The month of October 2022 has been a decently good one for investors. The overall crypto market capitalisation gained about 11% in the month of October, thus staying true to the promise of ‘Uptober’. But with the month of November beginning with a crash led by the FTT token, we’re looking at a crypto market that has fallen down below the $900 billion market cap level for the first time since January 2021.
Before moving onto the top altcoins in November 2022 by market cap, let us understand what altcoins are. Very simply, an ‘altcoin’ refers to any crypto other than Bitcoin. So by that definition, Ethereum is the most popular altcoin followed by Binance Coin and the likes.
Now the question that arises is why do we need so many altcoins? Well, that is because Bitcoin, the grandfather of all cryptos, was good at some things but missed out on some very crucial elements of a value transferring system. Ethereum, the most popular altcoin – also known as the second generation of cryptos – introduced programmable money in the forms of smart contracts. But even Ethereum had a few issues with gas fees and scalability thus a bunch of other blockchains were introduced like Solana and the likes.
With that concept cleared up, let us move forward to the next crucial aspect for an investor – which ones should I buy? There are many ways to actually go about choosing your own collection of cryptos – it could be simply by looking at the market cap and picking the biggest ones out there. Of course, that is a viable strategy but could result in drawdowns too.
However, this blog will list out five of the top altcoins in November 2022 by market cap that, when put together, forms a well balanced and hedged crypto portfolio that can provide great returns over the long term. These coins have different use cases and utilities that bring about that sense of hedge against downside risk in any one particular token, thus maximizing returns over the long term. So here are the top altcoins in November 2022 by market cap.
|Altcoins 2022||Launch||Founder||Native Token||Market Cap||Token Type||Circulating Supply||Max Supply|
|ETHEREUM||July 2015||Vitalik Buterin||ETH||$142 million||Platform Token||122 million ETH||N/A|
|BINANCE COIN||July 2017||Changpeng Zhao||BNB||$46 billion||Utility Token||159 million BNB||200 million BNB|
|CARDANO||2017||Charles Hoskinson||ADA||$12 billion||Platform Token||34 billion ADA||42 Billion ADA|
|MATIC||2017||Sandeep Nailwal||MATIC||$7.7 billion||Platform token||8.7 billion MATIC||10 billion MATIC|
|CHAINLINK||May 2019||Sergey Nazarov||LINK||$3.1 billion||Utility Token||491 million LINK||1 Billion LINK|
Prices as of 9 November, 2022
Additional Read: Top companies using blockchain technology
Now, let’s dive a little deeper, shall we?
1. ETHEREUM (ETH)
Well, practically everybody knows about this coin, and is popularly known as the altcoin king. Anyone who is even faintly aware of what crypto is in today’s day and age, knows what Ethereum is. However, what many wouldn’t know the secret behind how it became the second largest crypto by market cap. This token was built by Vitalik Buterin and launched in July, 2015.
According to definitions, Ethereum is a decentralized blockchain platform that works on a peer-to-peer network that securely executes and verifies application code, called smart contracts. In fact, Ethereum was the first smart contract platform in the crypto world, and is heralded as the ‘second generation’ of cryptos.
So smart contracts are the reason why this token features on the list of top altcoins by market cap. Smart contract is basically a functionality of a blockchain network that allows participants to transact with each other without a trusted central authority in accordance to a few pre-established rules. Transaction records are immutable, verifiable, and securely distributed across the network, giving participants full ownership and visibility into transaction data – as is with all blockchain networks.
And we finalized!
Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
— vitalik.eth (@VitalikButerin) September 15, 2022
About a month and a half ago, on 15 September, 2022 – Ethereum successfully underwent the Ethereum Merge and since then has been on a falling trajectory. It had touched near $2000 levels in the middle of August but has now fallen back down. Recently the coin managed to rally up above the psychological $1500 barrier before falling back down below $1200 after the market wide crash led by the FTT token. It is currently ranked #2 on CoinMarketCap according to its market cap and forms a definitive part of the list of top altcoins in November 2022 to watch out for.
Additional read: Ethereum Shanghai Upgrade
- Largest altcoin by market cap.
- Some of the largest dApps and blockchain games are built on Ethereum.
- Ethereum, post Merge is the largest proof-of-stake blockchain out there.
- Also known as a second generation of cryptos.
- Has one of the largest developer community on the blockchain.
Additional Read: Ethereum Price Prediction
2. BINANCE COIN
Listed as #3 according to its market capitalization, Binance coin is a crypto issued by the Binance crypto exchange, founded by Changing Zhao, who is also more popularly known as CZ. Initially it was built on the Ethereum network, it has now shifted to its own blockchain known as Binance Smart Chain where it provides a host of features and functionalities.
It was built with the objective of being an utility token for discounted trading feed back in 2017 on the Binance exchange, but over time its use-cases have expanded greatly to include payments for transaction fees on BSC and also real world payments for travel, entertainment, online services and the likes. It also uses a fifth of its profits to repurchase and permanently destroy BNB tokens, also known as the burn protocol. These coins are burnt from its own treasury to reduce the tokens from circulation and in effect increase its demand and, thus, its value.
Binance also came into the news recently as its founder, CZ recently announced his intent to acquire the once formidable competitor but now struggling crypto exchange FTX which was built by Sam Bankman-Fried. This took place early on 9 November, 2022 – soon after news broke of over-leveraged positions on the tokens issued by the company itself – the FTT crypto.
