What altcoins are expected to outperform Bitcoin in the coming weeks, and what key factors are driving their growth?

Answered at Oct 19, 2024

Altcoins Poised to Outperform Bitcoin: Key Drivers and Insights

As the cryptocurrency market continues to evolve, several altcoins are showing potential to outperform Bitcoin in the coming weeks. This report highlights these altcoins and the key factors driving their growth.

Promising Altcoins

  1. Stacks (STX)

    • Overview: Stacks is a Bitcoin layer-2 project that enhances smart contract applications on blockchains. Its native token, STX, has seen a 20% price increase recently (Nairametrics).
    • Key Driver: The anticipated Nakamoto upgrade on October 9 is expected to boost its performance, making it a strong contender to outperform Bitcoin (Binance).

  2. THORChain (RUNE)

    • Overview: RUNE is the native cryptocurrency of the decentralized liquidity network THORChain. It has shown a significant increase in trading volume, contributing to its recent price rise (BeInCrypto).
    • Key Driver: The increase in trading volume and the potential for a price rally to $7.28 are key factors driving its growth (Nairametrics).

  3. Fantom (FTM)

    • Overview: Fantom is gaining attention due to the upcoming Sonic upgrade, which aims to improve blockchain features like translation speed and storage efficiency (BeInCrypto).
    • Key Driver: The Sonic upgrade and bullish technical indicators suggest a potential price increase of 36.7% to $0.92 (Nairametrics).

Key Factors Driving Altcoin Growth

  • Technological Advancements: Upgrades and enhancements, such as the Nakamoto upgrade for Stacks and the Sonic upgrade for Fantom, are crucial in boosting investor confidence and driving price increases.

  • Market Sentiment: Positive market sentiment, fueled by strong economic indicators and easing geopolitical tensions, is encouraging investment in altcoins. The recent U.S. labor market report, which exceeded expectations, has bolstered investor confidence across various asset classes, including cryptocurrencies (CoinDesk).

  • Regulatory Environment: The potential for regulatory changes, such as the lifting of barriers for certain altcoins, could further enhance their appeal. Analysts predict that regulatory shifts could lead to a surge in altcoin prices (BeInCrypto).

  • Macroeconomic Trends: The Federal Reserve's decision to lower interest rates has increased risk appetite, benefiting altcoins. Lower borrowing costs and increased liquidity are driving investments into higher-beta assets like altcoins (CoinDesk).

Conclusion

The cryptocurrency market is witnessing a shift as altcoins like Stacks, THORChain, and Fantom show potential to outperform Bitcoin. Technological upgrades, positive market sentiment, regulatory changes, and macroeconomic trends are key drivers of this growth. Investors are closely monitoring these altcoins as they prepare for potential rallies in the coming weeks.