Investing in these cryptocurrencies will pay off for you in October 2021.
The cryptocurrency industry is still in its infancy, and crypto-assets are subject to extreme market volatility. When prices rise, investors flock to the industry, but when the market crashes, they suffer significant losses. However, there are certain strategies that experienced investors employ in order to profit from cryptocurrency. Cryptocurrency trading is the most popular way to make money, but it is extremely volatile, making it extremely risky. However, due to the market’s enormous growth potential, there are other effective strategies for profiting from cryptocurrency. The following is a list of the most profitable cryptocurrencies to invest in in October 2021.
1. Bitcoin (BTC) has a market capitalization of more than $821 billion.
Bitcoin (BTC) is the original cryptocurrency, created in 2009 by someone using the pseudonym Satoshi Nakamoto. BTC, like most cryptocurrencies, is based on a blockchain, which is a ledger that records transactions and is distributed across a network of thousands of computers. Bitcoin is kept secure and safe from fraudsters because additions to distributed ledgers must be verified by solving a cryptographic puzzle, a process known as proof of work. As Bitcoin has become a household name, its price has skyrocketed. Bitcoin could be purchased for around $500 five years ago. A single Bitcoin was worth more than $43,000 as of September 30, 2021. That is an increase of approximately 8,600%.
2. Ethereum (ETH) has a market capitalization of more than $353 billion.
Ethereum, which is both a cryptocurrency and a blockchain platform, is a favorite among programmers due to the potential applications it offers, such as smart contracts that execute automatically when certain conditions are met and non-fungible tokens (NFTs). This has grown tremendously as well. In just five years, its price increased by more than 27,000 percent, from about $11 to nearly $3,000.
3. Cardano (ADA)
Over $67 billion in market capitalization
Cardano, which arrived on the crypto scene later, is notable for its early embrace of proof-of-stake validation. By removing the competitive, problem-solving aspect of transaction verification found in platforms such as Bitcoin, this method reduces transaction time, energy usage, and environmental impact. Cardano, like Ethereum, uses ADA, its native coin, to enable smart contracts and decentralized applications. Cardano’s ADA token has grown slowly in comparison to other major crypto coins. In 2017, the price of ADA was $0.02. