1. Best Altcoins to Invest in October 2024: The Merkle News highlighted BlockDAG, Ethereum, Chainlink, and Solana as potential altcoins for high returns in October 2024.
2. Altcoins to Watch in October 2024:
BelnCrypto mentioned PRIME, CELO, and ATH as altcoins to watch for potential gains. Factors like recent price increases, technical patterns, and market sentiment were significant factors for these altcoins.
3. AltLayer (ALT) Token News:
• "AltLayer's crypto token, ALT, dropped over 17% ahead of a $100 million token unlock, potentially leading to further price decline".
• AltLayer protocol launched an airdrop of ALT tokens worth over $100 million, resulting in an 18% price increase to $0.327.
• AltLayer is an open and decentralized protocol for rollups, with key products like VITAL and investments from notable entities such as Polychain Capital and Binance Labs.
Explanation of $ALT Token:
• AltLayer Token (ALT): ALT is the cryptocurrency associated with the AltLayer protocol, serving as an incentive for ecosystem participants, used for staking, and paying network fees. Its price fluctuates based on market demand and supply dynamics, with recent attention due to a significant token unlock event.
Analysis of Price Change:
The price change of the ALT token could be attributed to the market anticipation and reaction to the $100 million token unlock by AltLayer. Such events often induce volatility due to the influx of new tokens into circulation, leading to selling pressure and potential price declines. Additionally, airdrops like the one conducted by AltLayer can generate temporary excitement and drive up prices as early adopters receive new tokens. Market sentiment, investor behavior, and external factors like overall market trends and news can also influence price movements.
