October was a big month for cryptocurrencies as the crypto market value soared almost 30%. Hype-driven cryptos like Shiba Inu led the market expansion efficiently. The top cryptocurrencies are attracting investors looking to diversify their portfolios. Recently several companies have started accepting cryptos as legitimate modes of payments, which makes it a suitable time for new investors to hop into the market. The entire crypto space has become optimistic since bitcoin's bullish rally and has put traders' and investors' minds at ease. In this article, we have listed the top cryptocurrencies for investors to buy this November weekend.
Market cap: US$1.233 trillion
Bitcoin broke all records in the last couple of months after the launch of the first bitcoin ETF in the US, making it the 6th most capitalized asset class globally. Many businesses have already accepted BTC as payment, which makes it a smart investment option. Even with thousands of cryptos in the market, BTC still makes 43% of the total crypto market.
Market cap: US$555.11 billion
Ethereum is different from bitcoin. Recently, crypto broke its records, stabilizing its position in the market. Its network allows developers to create their own cryptocurrency utilizing the ether network. Even though it was launched years after several other cryptocurrencies, it has far exceeded its place in the market because of its unique technology.
Market cap: US$74.48 billion
Lately, Solana has been on fire as it reaches its all-time high earlier this week, gaining the title of the fourth largest cryptocurrency in the market. This growth occurred at a time when all other major cryptocurrencies were facing huge price rallies. SOL is one of the fastest blockchain networks. It uses the PoW consensus mechanism where miners solve puzzles to validate transactions and mint new coins.
Market cap: US$48.792 billion
Polkadot is an open-source, sharding protocol that facilitates the cross-chain transfer of any data or asset type, not just tokens, thereby making a wide range of blockchains interoperable with each other. This interoperability seeks to establish a complete decentralized and private web controlled by the users.
Market cap: US$105.37 billion
BNB is one of the few cryptocurrencies in the market to reach its peak after 2017. During that year, the price of all major cryptocurrencies rose to prominence, reaching a peak before diving towards a decrease in value. Unlike other cryptos, Binance coin started slow but maintained a consistent trend upward after 2017. The crypto primarily focuses on maintaining a strong blockchain network.
Market cap: US$34.743 billion
Thanks to Elon Musk's moniker as the 'Dodgemaster', that brought DOGE to the surface, after months of criticism for being just a meme coin. Nobody expected this coin to become legit and be considered a long-term investment by other crypto traders. DOGE rose to prominence this year and is one of the most cost-effective cryptos in the market. Several crypto analysts are considering dogecoin as a viable investment option.
Market cap: US$16.890 billion
Chainlink's decentralized oracle network offers tamper-proof inputs and outputs for complex smart contracts on any blockchain. The crypto integrates third-party data into smart contracts. While smart contracts on ether respond to other asset rates, global events, and API calls, smart contracts in LINK are made smarter as it only responds to activities on its network. It is one of the primary data sources used to feed information to Defi applications.
Market cap: US$58. 792 billion
XRP was created by the founders of the digital payment processing company Ripple. The crypto serves as a platform for allowing exchanges between both crypto and fiat currencies. Ripple is investing heavily in the NFT projects that use the XRP ledger, which is a public blockchain. Experts believe that this investment indicates that the crypto is positioning itself as another 'ethereum killer'.
Market cap: US$73.834 billion
Tether is a stablecoin that mirrors the price of the US dollar. The token's peg to the dollar is achieved by maintaining a sum of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills that are kept in reserve.
Market cap: US$71.497 billion
Cardano continues to remain one of the most popular cryptocurrencies due to its flexible network and fast transactions. Scalability, sustainability, and interoperability are some of its chief selling points. The recent upgrade in the network has enabled the facility to build smart contracts on its network.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.