October 2024 is set to be an exciting month for crypto enthusiasts. Before analyzing the prospects of specific coins, let's review September's performance.
Binance Coin (BNB) Analysis
Last weekend, Binance founder Changpeng Zhao was released from US custody after four months of detention. As a result, the Binance token (BNB) surged to $614, marking a 25.7% gain over three weeks. This is the first time since June 2024 that BNB has closed above this level, sparking speculation that the bullish momentum could continue. According to Forbes, Zhao owns 64% of the total BNB supply. His legal issues have drawn additional attention to BNB, potentially aiding its rise to $724 in October.
Forecast for The Open Network (TON)
Telegram's TON ecosystem has seen massive growth in 2024, driven by the rapid adoption of Telegram Mini Apps like Notcoin, Dogs, and Hamster Kombat. In July 2024, TVL in TON projects peaked at $776.6 million, a surge of over 5,300%. Toncoin is expected to continue rising despite the sharp drop during Pavel Durov's arrest in August. Since the start of the year, Toncoin has posted 140% returns. October is expected to see more memecoin launches, positively affecting the token's market value.
Bitcoin (BTC) Situation
Bitcoin is showing signs of a potential rally in October. On September 26, Bitcoin Spot ETF inflows amounted to $366 million, representing its highest one-day total since July 2023. Three major ETF providers — BlackRock, Fidelity, and Ark — recorded inflows of $118 million, $73 million, and $133 million, respectively. According to CryptoQuant, increased BTC demand in the US pushed its price to $65,000. If bullish sentiments persist, Bitcoin could surpass the $70,000 mark in October.
Overall, October 2024 presents promising prospects for the cryptocurrency market. Institutional investor support and positive market trends could drive the value of BNB, TON, and BTC higher.
Comments