In October, the price of Bitcoin started with a downward trend, falling to around $59,000. However, in recent days, the price of Bitcoin has rebounded well, rising to around $68,422 yesterday.
As the overall market trend is positive, altcoins are not doing so well. How will they perform in October? Are there any altcoins with good fundamentals that I can buy?
dYdX（DYDX）
Launch of US election prediction market may increase DYDX staking yield
Current coin price: 0.95
dYdX’s recently launched “TRUMPWIN-USD” market will allow traders to go long or short on whether Trump will be elected as the US president with up to 20x leverage.
While extreme volatility in prediction markets may require forced deleveraging or closing of winning positions to prevent market insolvency prior to event settlement, it is undeniable that the extreme leverage offered by these contracts is bound to attract a large number of speculators. Despite the product’s recent launch, competitive prediction market Polymarket has already doubled its monthly figures due to a surge in demand for presidential prediction markets; a trend that will almost certainly accelerate as the US election approaches.
DYDX staker yields are positively correlated with the growing demand for the dYdX perpetual contract market. Considering that the leveraged US President prediction market could be a compelling product, staker yields could increase in the coming weeks, driving up the token price.
Jupiter(JUP)
Grayscale is optimistic, and the product has a high degree of fit with the market
Current coin price: 0.83
On October 10, Grayscale added JUP to its list of “assets under consideration,” marking the token as a candidate for possible inclusion in future investment products.
As a star project on SOL, this is also a currency that I have always been optimistic about. As long as there is a low point, you can consider investing in it.
Although JUP’s fully diluted valuation is $9 billion, 15% higher than Uniswap, this valuation difference may be due to Jupiter’s complementary products, such as extremely high leverage perpetual futures (yielding up to 28% on $700 million in liquidity) and a strong token launch platform.
Apartments（APT）
Good fundamentals
Current coin price: 10
Aptos has been underperforming since the beginning of 2023, but the token has recovered after experiencing a low point in August and doubled in the first two months.
Although Aptos' application scenarios are immature and its valuation is much higher than Ethereum, Aptos' on-chain fundamentals seem to be positive. With the steady increase in the number of daily active addresses, the TVL indicator has also reached a historical high.
With a theoretical maximum throughput of 160,000 transactions per second (TPS), Aptos is one of the fastest blockchains in the crypto space, a feature that makes it ideally suited for the bandwidth required by high-performance applications in emerging crypto space such as DePIN.
Axles（AXL）
New cross-chain functionality is launched to take advantage of the recent L1 network boom
Current coin price: 0.8
Launched on October 3, Axelar’s Mobius Development Stack (MDS) is the latest cross-chain interoperability standard leveraging the AXL token, providing a set of open tools and protocols that its developers claim will “unlock an entirely new full-chain design space and bring new dimensions to building in Web3.”
With Axelar’s Interchain Amplifier, bridge connections between new chains can be easily created at the smart contract level without major protocol changes, making the new interoperability standard support Flow, Hedera, Solana, Stacks, Stellar, Sui, and XRP Ledger by default.
Taking advantage of the recent outperformance of L1 tokens, this could accelerate increased network exploration and bridging activity.
