Investing in Cryptocurrency: 4 Altcoins to Watch Closely in October

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After a promising August, September was a choppy month in crypto. China’s latest cryptocurrency ban combined with regulatory fears to drive the total crypto market capitalization below the $2 trillion mark.

But so far the correction has not been as dramatic as what happened in May. And there are several positive signs, such as the continued trend of mainstream adoption. AMC Theaters said it would accept crypto payments before the end of the year, and most recently Verifone – one of the world’s largest merchant payment terminal providers – announced an agreement with BitPay to offer processing. crypto payments.

What to expect in October

October just might be the month we learn what increased regulation of cryptocurrencies in the United States might look like. See the article: NFT: Axie Infinity valued at $3 billion!. According to Bloomberg, Treasury officials are set to announce a crypto policy framework.

Harsh regulation could deal a short-term blow to the industry, especially coins related to decentralized finance. This could mean that we are seeing price drops for some of the popular smart contract cryptos like Solana (SOL) and Avalanche (AVAX) which have surged in recent months. Depending on your attitude towards investing, this could present a buying opportunity.

That said, so far the cryptocurrency industry has weathered the regulatory storms quite well. The overall crypto market has grown over 130% so far this year despite China’s ban, according to data from CoinMarketCap. And the SEC lawsuit against Ripple (XRP) has yet to knock it out of the top 10 cryptos.

Nevertheless, I am preparing for an eventful month of October. Although, it may just be business as usual in the land of crypto.

4 altcoins to watch in October

This month we featured some older but interesting cryptocurrencies that sometimes get lost in the rush for new coins. New cryptos offer the potential for high rewards, but they also come with more risk. See the article: Visa Stock Opinion: Is it recommended to buy Visa shares at the current price?. So it’s good to keep more established projects in sight.

1.Chainlink (LINK)

We’ve been talking a lot about smart contracts lately. These tiny pieces of self-executing code live on the blockchain and are pre-programmed to automatically perform a certain action when triggered. See also: 80 of the most flexible and highest paying jobs in 2021. For example, a farmer’s insurance policy may pay out in the event of bad weather.

But how does the smart contract know when these conditions are met? It uses things called “oracles”. And Chainlink is one of the best known oracle networks. Basically, Chainlink translates real-world data into something that smart contracts can understand and act on.

Chainlink’s price has more than doubled this year – impressive, but a far cry from some of the star cryptos. However, it recently announced a partnership with Cardano (ADA) to provide data for its smart contracts. It is also used by Alphabet outside the crypto world to develop hybrid blockchain applications. Considering the number of cryptos Chainlink partners with, this workhorse deserves a spot on your watchlist.

2. Filecoin (FIL)

Every month, I try to include an outward-facing cryptocurrency project that wants to solve real-world problems. Filecoin is a decentralized data storage service that could rival Dropbox or Google Drive.

Rather than uploading data to the cloud, users are essentially renting unused space on other computers. Filecoin breaks down 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 significant gains this year — it’s up more than 3,500% since January 1. It is another player in the Ethereum (ETH) smart contract blockchain space, which also includes coins like Solana, Cardano, Cosmos (ATOM), and Algorand (ALGO). Like them, Harmony is more scalable than Ethereum and processes transactions faster and cheaper. It also promotes interoperability – ways for blockchains to communicate with each other.

It is expected to achieve several of its strategic goals in October. And he just announced a $300 million fund to attract developers. Whether that can set him apart from the pack in a very fierce race remains to be seen.

4. Decentralized (MANA)

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

These virtual worlds may seem like a pandemic-fueled fad. But when someone like Facebook’s Mark Zuckerberg says he sees metaverses as the future, that’s also a trend worth investigating.

A note on our coins to watch

These four altcoins are available from major crypto exchanges in the United States, but be sure to do your own research before buying and only invest the money you can afford to lose. Every month we give you a taste of a few interesting coins with strong use cases, but only you know your investment priorities and risk tolerance.

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

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