3 Cryptocurrencies That Will Outperform Bitcoin This Week

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As a seasoned analyst with over two decades of experience in financial markets, I have seen my fair share of bull and bear cycles. The current crypto market landscape presents an interesting scenario, with Bitcoin struggling to maintain its dominance while other altcoins are surging forward.

For approximately seven months now, Bitcoin, the first-ever digital currency, has been moving back and forth rather than following a clear upward trend. However, the positive momentum of ‘Uptober’ has given Bitcoin another push to try breaking through the $70,000 barrier again. Meanwhile, these three other cryptocurrencies are experiencing an increase in momentum thanks to their technical breakthroughs and rising activity among large investors (whales).

3 Cryptocurrencies Set to Surpass Bitcoin’s Gains This Week

Over the past weekend, the leading cryptocurrencies have experienced a significant rebound after Bitcoin’s price shift from $58,800 to $68,400. This surge has sparked optimism in the market for the ‘Uptober’ rally, and here are three promising cryptos predicted to outshine Bitcoin this week.

Solana (SOL)

Our preferred cryptocurrency is SOL coin, known for its rapid transaction speed, scalability, and minimal fees. At the moment of writing, the estimated Solana price forecast was $154, accompanied by a market capitalization of $72.06 billion.

Even though Solana’s price has remained stable for seven months, it appears ready for significant growth due to the ongoing network recovery and Grayscale’s application for a diversified ETF that includes SOL. As per data from TheBlock, the number of active Solana addresses has skyrocketed by 57% over the past two weeks, rising from 3.06 million to 4.82 million.

The increase in active addresses suggests a surge in user interaction and acceptance within the Solana network, thereby enhancing the desire for its own digital currency, putting pressure on supply and demand.

Dogecoin (DOGE)

Meme-based cryptocurrencies have shown rapid growth in the crypto market because of their volatile characteristics and high levels of speculative trading. For example, Dogecoin (DOGE), the largest meme coin by market capitalization, supports this idea as it experienced an 8-day surge, pushing its price from $0.105 to $0.14 within just two weeks.

A significant jump of 33% in Dogecoin’s value has resulted in a clear surge past a 4-month period of stability, implying a possible further upward trend.

Based on Santiment’s data, the number of DOGE wallets holding between 10 million and 100 million DOGE has noticeably grown, rising from approximately 14.59 billion to 18.68 billion coins since August 2023. Such accumulation by large holders often precedes a significant market shift and may signal a fresh market recovery.

3 Cryptocurrencies That Will Outperform Bitcoin This Week

Sui (SUI)

2024 saw SUI coin rank among the leading cryptocurrencies, boasting impressive performance. From August through mid-October, its value skyrocketed from a starting point of $0.46 to an astounding $2.11 – a staggering increase of 412%. This growth spree propelled the market capitalization to an impressive $5.78 Billion.

Reflecting the price increase, the total value locked in the SUI system (TVL) has experienced a significant jump and just recently broke through the $1 Billion barrier. In essence, this growth suggests growing investor confidence as they continue to pour more funds into the SUI Decentralized Finance (DeFi) platform.

If the SUI price maintains its stability above $2, it suggests that buyers might extend the ongoing recovery for another week.

Conclusion: 

As a researcher, I’m observing an intriguing trend this week: While Bitcoin is steadily bouncing back, Solana (SOL), Dogecoin (DOGE), and Sui (SUI) are exhibiting significant growth potential. These three cryptocurrencies seem poised for a possible breakout, driven by a surge in TVL (Total Value Locked) and on-chain recovery signs.

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2024-10-18 20:54