Biggest Altcoin Gainers during the First Week of October 2024
Heading into the first week of October 2024, the cryptocurrency markets have shown signs of recovery, with several altcoins experiencing significant gains. BeInCrypto has examined the three top-performing altcoins during this period, highlighting Solana meme coin POPCAT as the standout performer, reaching a new all-time high.
FTX Token (FTT)
FTX Token (FTT) surprised the market by outperforming other major altcoins in the top 100 cryptocurrencies. Over the course of the week, FTT saw a remarkable surge of 95%, currently trading at $2.72. This impressive rise has attracted the attention of both traders and investors.
The rally in FTT’s price was mainly fueled by rumors surrounding the beginning of repayment to creditors. With the distribution plan scheduled for a hearing on October 7, the bullish sentiment is expected to continue, potentially driving further price increases. However, investors should remain cautious of potential risks, as a drawdown to $2.54 or even $2.20 could occur if the momentum wanes.
Popcat (POPCAT)
POPCAT, a meme coin based on the Solana blockchain, reached a new all-time high during this week, surging by 31% in the last 24 hours. Breaking through the $1.00 resistance level, POPCAT established a new ATH at $1.29 after struggling to surpass that level earlier in the week.
The catalyst behind this sudden rally remains unclear, but if POPCAT holders refrain from selling, the coin may continue its upward trajectory, potentially forming a new ATH and bolstering market sentiment. However, profit-taking could halt the bullish momentum, leading to a drop to $1.00. Losing this key support level would invalidate the current bullish outlook.
Wormhole (W)
While Wormhole did not experience explosive gains like other altcoins, it still impressed by rising 14.8% in price. Currently trading at $0.34, Wormhole has captured the attention of its investors.
Although it came close to reaching an intra-week high of $0.42, Wormhole retreated below the $0.35 resistance level. This barrier has remained intact since mid-July, and breaching it could potentially lead to a further rise towards the $0.42 mark. However, if Wormhole fails to break through $0.35, it may consolidate within the $0.28 to $0.35 range, nullifying the current bullish outlook.
Overall, these altcoins have shown impressive gains during the first week of October 2024, with FTX Token, POPCAT, and Wormhole all attracting attention from traders and investors alike.