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Top 5 Altcoins To Watch out for in October 2022

The month of September 2022 has been a very troublesome one for investors. The overall crypto market capitalisation has fallen by over 8% in the past month. This fall has resulted in all the major cryptos seeing value erosion and have broken down below crucial support levels all across the board.

But, October historically has been one of the bullish months of the year, while September has been a bearish one. Often referred to as ‘Uptober’ – this month has been associated with profits across the board as Bitcoin, the grandfather of all cryptos – October has been profitable 77% of the time. Keeping that in mind, there will always be cryptos worth keeping an eye on for potential opportunities, which can become good recovery candidates. Here’s a list of the top altcoins by market cap to look out for this October.

Before moving onto the top altcoins in October 2022 by market cap, let us understand what are altcoins. 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 somethings 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 October 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 maximise returns over the long term. So here are the top altcoins in October 2022 by market cap. 

Altcoins 2022 Launch Founder Native Token Market Cap Token Type Circulating Supply Max Supply
ETHEREUM July 2015 Vitalik Buterin ETH $159 Billion (2) Platform Token 122 Million ETH N/A
CARDANO 2017 Charles Hoskinson ADA $14.8 Billion (8) Platform Token 34.2 Billion ADA 42 Billion ADA
UNISWAP November 2018 Hayden Adams UNI $4.7 Billion (17) Utility Token 762 Million UNI 1 Billion UNI
CHAINLINK May 2019 Sergey Nazarov LINK $3.9 Billion (20) Utility Token 491 Million LINK 1 Billion LINK
DECENTRALAND February 2020 Ari Meilich and Esteban Ordano MANA $1.28 Billion (42) Governance Token 1.86 Billion MANA N/A

Values as of 28 September, 2022

Additional Read: Top Cryptos to Watch this Week

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.

About two weeks 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 to sub $1300 levels. It is currently ranked #2 on CoinMarketCap according to its market cap and forms a definitive part of the list of top altcoins in October 2022 to watch out for.

Key features:

Additional Read: Ethereum Price Prediction

2.  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 platform. 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, ADA price has much better days before, and 2022 definitely hasn’t been kind to it. However, things can quickly change, with Cardano’s Vasil Hark Fork successfully underway on 22 September. This is why Cardano is the next in the list of top altcoins in October 2022 by market cap.

Technically, Cardano’s native crypto token ADA is in a bearish chart pattern, a descending triangle. If ADA price breaks down below the trendline support – we can see a major breakdown happen in the token. 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.

Key features:

Additional Read: Cardano Price Prediction

3. UNISWAP (UNI)

Quite different from most other coins on this list, Uniswap is a crypto exchange which uses a decentralised network protocol. Uniswap is the name of the company that initially built the blockchain network to perform this function. The protocol is responsible for automated transactions between crypto exchanges on the Ethereum blockchain through the use of smart contracts. The Uniswap DEX employs the use of an automated market maker (AMM), meaning that it uses decentralised liquidity pools which are powered by smart contracts.

At one point back in 2020, amid the bull run the crypto market – Uniswap had grown to become the largest decentralised crypto exchange and the fourth largest crypto exchange overall, in terms of trading volumes.

Uniswap was created by Hayden Adams and launched in November 2018. It quickly became extremely popular among those wanting to trade through a decentralised crypto exchange to avoid governmental interference and regulation.

But despite its popularity and use, this altcoin has been the hardest hit crypto in this entire list, having fallen over 93% from its all-time highs. However, UNI price has been one of the better performers out of all the cryptos in this lost of top altcoins by market cap in October 2022. This is because, in the past two weeks, UNI price has managed significantly despite the broader market bearishness.

This features on the top altcoins by market cap at #17 on CMC by market cap and thanks to its unique functionality and market leadership, this features in the list of top altcoins in October 2022.

Key features:

Additional Read: Uniswap Technical Analysis

4. 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 decentralised 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 #23 on CMC by market cap and is a part of this list of top altcoins in October 2022 thanks to the critical use case this particular project is trying to solve.

Key features:

Additional Read: Chainlink Price Prediction

5. DECENTRALAND (MANA)

Decentraland (MANA) was one of the top metaverse tokens until Apecoin came along early in 2022. In short, MANA is an Ethereum token (ERC-20 based) that powers the Decentraland platform. Decentraland’s native token – MANA can be used to pay for virtual plots of land in Decentraland as well as in-world goods and services.

Decentraland is unique because it was one of the first tokens to properly bring about the concept of a decentralised virtual world, where users can interact with other users and the ecosystem. One of the tokens that is used to interact is LAND, which according the Decentraland’s whitepaper, is a finite and transferable 3D virtual space that is nothing but a non-fungible digital asset (NFT) that users can purchase and can be permanently owned by them. As per the official website, each plot of LAND is an ERC-721 token and is of size 52 feet by 52 feet. The total number of plots is capped at 90,601 and can be bought using MANA tokens and hence there is a limited supply which accounts for its value.

Decentraland’s performance however has been more or less quite lacklustre. MANA price action over the past couple of months have been rather stagnant, trading very firmly within a narrow range of $0.8-$1.2. Since the month of May, MANA has been stuck within that range, with buying at lower levels and selloffs at the higher ones. Currently ranked #42 according to CoinMarketCap, it features on the list of top altcoins in October 2022.

Key features:

Additional Read: Apecoin Price Prediction

SO, HOW CAN YOU INVEST IN ALTCOINS?

Today investing in the list of top altcoins in October 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 coin of your choice.

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