U.Today – Here are the top three U.Today news stories from the last day.
(SHIB) is on the verge of tripling in price this month
Today marks the beginning of October, a long-awaited month that is often called “Uptober” in the cryptocurrency community due to its reputation for potentially positive price movements in the space. The excitement for “Uptober” has not gone unnoticed by SHIB supporters, as historical data provided by CryptoRank suggests that the price of the dog-themed meme token could triple this month. According to the mentioned source, SHIB recorded an average rate of return of 283.4% in October, with a median rate of return exceeding 10%. In October 2021, the token price increased by 833%. While the outlook in the crypto space can be uncertain, recent Octobers have been positive for SHIB, leading to speculation of a repeat in 2024. If the projected rally materializes, SHIB could hit a high of $0.000075, a level not seen since earlier days.
XRP Hits Highest Weekly Close in 2024. Will SEC Spoil This Rally?
As reported by blockchain account Backer X, XRP achieved its highest weekly close of the year, finishing above $0.64 on the Binance exchange on Sunday. According to current CoinMarketCap data, the token is changing hands at a price of USD 0.601, and its market capitalization is USD 33.9 billion, which places it in seventh place in the best cryptocurrencies. This milestone is seen as a significant victory for bulls, especially after trying to break the resistance at $0.60 following the August court ruling on the matter. Despite the recent gains, the community is concerned about the upcoming October 6 deadline when the SEC may decide to appeal the July 2023 summary judgment. If such an appeal occurs, it could have a negative impact on the price of XRP, although any changes in rulings will take time and will potentially not occur before 2026.
A key reason why there could be a massive fourth quarter
After showing an impressive recovery in September, Bitcoin could be on track to post significant gains in the fourth quarter of 2024. According to analyst Eric Crown, whenever Bitcoin closes September in the green, it ends with a positive fourth quarter. According to Crown’s calculations, the average rate of return for such quarters is currently 170%. Despite reaching a high of $66,508 on Friday, Bitcoin has seen a decline, starting the fresh week near the $64,000 level, though it remains down over 8% for the month. Glassnode blockchain analyst James Check noted that Bitcoin market dynamics are currently neutral on many time frames, indicating a powerful correlation with gold and stocks, which are also performing well.
