Want to look into making a quick buck? In this article, we list 3 cryptocurrencies that have big potentials over the short term. The crypto arena is getting swamped by many cryptocurrencies that it became so hard to pick which crypto will increase in price.
Was 2022 a Good Year for Cryptos?
In the fourth quarter of 2021, most cryptocurrencies reached their all-time highs. In November 2021 in particular, the big coins such as Bitcoin or Ethereum last saw their all-time high. Bitcoin surged above $68,000. Ethereum surged above $4,800 in November of last year.
At the end of 2021 and in 2022, the prices of cryptocurrencies then fell more sharply again. Bitcoin and Ethereum lost over 80% of their all-time highs by mid-2022. After June, the cryptocurrencies were able to stabilize slightly again. In the last few weeks, the prices of most cryptocurrencies have tended to move sideways.
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How will Cryptos perform in October 2022?
Most cryptocurrency prices hit their lows in June. This means that since then the coins have stabilized in price again. Before the Ethereum Merge, we saw some stronger breakouts up or down. At the end of September, however, stronger stabilization set in and most coins moved sideways.
The trend continued in October. The Bitcoin course has been mostly in the range between 19,000 and 20,000 dollars for weeks now. This means we see a little breakout to the upside or downside.
The bear market has entered a phase in which most prices have stabilized strongly. In the first 6-8 months of the bear market we saw massive losses in the market. This was also the case in 2018 at the beginning of the last bear market. We are now entering a stabilization phase.
This also means that we see little movement in cryptocurrencies. It will therefore be difficult to find the right coins that can rise in the next few weeks.
Top 3 Cryptos to Buy NOW
Since many cryptocurrencies are moving sideways at the moment, we need to look at which coins still have the potential to rise in price at the moment. We want to present 5 cryptocurrencies for October that could be worth investing in.
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1. Ripple (XRP)
The XRP coin is the network token of the Ripple payment network. Ripple is a payment network for large banks that has set itself the goal of facilitating international payment transactions and making payments between different currency areas more efficient.
Among the top 10 most valuable cryptocurrencies, the XRP is probably the most exciting coin at the moment. In recent years, the rise in the price of XRP has been severely limited, mainly due to Ripple’s legal dispute with the American Securities and Exchange Commission (SEC ). Now there are increasing signs that both parties are striving for a termination. This should benefit Ripple, as the SEC has hardly presented any reliable evidence against Ripple and has so far drawn out the litigation.
The XRP coin has already seen a stronger increase in the past few weeks, while other coins have tended to move sideways. The potential for a price increase is probably the greatest for XRP in October. XRP is one of the most attractive cryptocurrencies for October 2022.
2. Polygon (MATIC)
Polygon (MATIC) is a scaling solution for the Ethereum Blockchain. Through “sidechains”, Polygon can take over a large part of the transaction throughput in Ethereum. This allows Polygon to take over the transaction load for smart contracts in particular. In the meantime, the Polygon network has grown extremely and is used by numerous developers of dApps.
Polygon is now one of the big winners in the bear market. Of course, the MATIC course has made heavy losses in recent months. Compared to the end of the last bear market, the MATIC token is worth about 50x as much. MATIC scratches the top 10 cryptocurrencies. Polygon (MATIC) has a lot of momentum at the moment and is also one of the cryptocurrencies that could be worthwhile in October 2022.
3. Algorand (ALGO)
The topic of sustainability has not only been trendy for a short time. No cryptocurrency stands for this as strongly as Algorand. The Algorand network uses the efficient proof-of-stake consensus mechanism with a two-tier architecture. Algorand would like to combine decentralization, scalability, and security. Algorand is considered particularly efficient and sustainable.
Algorand uses scientific methods for further development and is similar to the Cardano network. In contrast to Cardano, Algorand still seems undervalued. A slight increase in value and a rise in the list of the most valuable cryptocurrencies seems possible for the ALGO token even in the bear market.