Like the rest of the financial markets, the cryptocurrency market started October in the red. However, many voices out there are of the view that the worst is over and that the markets could rebound.
One of the more notable ones is Chamath Palihapitiya, the billionaire behind Social Capital. Palihapitiya, who was among the people that correctly predicted the current market correction, noted that this is the time to start getting ready to jump back into financial assets, including crypto. If his prediction and many others are to go by, then Bitcoin is trading at the bottom or very close to the bottom.
With this in mind, it could also be an excellent time to start scouting for high-potential altcoins that could lead the way in a short-term bullish reversal. Among those that hold such potential are as below:
Ethereum (ETH)
Ethereum (ETH) price has been sluggish since the merge, but that is no reason to write off Ethereum. It stands out among the top cryptocurrencies that could lead the way if there is a short-term bullish reversal. One thing that makes Ethereum stand out is that even after the disappointing price action post-merge, staking and burning is on a growth trajectory.
Currently, Ethereum has 439,425 network validators, and over 14 million Ethereum is staked. With the Ethereum staking reward at 4%, more investors are likely to stake Ethereum since it is a much higher rate of reward than anything that most fixed assets can give at the moment. This also puts Ethereum in a good position amongst cryptocurrencies that could lead the charge, if there is a bullish reversal in the short term.
Binance Coin (BNB)
Binance Coin (BNB) is another top cryptocurrency that has a high potential to lead the rally, if there is a bullish reversal in the short term. One thing that mainly gives Binance Coin an edge is the upcoming Binance token burn. This is expected to take place in the middle of October, and if there is a broader market reversal, it could give Binance Coin a bigger push relative to other cryptocurrencies. Besides the fact that Binance Coin has a coin burn coming up, its current price action points to a potential spike. Binance Coin is holding firmly above $280, and BNB could emerge as a top performer if there is a marketwide pump.
MakerDAO (Maker)
MakerDAO (Maker) is another of the big cryptocurrencies to keep an eye on in the short term if there is a marketwide pump. That’s because it was recently announced that MakerDAO was looking to lower the stability fee, with the aim being to increase demand for its DAI stablecoin. The high costs have led to a decline in the adoption of MakerDAO. The expectations around the impact of this proposal could lead to an increase in the price of MAKER, especially if there is a pump across the crypto market.