Three Altcoins Poised to Surpass Bitcoin’s Performance This Week

For several months, Bitcoin has oscillated without a clear trend, wrestling with market forces to establish an upward trajectory. Despite this, the advent of ‘Uptober’ has injected some vitality into Bitcoin’s price, paving the way for a surge beyond the $70,000 mark. Concurrently, a trio of cryptocurrencies is gaining steam, catalyzed by technical breakouts and intensified activity by substantial investors.

Trio of Cryptocurrencies Primed to Eclipse Bitcoin’s Performance This Week

In the aftermath of last weekend, prominent digital currencies have experienced significant rebounds, spurred on by Bitcoin’s rally from $58,800 to $68,400. This positive price action has reignited enthusiasm for the ‘Uptober’ rally. Here are three leading cryptocurrencies projected to outperform Bitcoin this week.

Solana (SOL)

SOL, renowned for its blazing transaction speed, scalability, and affordability, is at the forefront of our cryptocurrency selection. At the time of writing, Solana’s price stands at $154 with a market valuation of $72.06 billion.

Although Solana has seen consolidation over the past seven months, its price is on track for a notable recovery, fueled by on-chain improvements and a proposal by Grayscale to include SOL in a new multi-crypto ETF. TheBlock’s data showcases a remarkable 57% increase in Solana’s active address count – from 3.06 million to 4.82 million – within a fortnight.

This uptick in active addresses signals heightened engagement and wider adoption in Solana’s network, potentially elevating the demand for its native token.

Dogecoin (DOGE)

The memecoin sector, characterized by high volatility and speculative investment, has witnessed some of the swiftest movements within the wider crypto market. Demonstrating this trend, DOGE—the leading memecoin by capitalization—has soared in value from $0.105 to $0.14 within two weeks, an appreciable 33% rise.

This surge has led to a decisive breakout from DOGE’s four-month stagnant phase, laying the groundwork for a possible extended rally.

Data from Santiment indicates that DOGE investors holding significant quantities of the coin—between 10 million and 100 million—have collectively increased their stash from 14.59 billion to 18.68 billion coins since August 2023. This pattern of accumulation by large investors often heralds a substantial market shift, suggesting an impending recovery.

Sui (SUI)

Among the standout performers of 2024 is the SUI coin, which has witnessed an impressive 412% price rally, soaring from $0.46 to $2.11, and a market capitalization that has ballooned to $5.78 billion.

Complementing the price ascent, the Total Value Locked (TVL) within SUI’s Decentralized Finance (DeFi) platform has reached and surpassed the $1 billion mark, indicative of growing confidence from investors as they continue to pour capital into SUI’s ecosystem.

Conclusion: 

Although Bitcoin’s resurgence has been steady, Solana (SOL), Dogecoin (DOGE), and Sui (SUI) are poised for potentially substantial gains in the forthcoming week, driven by factors such as TVL growth and on-chain activity resurgence.

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Sahil Mahadik

Sahil is an enthusiastic full-time trader with over three years of financial markets experience, skilled in technical analysis, and always on the lookout for potential moves in key assets and indices. His journey through the world of finance has led him to the dynamic domain of cryptocurrencies, where he proactively seeks trading opportunities fueled by his fervent interest.

Disclaimer: The content presented may include the personal views of the author and is subject to market conditions. Conduct your own due diligence before investing in cryptocurrencies. The author or the publication does not assume any responsibility for personal financial losses.