Like the rest of the financial markets, the cryptocurrency market started October in the red. However, many are of the opinion that the worst is over and the markets may rebound. One of the more notable is Chamath Palihapitiya, the billionaire behind Social Capital. Palihapitiya, who is among those who accurately predicted the current market correction, noted that it is time to prepare to return to financial assets, including crypto. Here are the altcoins that can be traded and followed on Binance, according to experts.
One of the largest coin on the Binance exchange: Ethereum (ETH)
Ethereum (ETH) price has been stagnant since the merger, as we have also reported on Kriptokoin.com. But that’s not a reason to ignore Ethereum. It stands out among the top cryptocurrencies that can lead in case of a short-term uptrend. Currently, Ethereum has 439,425 network validators and more than 14 million Ethereum is staked.
With a 4% Ethereum staking reward, it currently offers a much higher reward rate than most assets can offer. For this reason, the opinion that many investors will staking is dominant. This also puts Ethereum in a good position among cryptocurrencies that could lead the rise in the short-term if the bullish reversal.
Binance exchange’s own token: Binance Coin (BNB)
Binance Coin (BNB) is another cryptocurrency with a high potential to lead the rally if bullish reversal in the short term. One of the things that essentially gives Binance Coin an advantage is the upcoming Binance token burn. This is expected to happen in mid-October. Aside from Binance Coin’s recent coin burn, the current price action points to a potential upside. Binance Coin is holding firmly above $280.
Popular coin in decentralized finance: MakerDAO (MKR)
MakerDAO (MKR) is one of the major cryptocurrencies to consider in the short term if there is a market-wide pump. This is because it was recently announced that MakerDAO is considering lowering its fee in order to increase demand for its DAI stablecoin. High costs had led to a decline in MakerDAO adoption. Expectations regarding the impact of this offer may lead to an increase in the MAKER price.
XRP (XRP) started October with a bullish run – will it continue its momentum?
XRP (XRP) started the new month with good news. The big news about XRP is the growing investor expectation that Ripple will win the case against the SEC. The excitement comes from Judge Torres’ order that the SEC retrieve documents written by William Hinman, who was formerly in charge of the corporate finance division. The most important thing about these documents is the speculation that Ripple may have written that Hinman is not a security. Ripple lawyers can use his writings to argue that XRP is not a Ripple security. There are speculations that if Ripple wins, XRP will close the year with 50-100 percent gains.
The rise of Cardano (ADA) also drew attention
Cardano (ADA) is one of the cryptocurrencies with big news that could help it rise even higher in the short term. The big news is an announcement by Charles Hoskinson that “The Age of Voltaire is pretty close.” The expectation is that this move will increase network efficiency in Cardano and ADA will be a leader in innovations such as staking innovations.
Popular meme coin SHIB is also on the list
Shiba Inu (SHIB) is one of the meme coins that does well in bull markets. As such, if there is a rise in cryptocurrency prices in the short term, then the Shiba Inu may be among the things to watch. One of the most important factors that can trigger speculation around the Shiba Inu is whale activity. Earlier in the month, a Shiba Inu whale moved millions of dollars worth of Shiba Inu to an exchange. This triggered speculation about a leveraged SHIB trade. This, coupled with the ongoing Shiba Inu token burning, could attract investors.
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