The cryptocurrency market is unstable, considering the fluctuations and inconsistencies in the value of cryptocurrencies. That is why you always need to be on the lookout for up-and-coming cryptos. We will briefly look at the top cryptocurrencies to buy in October 2020.
Remember that though these might be the top cryptocurrencies on our list, it does not invalidate the high volatility of assets. Hence, you must understand the risks involved as a trader or investor.
For crypto experts, Ethereum steals the top spot for the best cryptocurrency this month. It has experienced some gains, and there may be more to its potentials. Ethereum is still the king of smart contracts, decentralized applications, and ERC-20 tokens. The Economy Forecast Agency predicts that in October 2020, Ethereum could reach a low of $537 and a high of $738. Interestingly, even the lowest of the two possibilities is an increase in Ethereum’s current price. So, if you still consider Ethereum as the king of smart-contract, then it could be the best cryptocurrency to buy in October 2020.
You may be wondering why Bitcoin is not number 1 on our list. Well, everyone knows and buys Bitcoin. But the popularity of a cryptocurrency doesn’t mean it will give the most profit. What you should look out for are cryptocurrencies that have better opportunities. Sadly, Bitcoin has stuck around $10,000 per coin for the past few years, and its high price has made it less appealing to crypto traders.
Nonetheless, Bitcoin still gains many insane price predictions. For example, Anthony Pompliano (at Morgan Creek Digital), predicted that Bitcoin would be worth $100,000 in February 2021. But considering the price now, that prediction seems off. But Gov Capital has made a more realistic prediction, believing that the ‘best possible price’ of Bitcoin by the end of October is $14,200.
Tether has become a household name in the crypto industry for the last few years. One important thing to note about it is that crypto traders do not necessarily buy it for trading. Instead, they buy it to store value, and that’s why its market cap is high. However, anyone with a growing interest in Tether should first understand the shady short history of Tether, and what affected the US dollar. Also, Tether’s price has mostly remained at around $1 per coin in 2020. So, crypto traders could consider buying it in October 2020.
Binance coin – BNB
Binance is very handy, as there isn’t anything technically fascinating about the coin. Like Tether, it is a utility coin. It is for discount purposes if you use the coin on the Binance exchange. And as long as it remains active on the Binance exchange, it will always have a good volume. According to predictions by Digitalcoin, by October 2020, Binance Coin could reach $53.34, which is almost more than double the current price at the time of writing.
However, if the Binance Exchange decides to decrease the value of the discount they give users, it may soon become less popular. So, if you plan on buying this coin, keep an eye on the discount rates.
Litecoin – LTC
Before now, Litecoin was among the top cryptocurrencies in the industry, but as more cryptos began to gain recognition in the crypto scene, it slowly faded into the background. But that doesn’t mean it is no longer worth it because the popularity of a coin doesn’t determine its worth. There are still many opportunities in Litecoin despite it losing its value around March 2020. So, if you are a fan of first-on-the-block altcoins, then Litecoin could be a good cryptocurrency to buy next month.
Crypto.com Coin – CRO
Crypto.com coin has never been in the spotlight but has maintained a visible position. You must have heard of it but couldn’t place the worth of the coin. Since May 2020, the coin has been doing pretty well and it seems to be showing a lot of strength in terms of growth. However, note that the volume seems to have reached its peak, and may not get a lot higher. But, it should still be on your list of cryptocurrencies to buy in October 2020. There are predictions that the coin will likely be worth $0.18 per coin by October, that’s a slight increase.
Bitcoin Cash – BCH
Although Bitcoin Cash has fallen a little in the last year, it is still a better alternative for those who are not sure of Bitcoin (people who would prefer to go back to what Bitcoin used to be). According to The Economy Forecast Agency, Bitcoin Cash could be worth as much as $308 per coin in October 2020. So, if you are looking for a Bitcoin alternative, BCH could work for you.
Bitcoin SV – BSV
Bitcoin SV came with a lot of controversies when it split from Bitcoin Cash not too long ago. But it’s not just another Bitcoin clone. It does represent something quite important in an attempt to follow Satoshi Nakamoto’s original vision. Bitcoin SV supporters are also strong fans of Nakamoto’s ideas, but it is difficult to conclude whether the followership is good or bad.
According to Daniel Cawrey and Omkar Godbole of Coindesk, Bitcoin SV has risen by 96% in value so far in 2020, which they claim is higher than Bitcoin and Bitcoin Cash. So, if you accept Nakamoto’s views and ideas for Bitcoin, Bitcoin SV could be amongst your top cryptocurrencies to buy.
Tezos is pioneered by some of the smartest people in the crypto community and holds a lot of potentials. People who know about Tezos can attest that it has the largest ICO ever. But that is not the only selling point, as it is also very flexible. With the governance method of Tezos, they believe that having a firm decentralized decision-making process can make them stronger than all other cryptocurrencies.
According to Nicholas Otieno of Blockchain News, Tezos has increased in price in 2020 by as much as 85% since January and seems like it might uphold that trend. If you believe in the potentials of Tezos, it might be one of the top cryptocurrencies to buy next month. You can read up more on Tezos here.
2020 has been a relatively good year for EOS, and October 2020 may continue that positive trend. EOS is the major competitor that Ethereum has because it has achieved almost the same things as Ethereum but in a better and more user-friendly way. PrimeXBT predicts that by as early as 2021, EOS could reach $100, a very dramatic increase in value. As an alternative to Ethereum, EOS could be good crypto to buy in October 2020.
The list won’t be complete without at least one privacy coin, and many experts think Monero is the best choice for now. So, if privacy, anonymity, and security are the factors that interest you in cryptocurrency, then you should consider Monero.
Disclaimer: These are mere predictions, and they do not determine the outcome of the market. The crypto market is still volatile, with many inconsistencies. Endeavor to have your personal opinion based on further research as an investor or trader to understand the dynamics of the market before trading. LightBlocks Media will not be held accountable for your losses (if any) based on these predictions.