Cryptocurrencies Worth Watching in November

November is the month when cryptocurrencies are setting new highs. As the price of Bitcoin went over $67,000, surpassing the previous October’s high of $66,000, the market value of cryptocurrencies reached $3 trillion for the first time. It is to be expected that the arrival of this new high point will inevitably spark debate among experts. Some believe that the peak price is a sign that the bubble is about to burst, while others believe that Bitcoin and cryptocurrency markets in general will continue to rise. Other cryptocurrencies that have also risen to record highs, include Ethereum, which hit the $4,837 mark.

However, BigONE believes it is always prudent to maintain a cautious investment attitude after such a significant price increase. The cryptocurrency market remains volatile, and sound investment is an eternal truth. “The last time Bitcoin reached these levels, it fell back several thousand dollars, and it’s undergone multiple corrections that take it down by half or more. Other coins are even more volatile — the memecoins bounce back and forth wildly at times — and scams and hacks occur with some frequency,” confirmed a report by Joanna Ossinger in Bloomberg.

Long-term investment plans can avoid the emotional impact of short-term market fluctuations, so investors should take a longer-term perspective. However, it’s still a good idea to keep an eye on the overall market trend. This can help investors decide which cryptocurrencies to keep on their radar to analyze them at any time and adjust their investment strategy accordingly. In this respect, BigONE believes that Polkadot, Stellar Lumens, and Sandbox are three cryptocurrencies to watch in November from an investment perspective. Because, according to various indicators, we believe these cryptocurrencies will experience significant positive price movement in November.

Polkadot (DOT)

Polkadot is one of the many Ethereum alternatives, with smart contract functions that allow transactions to be processed quickly and cheaply. Polkadot’s distinguishing feature is its blockchain interoperability. It can communicate with other blockchains, which is critical to the success of the entire encryption industry. Any blockchain can be added to it, resulting in a specific network effect. This distinguishes Polkadot’s cross-chain from those of other projects that only do single-line cross-chain. Polkadot provides an underlying architecture that enables each blockchain to participate while sharing security and functionality. The benefit of this is that other blockchains do not need to learn how to build a cross-chain facility, instead focusing on their own business.

Polkadot warrants particular attention this month, as its parachain slot auction begins on November 11. What does the auction entail? Polkadot is a scalable heterogeneous multi-chain blockchain comprised of a collaborative, decentralized blockchain network, also known as a relay chain. The relay chain communicates with the parallel parachains. These parachains can be thought of as the relay chain’s clients. The relay chain’s purpose is to ensure the smooth operation of the parachain. Parachains operate in parallel, which effectively avoids network congestion. However, the parachain that a relay chain can carry is limited. Parachain slots are naturally scarce resources, and many projects therefore want to connect to Polkadot. Because bidding is the best solution for fairly allocating slots, the parachain slot bidding mechanism was created.

The Polkadot Parachain Slot Auction has already begun. It uses the “strike” mode of the cross-chain machine gun pool. Users can “blind cast” and receive multiple parachain crowd loan reward tokens. BigONE’s first liquidity token, BDOT, releases DOT liquidity, which means users are no longer subject to the two-year pledge period. If you want to learn more about Polkadot, with the chance to earn more rewards by referring friends, visit BigONE’s official website and navigate to the Polkadot section or read our Medium article on how BDOT works at ‘Solving Polkadot’s Parachain Slot Auction Liquidity Problem’.

Stellar Lumens (XLM)

Many investors pay attention to the related functions and utility when selecting a particular crypto asset because it is associated with the future development of cryptocurrency. Conversely, therefore many people mock Dogecoin because it serves no deeper purpose and exists solely for amusement and short-term investment. Some investors are also concerned about cryptocurrencies that only exist as a means of payment. They believe that crypto payment is a crowded field and that the emergence of various stablecoins and in future central bank digital currencies (CBDC) is complicating the market. BigONE, on the other hand, believes that Stellar Lumens is not just another crypto payment method because its specific target market is the multibillion-dollar transfer and remittance market.

Suppose Stellar Lumens was not previously on your radar. In that case, BigONE recommends adding it to your watch list in November because it recently announced a partnership with the world’s largest remittance company MoneyGram International. Stellar Lumens has always wanted to make international remittances as simple as possible, whether in US dollars, Euros, or Bitcoin. Stellar Lumens improves the efficiency of currency transactions and transfers by utilizing blockchain technology and XLM tokens.

Stellar Lumens may have a lot in common with another popular cryptocurrency, Ripple (XRP). This is perhaps because Jed McCaleb, one of the Stellar Lumens’ founders, is also a co-founder of Ripple. However, although the two have some similarities, Stellar Lumens’ business caters to individual users. Most importantly, while Ripple is being investigated by the SEC, Stellar Lumens is free of regulatory issues. However, BigONE hopes that investors will pay attention to the fact that regulatory policies will continue to impact XLM because countries typically want to control bank-like services in their own hands.

Sandbox (SAND)

The development of the virtual world, the metaverse, has recently gotten a lot of attention. This year, Meta intends to invest $10 billion in its metaverse division. In addition, Mark Zuckerberg has stated several times that the metaverse will be the focus of Meta’s future development. Facebook has not just changed its name to Meta, “all of our products, including our apps, now share a new vision: to help bring the metaverse to life. And now we have a name that reflects the breadth of what we do,” confirmed Zuckerberg, following the announcement. The development of the metaverse concept may still be in its early stages, but the example of Facebook’s backing show it’s here to stay, as people’s activities and technologies converge online. To quote Zuckerberg: “I think that this is a persistent, synchronous environment where we can be together, which I think is probably going to resemble some kind of a hybrid between the social platforms that we see today, but an environment where you’re embodied in it.” Clearly DeFi needs to play a key role in the development of the metaverse, to avoid two versions emerging: one dominated by the likes of Facebook, and the other built on open interoperable platforms.

Cryptocurrency is the ideal form of payment in the virtual world, and though we don’t yet know which metaverse will win the competition for user engagement, already Sandbox players can purchase and build digital real estate and develop their games and NFTs. Users can upload their creations into The Sandbox marketplace, where first they are registered as ERC1155 tokens (ASSETS) on the Ethereum blockchain. These ASSETS can then be bought and sold using the SAND token. This is an Ethereum-based game that, like the popular Axie Infinity (AXS), follows the GameFi “play to earn” model.

Every month, BigONE will recommend a few cryptocurrencies to keep an eye on. As an investor, you should research and learn about cryptocurrency and develop an investment strategy to suit your needs.

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