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Top 5 Cryptos to Watch This Month

Top five cryptos

October 9, 2020 | 

1068 Views | 

JOHN K MWANIKI | 

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After a slow September, October looks to be a bearish month for cryptos. Only Ethereum had it best in September. The coins were coming to terms with the rise of the Defi coins. The market is returning to normalcy after the correction.

The market will also go up due to the uptake by the institutional investors. A survey by Evertas indicates increased institutionalization in cryptos. It credits this to increased regulations and more mainstream funds entering the market. This will come with increased liquidity for the crypto market

Even though the market will grow, not all currencies have the same patterns. Here are the top cryptocurrencies likely to perform the best in October;

1.    Ethereum  

Ethereum has had one of the best years so far. The past month has seen it gain some of the highest due to the decentralized finance boom. October looks to be no different. It had seemed like the coin was struggling, headed to the end of last month. The transaction speeds became slower as the costs went up. Only the miners made a lot, even beating the Bitcoin miners in earnings. 

The coin still is yet to reach its potential. The decline at the end of the month was a normal market correction. Ethereum remains the go-to platform for smart contracts. It also the best host for decentralized applications and ERC-20 tokens

The Economy Forecast Agency projects Ethereum's performance in October at around $537 with the highs of $738. These are some improvements from the current rates of $337.38. 

The end of the year also can't come any faster for the coin. The prospects of the upgrade to the newer platform are still high. 

Most of the traders have been anticipating the ETH 2.0. With the release pushed to later in the year, users still want part of it. 

2.    Bitcoin 

After leading for such a long time, it doesn't feel natural Bitcoin coming second to any coin. For October, it comes second in prospects to Ethereum. The coin has had a great year so far. It is, however, headed for a tougher October. 

The coin had impressive runs from March as it rallied to beat the coronavirus effects. It rose from the lows of $3000 to reach the highs of $12k. The impressive performance made it quite lucrative. It attracted more users as it led the bullish run in most other coins

Bitcoin also experienced an upturn due to the interest from the institutional investors. Companies like Grayscale Bitcoin Trusts started offering over-the-counter access to the digital currency. The coin started appealing to the monied mainstream investors. 

The coin has started this month on the lower performance. It has been struggling to keep the rising levels. It is on a possible bearish run as it clocks the lows of $10500. Most traders are watching, hoping that it does not hit the levels below $10k. That would mean hitting below the support levels. Only a free fall comes after that. 

Still, Bitcoin is one of the most resilient digital currencies. It will recover across the month.

3.    Ripple 

Ripple is another useful digital currency. All indications point towards a bullish October run for the coin. It currently trades at modest rates of $0.243 and has a market capitalization of over $11bn. There is a likelihood the coin will grow to beat its resistant levels of $0.25. It might reach $0.27 by the end of the month. 

One of the reasons for the expected rise is the increase in use factors. Ripple has continued to partner with different entities to facilitate transactions. 

Some companies are also opting for Ripple as a payment method. One of the Japanese leading esports firms announced it would start paying employees' salaries in Ripple. The announcement follows a sponsorship deal with the cryptocurrency. With most gamers active online, the move can be the start of the betting payments revolution. 

Ripple's technical indicators also look positive. The different market analysis shows a bullish movement for the coin in October. Even though it might get to the oversold region, it will gain a balance. 

4.    Chainlink

Chainlink has become useful in the current digital world. The crypto uses oracles to connect the on-chain to the off-chain world. It's a value-adding coin thus keeps on performing well. 

The uptake of cryptos has been high in recent times. It means the need for connections is at an all-time high. Chainlink serves the purpose of feeding the smart contracts as the outside link.

Chainlink currently trades at $8.68. A source project the coin to hit the highs of $12 within the month. With the values of $19 by the end of the year. 

5.    Tether 

Tether is a unique coin in this list. It is a store of value, unlike the other cryptos that operate like any other fiat currency. Most people buy it for storage. That explains why it has a high market capitalization. 

The coin had earlier grown due to its unique operational model. It provides traders with a way to join cryptos without the volatility risks. 

Tether then had a difficult time as it faced accusations of lacking USD reserves. The virtual currency suddenly became a waiting time bomb. It has, however, managed to calm the fears. October now looks like the month the coin performs even more.  

To understand Tether's possible performance, one only has to follow the USD. The economy is beginning to open up the coronavirus pandemic. Most of the sectors are already back. The government has in place a masterplan to ensure economic recovery. 

Even though the USD won't reach its peak just yet, it is on an upward trend. Anyone looking to gain from the fiat while using cryptos would consider Tether. 

Bottom Line 

October looks to be a lively month for most cryptos. The sector keeps becoming mainstream as the institutional investors join in droves. The regulations within the crypto world are also becoming clearer. October has also been bullish for most cryptos before. The trend will most likely keep on. 

Ethereum will be the main performer. It still supports Defi and other infrastructure. Bitcoin will keep to its usual growth as it battles the recent slowdowns. The same growth is evident in Ripple, Chainlink, and Tether. 

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