As the cryptocurrency market enters November, investor interest is soaring. While Bitcoin's recent price increase has invigorated the altcoin market, some analysts believe that a select few altcoins may outperform Bitcoin this month. Despite the surge related to election activity in cryptocurrency, certain market conditions suggest that some altcoins could grow stronger than Bitcoin.
With Bitcoin rising to $71,200 - up 5.4% - optimism is very high, but CoinGape analysts point out three promising candidates: Dogecoin (DOGE), Solana (SOL), and Sui (SUI), each of which has the potential to outperform Bitcoin this month.
The first altcoin ready to beat Bitcoin: Dogecoin
According to analysts, Dogecoin (DOGE) has recently increased by 15% in the past week, reaching $0.165, attracting new interest. Up 139% since the beginning of the year, Dogecoin's price surge has garnered significant attention from whale investors. Recent data shows a substantial rise in transactions exceeding $100,000 on Dogecoin, particularly at the end of October. This price increase suggests that Dogecoin may outperform Bitcoin in November, indicating strong market support and price growth potential.
Solana and SUI in focus
Solana (SOL), known for its high-speed transactions and low costs, continues to attract attention in the DeFi space. Solana's support for a vast ecosystem of decentralized applications (DApps) has driven its value, especially in DeFi. With a 4% increase in the past 24 hours, Solana has reached $182 and increased 460% over the year. Experts believe that if Bitcoin's upward trend continues, Solana could break the $190 mark this month, with some analysts predicting a potential increase to $260 if investor optimism remains strong.
Meanwhile, Sui (SUI) is garnering attention as a secure, scalable Layer 1 blockchain. With a focus on asset management and privacy solutions, Sui has made impressive strides, achieving a total value locked (TVL) of $9.36 million in DeFi. Sui's recent price increase to $1.87 represents a 10% rise in one day, bringing its annual increase to 310%. Analysts believe Sui has the potential to outperform Bitcoin this month, positioning it as a competitive option in the cryptocurrency landscape.
