Cryptocurrencies Worth Watching in October
August was a positive month for the cryptocurrency industry, but September in contrast was a volatile month. Because of cryptocurrency bans issued by some countries around the world and general market concerns about future regulation, the total market value of cryptocurrencies fell below $2 trillion.
Nonetheless, the impact of this policy change has not been as dramatic as it was in May of this year. And there are several encouraging signs that cryptocurrency will be adopted as a mainstream payment method shortly. Following AMC Theatres’ announcement that it will accept virtual currency payments by the end of the year, Verifone, one of the world’s largest merchant payment terminal providers, recently announced a partnership with BitPay to provide cryptocurrency payment processing services. In addition, more and more businesses are accepting digital currencies as payment, indicating that cryptocurrency is being received and recognized by the public. The overall virtual currency market has improved since the beginning of October. BigONE believes that there are three other currencies in addition to mainstream digital currencies such as Bitcoin that deserves investors’ close attention this month.
According to Bloomberg News, officials from the United States Treasury Department will announce their cryptocurrency regulatory policy framework in October. Strict oversight may deal a significant short-term blow to the cryptocurrency industry, particularly cryptocurrencies related to decentralized finance (DeFi). However, this could also indicate that the price of some popular smart contract cryptocurrencies will fall, which could mean a good buying opportunity. So far, the cryptocurrency industry has held up well in the face of regulatory uncertainty. Even though some countries have banned cryptocurrencies, the overall crypto market has increased by more than 130% in 2021, according to CoinMarketCap data.
Three crypto assets to consider adding to your portfolio
In October, BigONE believes there are three more exciting cryptocurrencies to keep an eye on. When many new users first invest in cryptocurrencies, they pay more attention to the newer tokens such as meme coins because they have the potential for high returns. However, BigONE believes that investors should prioritize mature and stable crypto projects for their investment portfolios.
- Chainlink-LINK
We’ve recently discussed smart contracts in detail. These blockchain-based auto-executable codes are programmed to perform specific operations when triggered. Chainlink is a well-known ‘oracle network’. Which means it’s capable of transferring off-chain real-world data to on-chain smart contracts.
Due in part to its utility Chainlink’s price has more than doubled this year, and while this is impressive, it still lags far behind some prominent cryptocurrencies. However, it has recently announced a collaboration with Cardano (ADA) to provide data for its smart contracts. Outside of the crypto world, Alphabet (formerly known as Google) is using it to create hybrid blockchain applications. Given the number and caliber of Chainlink’s partners, BigONE believes that the company’s performance in October deserves special attention.
- Filecoin-FIL
Filecoin is a decentralized data storage and retrieval service that competes with Dropbox and Google Drive. But instead of uploading data to the cloud, users rent unused space on other computers using this service. Filecoin compresses and encrypts the data, and the storage provider earns FIL tokens in exchange for ensuring that the information is always available. As a result, the Filecoin network is more secure, faster, and less expensive than traditional data storage systems. As a project that aims to deliver a service to solve real-world problems BigONE believes that its performance deserves special attention in October.
- Decentraland-MANA
Decentraland is one of the largest and most mature virtual worlds, or in the crypto world that “gives users a place to create an avatar, interact with other users and participate in everything from concerts and art shows to building houses on their digital lots,” according to an NBC report. Users can buy, sell, and develop land and construct everything from art galleries to medieval dungeons. When it launched in 2017 land parcels for were sold for about $20 apiece. Fast forward to 2021 and a piece of virtual land in Decentraland was sold for $900,000 in June. While these virtual worlds may at first glance appear to be a fad, but when Mark Zuckerberg, the founder of Facebook, says that he believes the metaverse is the future (and is reportedly spending $50 million to ‘responsibly’ build the metaverse), this is worth investigating further. As a result, Decentraland is worth further attention for real-world investment purposes.
The three cryptocurrencies mentioned above are all available on the BigONE cryptocurrency exchange. Our aim is to encourage investors to invest money in cryptocurrencies that stand a reasonable chance of performing well over time. As an asset class cryptocurrency is unpredictable, so before investing in any cryptocurrency it’s worth studying what real problems the project can solve in the future. In this way, you can better assess their long-term success.
In a similar vein, while these are the cryptocurrencies BigONE believes are worth paying attention to in October, monitoring their value on a week-to-week of even monthly basis is missing the point from an investment standpoint. By approaching your cryptocurrency investments for long term performance, in the context of a diversified cryptocurrency portfolio, is the safest bet for maximum returns.
