- PERP was priced at nearly US$1 on January 1 2021, and it reached US$23 in August 2021
- Ether is one of the most popular altcoins and its blockchain is home to many other altcoins
- SHIB is a meme-based altcoin, and it now commands a billion-dollar market cap
The world of cryptocurrencies comes with strange names. There is Bitcoin and then there are altcoins. The latter are crypto assets that use the blockchain technology and are Bitcoin challengers.
Apart from these, there are non-fungible tokens (NFTs), DeFi platforms and even DeFi games.
Today, let’s explore top 10 altcoins to explore in October 2021.
1. Perpetual Protocol (PERP)
PERP is a relatively less popular altcoin. But it does not mean it does not have potential.
At the start of 2021, PERP came with a humble price tag of just over US$1. By the end of August, PERP was priced at over US$23. This is no mean feat even in the world of volatile cryptocurrencies.
Launched as Strike Protocol in 2019, Perpetual Protocol is a liquidity provider in the crypto space. It is said to be an automated market maker. Its insurance fund covers losses incurred from leveraged trading.
At the time of writing, PERP was priced at nearly US$14 apiece. The market cap of PERP is over US$1 billion.
Also read: Which crypto to buy now in Canada?
2. Terra (LUNA)
Terra is another billion-dollar market cap altcoin.
Terra’s blockchain intends to add more stability to the cryptocurrency world. It provides stablecoins that are pegged to USD and multiple other fiat currencies. LUNA remains the native token of its blockchain.
Terra also operates in the space of e-commerce and mobile payment apps. Price stability is one of the key unique selling propositions of Terra.
At the time of writing, LUNA was priced at nearly US$35. The market cap is nearly US$14 billion.
3. Tezos (XTZ)
Tezos is a blockchain that resembles Ethereum’s network, but it is said to have some key advantages. One of these is the ability to scale without the need of hard fork.
In order to participate in the network, users must stake their XTZ holding. XTZ is the native token of its blockchain.
At the time of writing, XTZ was priced at over US$5. The market cap of Tezos is nearly US$5 billion.
4. Dai (DAI)
DAI is not a typical cryptocurrency. It is a stablecoin based on Ethereum network.
DAI is said to be ‘soft pegged’ to the US dollar. The network is managed by a decentralized organization with autonomous functioning. This prevents any private entity from having control.
The price of DAI, due to its peg to USD is US$1. At the time of writing, the market cap of DAI was over US$6 billion.
5. Chainlink (LINK)
Chainlink comes with a unique feature of off-chain data integration. This data is connected using smart contracts. Chainlink is an enabler of interaction between multiple blockchains and data lying outside of these networks.
It is said that all node operators can participate in Chainlink’s oracle blockchain.
At the time of writing, LINK was priced at nearly US$24 apiece. The market cap of Chainlink is nearly US$11 billion.
6. Fantom (FTM)
Fantom is a DeFi service provider. It is said to have further improved the proof-of-stake protocol. The blockchain uses bespoke consensus mechanism.
Fantom’s native token, FTM, is used to pay fee and is earned as rewards by users. It aims to improve the transaction speed. It uses smart contracts to bring efficiency to the network.
At the time of writing, FTM was priced at nearly US$1.2 apiece. The market cap is over US$3 billion.
7. Wrapped Bitcoin (WBTC)
Wrapped Bitcoin runs on Bitcoin’s biggest competitor Ethereum’s blockchain. WBTC is an ERC-20 token. The price is pegged to not any fiat currency but Bitcoin (BTC). WBTC enables transfer of liquidity across Bitcoin and Ethereum blockchains.
Due to its peg with BTC, WBTC has a similar price tag as BTC. At the time of writing, it had a market cap of just under US$9 billion.
8. SHIBA INU (SHIB)
A very late entrant in the crypto world, SHIB is also referred to as ‘Dogecoin Killer’. Dogecoin uses the scrypt powered network. SHIB is said to be a competitor based on Ethereum’s network.
The listing of SHIB on the popular crypto exchange Coinbase in September 2021 was a closely watched affair. SHIB and DOGE are a part of the meme-inspired cryptocurrencies universe.
At the time of writing, SHIB was priced at nearly US$0.000007 apiece. The market value is quite high at nearly US$2.7 billion.
9. Polygon (MATIC)
The Polygon network adds unique advantages to the Ethereum’s blockchain. This is done by making Ethereum a multi-chain network. Polygon uses the ‘Plasma Framework’. It is a proof-of-stake consensus based network.
Polygon is said to have the ability to process tens of thousands of transactions per second.
At the time of writing, MATIC was priced at nearly US$1.1 apiece. The market value is nearly US$7.5 billion.
10. Ethereum (ETHER)
The list of top altcoins cannot be complete without Ether. Ether has the second largest market cap in the crypto world. The Ethereum blockchain hosts multiple other altcoins and DeFi games and platforms.
Ether remains as much popular as Bitcoin. Ethereum’s blockchain is said to be an advanced version of the blockchain used by Bitcoin. Ethereum is home to many ERC-20 tokens.
At the time of writing, Ether was priced at nearly US$3,000 apiece. Its market value is over US$350 billion.
Altcoins are competitors of Bitcoin. Returns of some altcoins have amazed investors. These crypto tokens command a very high market value. The month of October can be the best time to explore some of the most promising altcoins.