The cryptocurrency sector is quite volatile and the market shifts can be hard to predict sometimes, even for the seasoned investors. Since the last quarter of 2020 till now, the upheavals in the crypto market have made headlines a number of times. Early in 2021, popular coins like Bitcoin and Ethereum remained on growth track. The crypto-boom that stunned the market in early 2021 did not last long. The price of cryptocurrencies nosedived in the 2nd quarter of 2021.
It seems the crypto investors are keen on investing in the emerging crypto coins backed by newer technologies.
The top five coins to buy in October
As the year draws to a close, it is time to re-assess the condition of the crypto coins and the crypto sector. This will be useful in picking the right crypto coins to invest in.
- Cardano- It is among the cryptocurrencies poised for stable growth- say the industry veterans. The currency made headlines for a staggering price jump that took place in August and September. The founder of Cardano, Charles Hoskinson, has received praise from many quarters for his clear vision and he was also one of the founders of Ethereum. Cardano is one cryptocurrency with some lofty goals ahead. It has now got smart contract functionality and the Alonzo hard fork that came in September made it more desirable to investors. Now, developing DApps on its network will be possible.
- Polkadot- It may not be as popular as Bitcoin or Ethereum but the grow trajectory of Polkadot is hard to overlook. While its value has depleted a bit that is not end of the road. Veteran traders think DOT will reach the margin of $40 by end of this year. Polkadot allows for data and token interoperability across blockchains. In the long run, it may become to the crypto sector what HTML is now to the World Wide Web!
- Chainlink- Chainlink is unique in the way it operates. The company chains a number of links on its network and it relates to the smart contracts. While the decentralized nature of Blockchains is good there is an inherent problem too. Every Blockchain functions in an isolated manner and that is why users on one Blockchain cannot interact with those on other. Chainlink aims to address that glitch. It serves as a central hub to link other blockchains. It is somewhat similar to Polkadot.
- Solana- Solana is being perceived by the industry veterans as a worthy challenger to the reign of Ethereum. In recent times, its value grew manifold. It has become popular owing to the speed of transaction it offers. The 65,000 transactions per second capability is unmatched in the sector. While Ethereum version 2 is said to introduce 100,000 TPS feature, it is unclear when that will be implemented. Solana has thrived on the institutional demand for cryptocurrencies, to an extent. It is now deemed as one of the top performers in the crypto sector in 2021.
- Polygon- Polygon is a different type of crypto worth your attention. It is a sidechain protocol having Ethereum compatibility. You can use it to resolve Ethereum related problems. There is no denying that transaction fees for Ethereum are quite high. Transaction costs on Polygon are cheap. It costs a little more than $1. This can be ideal for newbie investors exploring the crypto sector.