- The cryptocurrency world has a cumulative market cap of multi-trillion dollars.
- There are tens of thousands of crypto tokens but the below ten command a very high market cap
- These ten cryptocurrencies are relatively more popular and come with unique blockchain features
Are cryptocurrencies good? Are cryptocurrencies legal? There are so many questions. The answer is that everything surrounding cryptos is debatable. But the other reality is that many are creating wealth using this investment option.
Did you know that the S&P Dow Jones has indices that track movement in prices of crypto assets? Big banks in the US and elsewhere have started crypto trading services for their clients. Cryptos are no longer on the fringes. Just like stocks, cryptos now make the portfolio of retail as well as institutional investors.
The question is not whether it is good to invest in cryptocurrencies. The question is which ones are the most promising. Today, let’s find out top ten cryptos to explore in October.
1. Bitcoin (BTC)
Many like it, many don’t, but no one can ignore this undisputed king of cryptocurrencies. Bitcoin makes up almost half of the market cap of the entire crypto world.
Calendar 2021 has been a year of many developments in Bitcoin. In April, Bitcoin touched nearly US$65,000. In the following months, prices dropped in the backdrop of China’s crackdown. Bitcoin is a cryptocurrency with extreme resilience to shocks. This resilience emanates from multiple positive developments. One is El Salvador’s adoption of Bitcoin as a legal tender. Others include Jack Dorsey’s continuous support to what he says can be the ‘native currency of the internet’.
At the time of writing, Bitcoin is priced at nearly US$43,500. It commands a market cap of over US$800 billion.
2. Ether (ETH)
Ether is the native token of the most widely adopted blockchain, Ethereum.
The list of most profitable cryptocurrencies cannot be complete without Ether. Having started this year at a price tag of nearly US$730 apiece, Ether touched US$4,000 apiece in May 2021.
Why is Ether rising? The reason is the Ethereum blockchain. Most decentralised finance (DeFi) apps and platforms use Ethereum. These DeFi exchanges and games in themselves command very high market cap. The Ethereum’s blockchain is best known for its support for smart contracts. Launched in 2015, nearly eight years after Bitcoin, Ether is the nearest competitor to Bitcoin’s hegemony.
At the time of writing, Ether is priced at over US$3,000. Ether’s market cap is nearly US$350 billion.
3. Dogecoin (DOGE)
At one time, Elon Musk briefly talked about high power consumption of Bitcoin. In a separate tweet, he mentioned about working with Dogecoin developers to ‘improve the network’s efficiency’.
This was a great boost. One of the world’s richest men, known for his tech prowess, was talking favorably about a meme cryptocurrency. With Shiba Inu as its face, Dogecoin uses ‘Srcypt’ technology. It is said that Dogecoin can be mined more easily than Bitcoin. Also, there is no upper limit to its supply.
At the time of writing, Dogecoin was priced at nearly US$0.20. The market cap is over US$26 billion.
4. Tether (USDT)
Tether is a different game. It is not a volatile cryptocurrency, but a stablecoin.
Stablecoins have their value pegged to some other stable assets. In Tether, this stable asset is the US dollar. Did you know that Tether was once called ‘Realcoin’? While other cryptos can rise and fall in double-digits overnight, Tether’s value largely remains stable.
It is said that Tether maintains an equivalent reserve of commercial paper and other assets.
At the time of writing, Tether had a market cap of over US$68 billion. One Tether was priced at US$1.
5. Binance Coin (BNB)
You may ask why Binance Coin?
The answer is, it is the native token of the popular crypto exchange, Binance. The daily trading volume of Binance exchange dwarfs most other exchanges.
Not only this, Binance offers blockchain services that include Binance Chain. The company aims to be a one-stop solution of all blockchain related services. By this means, Binance Coin is one of the cryptos you cannot afford to miss.
At the time of writing, BNB was priced at nearly US$370. The market cap is over US$60 billion.
6. Cardano (ADA)
Cardano’s ADA has emerged as one of the most popular cryptocurrencies of 2021.
After having started the year at the price tag of nearly US$0.18, ADA crossed US$3 in September 2021. Cardano is a late entrant in the world of cryptos. Launched in 2017, it provides features like participation of ADA holders in the decision-making process within the blockchain.
At the time of writing, ADA had a market cap of over US$67 billion. It was trading at nearly US$2.1 apiece.
7. Uniswap (UNI)
Uniswap is a big name in the field of DeFi. It is a DeFi trading app with UNI as the native token.
Uniswap and other DeFi platforms add liquidity to the crypto world by providing crypto token trading services.
At the time of writing, UNI was priced at nearly US$23. The total market cap is over US$14 billion.
8. Algorand (ALGO)
Algorand is said to be faster and more efficient than older blockchains like Bitcoin.
The blockchain of Algorand works on proof-of stake consensus and is said to have lower fees for users.
At the time of writing, Algorand commanded a market cap of over US$9 billion. One ALGO was priced at nearly US$1.6.
9. USD Coin (USDC)
USD Coin is a stablecoin like Tether. It is also pegged to the US dollar. It comes with an assurance to all USD Coin holders that holding can be withdrawn in return for equivalent US dollars.
At the time of writing, USD Coin had a market cap of over US$30 billion. Its price was US$1 apiece.
10. Litecoin (LTC)
The last cryptocurrency that completes the list of best cryptos for October is Litecoin or LTC. It is said to be a direct competitor to Bitcoin’s blockchain. Litecoin’s transactions are faster than Bitcoin.
At the time of writing, Litecoin had a market cap of over US$10 billion. It was priced at nearly US$150 apiece.
Cryptocurrencies cannot be ignored. Institutional investors have jumped onto the bandwagon. October can be the month for you to consider any of the above-mentioned best crypto coins.