana are trading at $65,658, $2,657, and $156.77 respectively.

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