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4 Altcoins to Watch Closely in October

4 Altcoins to Watch Closely in October
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Discover four new coins to add to your watch list.

After a promising August, September was a choppy month for cryptocurrencies. The latest cryptocurrency ban in China combined with regulatory concerns to push the total cryptocurrency market cap below the $2 trillion mark.

But the correction so far hasn’t been anywhere near as dramatic as what happened in May. And there are many positive signs – such as the continuing trend towards mainstream adoption. AMC Theaters have stated that they will accept crypto payments before the end of the year, and recently, Verifone – one of the world’s largest commercial payment terminal providers – announced a deal with BitPay to offer cryptocurrency payment processing.

What to expect in October

October may be the month when we learn what increased regulation of cryptocurrency in the US could look like. according to BloombergTreasury officials are about to announce a framework for crypto-policy.

Strict regulations could deal a major blow in the short term to the industry, especially coins associated with decentralized finance. It could mean that we are seeing drops in the prices of some of the popular smart contract cryptocurrencies like Solana (SOL) and Avalanche (AVAX) that have jumped in recent months. Depending on your attitude to investing, this could represent a buying opportunity.

However, the cryptocurrency industry has so far weathered the regulatory storms quite well. The overall cryptocurrency market is up more than 130% so far this year despite the Chinese ban, according to CoinMarketCap data. And the SEC’s lawsuit against XRP has yet to push it out of the top 10 cryptocurrencies.

However, I am ready for a turbulent October. Although this is probably just business as usual in the land of crypto.

4 Cryptocurrencies to Watch in October

This month, we have put together some interesting old cryptocurrencies that sometimes get lost in the rush for new coins. The new cryptocurrencies carry the potential for high rewards, but they also come with greater risks. So it’s a good idea to keep more established projects in mind, too.

We’ve been talking a lot about smart contracts lately. These small bits of self-executing code live on the blockchain, and are pre-programmed to automatically perform a certain action when it is triggered. For example, an insurance policy may pay a farmer in case of adverse weather conditions.

But how does a smart contract know when these conditions have been met? It uses things called “Oracle”. Chainlink is one of the most popular oracle networks out there. Essentially, Chainlink translates real-world data into something that smart contracts can understand and act on.

Chainlink’s price has doubled this year – impressive, but not close to some stellar cryptocurrency. However, a partnership with Cardano (ADA) was recently announced to provide data for its smart contracts. It is also used by Alphabet outside the crypto world to develop hybrid blockchain applications. Given the number of Chainlink crypto partners with them, this workhorse deserves a spot on your watchlist.

2. Filecoin (FIL)

Every month, I try to include a cryptocurrency project that looks outward and wants to solve real-world problems. Filecoin is a decentralized data storage service that can rival the likes of Dropbox or Google Drive.

Instead of uploading data to the cloud, users are essentially renting unused space on other computers. Filecoin decrypts and encrypts data, and storage providers earn FIL tokens to ensure data is always available. The idea is that the Filecoin network will be faster, cheaper, and more secure than traditional data storage systems.

3. Harmony (one)

Harmony has already made big gains this year – it’s up more than 3,500% since Jan. It is another player in the Ethereum (ETH) smart contract blockchain space, which also includes coins such as Solana, Cardano, Cosmos (ATOM), and Algorand (ALGO). Like them, Harmony is more scalable than Ethereum, and processes transactions faster and cheaper. It also enhances interoperability – the ways the blockchains communicate with each other.

It is set to reach many of its strategic goals in October. A $300 million fund to attract developers has just been announced. What remains is whether that can set her apart from the pack in a very fierce race.

4. Decentraland (MANA)

Big tech companies are pumping money into virtual worlds, also known as metaverses. And in the crypto world, Decentraland is one of the largest and most established virtual worlds. Users can buy, sell and develop land – build anything from art galleries to medieval dungeons. In June, a hypothetical plot of land sold for $900,000.

These virtual worlds may seem like a fad fueled by a pandemic. But when someone like Facebook’s Mark Zuckerberg says he sees the future as the future, it’s also a trend that deserves more research.

A note on our coins to watch

These four cryptocurrencies are available from the best cryptocurrency exchanges in the US, but make sure you do your research before buying, and only invest money you can afford to lose. Each month we give you a taste of some interesting coins with powerful use cases, but only you know your investment priorities and risk tolerance.

Most importantly, while these are good coins to watch in October, it doesn’t make sense to view investments on a monthly basis – try to maintain a long-term perspective of your crypto investments.

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publisher team