This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire https://t.co/BGtFlCmLXB and help cover the liquidity crunch. We will be conducting a full DD in the coming days.
— CZ 🔶 Binance (@cz_binance) November 8, 2022
Now, with a major competitor slated to come under its own wing, while the market will move more towards a duopoly on the scale, for Binance itself – it would immediately result in increased trading volumes, greater revenues and better future prospects.
3. CARDANO (ADA)
Cardano is one of the most up-and-coming crypto projects out there. It is also well-known because Cardano is currently the most developed and popular proof-of-stake crypto out there right now. Nobody in the crypto space can deny that Cardano is definitely one of the most peer-reviewed and carefully designed blockchain platforms. That is a title few, if any, other cryptos can claim. Thanks to the extensive peer-review processes and systems, this proof-of-stake token truly has the potential to beat Ethereum too.
Cardano is widely referred to as the third generation of crypto, with Bitcoin being the first and Ethereum being the second generation. However, from a crypto price point of view, 2022 definitely hasn’t been kind to ADA price. However, things can quickly change, with Cardano’s Vasil Hark Fork successfully underway on 22 September. This is why Cardano is next in the list of top altcoins in November 2022 by market cap.
🎊 #Vasil deployed!!
— Cardano Foundation (@Cardano_CF) September 22, 2022
Technically, Cardano’s native crypto token ADA price has broken down below a descending triangle pattern on the charts. That doesn’t bode too well for the crypto. However, despite that – thanks to its continuous dedication of developing the ecosystem and making it more and more conducive for development of Web3 applications, this has a huge potential to grow in the future.
- Most extensively developed crypto blockchain network in the entire industry.
- It is known as the third generation of crypto, with Bitcoin being the first and Ethereum being the second.
- Very recently, Cardano’s Vasil Hark Fork went live on the network, becoming the first step to improve network scalability and reduce costs.
Additional Read: Cardano Price Prediction
4. POLYGON (MATIC)
Polygon, earlier known as the MATIC network was founded by Sandeep Nailwal back in 2017. It is an Ethereum (ERC-20) token that powers the Polygon network, which is essentially a scaling solution for Ethereum. Polygon network was built with the objective of providing means for significantly faster and cheaper transactions but with the security of the Ethereum blockchain, by using layer-2 sidechains.
In this network, users are enabled to deposit ETH tokens to a Polygon smart contract, interact using them within the Polygon ecosystem and then later be able to withdraw them back to the Ethereum main chain. The MATIC token is used to pay transaction fees and participate in proof-of-stake consensus. Of late, it has become very popular in the crypto space and even managed to become the only blockchain company to be selected for the Disney Accelerator Program 2022. It is also quickly becoming the home to some very popular NFT collections and projects from all over the world.
Recently, Polygon unveiled its latest event to tap into the Web3 ecosystem in India, by launching the Web3 Made in India Roadshow.
Polygon is excited to meet the next generation of entrepreneurs during the #Web3MadeinIndia Roadshow 🌍
Find your tribe🏾🏽https://t.co/4RydrRpWTu
Join us as we travel throughout India. Our first two stops were Kochi and Jaipur.
JOIN US ON THE ROAD🚙 🧵👇🏽
— Polygon – MATIC 💜 (@0xPolygon) November 7, 2022
5. CHAINLINK (LINK)
This is yet another blockchain network that was built with a very unique purpose in mind. Chainlink is a crypto that aims to incentivise a global network of computers to provide reliable, real-world data to smart contracts running on top of other blockchain networks.
Simply put, smart contracts on blockchains tend to need information from outside the network. These data items can include prices of assets, weather, interest rates and the likes – for any kind of smart contract. That’s where these oracle networks come in, to basically become a conduit of information into the smart contract in a decentralized manner. For example, smart contracts seeking to replicate bonds or insurance agreements may need access to APIs reporting on market prices or Internet of Things data.
So to solve this problem, Chainlink was created – to create a network by incentivising data providers – also known as oracles – to act as a bridge between the blockchain smart contracts and external data sources.
So far, it has been one of the poorer performers out of this lot, having rallied hardly 30% in the recovery that happened all through the month of July 2022. However, that doesn’t indicate any possible reason that the token isn’t good or isn’t being valued. This is definitely a token that will receive investor interest going forward as the recovery continues and can provide healthy returns thanks to its near monopoly in the sector it is operating in.
This features on the top altcoins by market cap at #22 on CMC by market cap and is a part of this list of top altcoins in November 2022 thanks to the critical use case this particular project is trying to solve.
- It is a network that provides outside data to different smart contracts in a decentralized manner
- This token is a near monopoly in the blockchain space, its nearest competitors are far behind in terms of market cap
- This network incentivises computers to provide data to particular smart contracts
- These ‘oracles; act as a bridge between the blockchain smart contracts and external data sources
- Most unique utility based token amongst the top ranked cryptos by market cap
Additional Read: Chainlink Price Prediction
SO, HOW CAN YOU INVEST IN ALTCOINS?
Today investing in the list of top altcoins in November 2022 to watch out for is extremely simple with the CoinDCX App! Just download the CoinDCX App crypto investing app, enter the details required and wait for your profile to get verified. Once done, fund your wallet and buy any of the coins of your choice.