The U.S is one of the most important crypto markets globally, and events there tend to have an impact on the entire market. That’s why regulatory clarity in the U.S is one of the things that cryptocurrency investors have been yearning for over the years.
The good news is that even those in positions of authority are bullish on cryptocurrency if the proper regulatory mechanisms come into place. For instance, in a recent fireside chat at the New York University, Rostin Behnam, the Chairman of the Commodity Futures Trading Commission, said that if the proper regulations come in place, the price of Bitcoin could easily double.
While the regulatory framework around crypto is still not yet clear, they have been getting better. For instance, the SEC has made transparent cryptocurrencies that qualify as securities and those that fall under the commodities category.
Under this improving environment, the statement by the CFTC Chairman is likely to create excitement around cryptocurrencies going into October. Bitcoin is already in the green and seems set to start October above the $20k mark.
If Bitcoin sustains its current momentum, among the cryptocurrencies to watch would be Ethereum competitors. That’s because while the Ethereum merge was a considerable success, fees remain high, contrary to the expectations of many. This has given a new lease of life to Ethereum competitors, most of which run on Proof-of-Stake, just like Ethereum today.
With this in mind, here are some of the top Ethereum competitors to watch in October and possibly for months.
Solana (SOL)
Solana (SOL) rose to prominence in 2021 and remains one of Ethereum’s fiercest competitors despite many issues with its network. That’s because it is one of the most scalable networks, and its transaction costs are unmatched at under $0.01.
Besides these features, Solana is increasingly recording growing adoption, especially in the area of NFTs. This coupled with the new lease of life that Layer-1s have got after the Ethereum merge, makes it a high potential cryptocurrency to watch in October.
Solana is already showing signs of a potential rally and is currently up by 4%. While this is a minor gain in crypto terms, Solana buying volumes are on the rise, which is a good sign in the short to medium term.
Avalanche (AVAX)
Avalanche (AVAX) is another top Ethereum competitor that has had a slow month since the Ethereum merge took centre stage. However, now that there is little change in Ethereum scalability, Avalanche, one of the most scalable and stable Ethereum competitors, is beginning to see an uptick in price. At the moment, Avalanche is recording an increase in buying volumes, and if Bitcoin crosses the $20k mark and keeps gaining, AVAX could outperform most cryptocurrencies in October.
Near Protocol (NEAR)
Near Protocol (NEAR) is another Ethereum competitor worth keeping an eye on in October 2022. Its scalability and security have made it one of the most attractive cryptocurrencies, especially in the first growing Web 3.0 space. Besides its capabilities, Near Protocol is likely to get a boost from news that it is partnering with USDC.