Altcoins Likely to Outperform Bitcoin in October 2024

Throughout much of 2024, Bitcoin (BTC) has been in the spotlight as it consistently outperformed a majority of the leading altcoins. However, as October draws near, the landscape appears to be shifting, with the primary cryptocurrency starting to take a back seat.

This change has led investors to closely monitor the potential for non-BTC cryptocurrencies, as speculation about an altcoin season grows stronger. Below are three altcoins that may rise above the rest in October 2024.

Stacks (STX)

Stacks is a layer-2 solution for Bitcoin, aimed at enhancing the development of smart contract applications on various blockchains. Its native token, STX, has experienced a 20% price surge over the past week and is among the altcoins anticipated to outshine Bitcoin in the coming month.

STX is included on this list due to the highly awaited Nakamoto upgrade taking place on October 9. Named after the pseudonymous creator of Bitcoin, Nakamoto Satoshi, this event is expected to have a positive impact on the market.

Upon its implementation, the upgrade aims to enhance decentralized finance (DeFi) functionalities within the Bitcoin network. Additionally, Stacks might introduce a Bitcoin-pegged token, sBTC, in conjunction with the mainnet upgrade.

Currently, STX is priced at $1.964. Following a decline to $1.05 during the market crash on August 5, the development of an inverse head and shoulders pattern suggests a possible reversal for the token.

This pattern indicates a shift from bearish to bullish sentiment, as buyers take advantage of seller exhaustion, leading to potential price increases.

As it stands, STX is encountering resistance at $2, while support at $1.73 hints that a rebound could be on the horizon for the altcoin.

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Should the expectations materialize, Stacks’ value could potentially climb another 20% to reach $2.38 in October 2024. Conversely, should the STX bulls fail to surpass the $2 resistance, the altcoin’s price may dip below $1.73.

THORChain (RUNE)

The native cryptocurrency of decentralized liquidity platform THORChain, RUNE, is also anticipated to perform well against Bitcoin in October. A key factor behind this prediction is the increase in RUNE’s trading volume, which has significantly contributed to its price rise over the past month.

Currently priced at $5.34, RUNE has hit a minor resistance at $5.40. Consequently, the altcoin may experience a brief correction, similar to what occurred in May. However, it could also see a revival, akin to its previous performance resulting in a rise to $7.28.

This time around, RUNE may experience more substantial growth, with potential predictions suggesting a 40% rise to $7.54 by October 2024. On the other hand, if buying pressure diminishes, RUNE’s price could decline to $4.50, rendering this forecast invalid.

Fantom (FTM)

Fantom has made the list due to the excitement surrounding the upcoming Sonic upgrade. This upgrade is expected to enhance the speed and storage efficiency of transactions on the blockchain. Additionally, the token, which has recently excelled among altcoins, may transition to the ticker “S.”

According to the daily chart, FTM is currently priced at $0.67, with bullish signals emerging from the Exponential Moving Average (EMA) indicators. As depicted, the 20 EMA (blue) has crossed above the 50 EMA (yellow), and for the first time in a while, the 20 EMA is also above the 200 EMA (purple), suggesting a likely startup of a sustained rally.

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As such, Fantom’s price may potentially surge by 36.70%, reaching $0.92. However, if negative sentiment surfaces regarding the token, FTM could stagnate around $0.65.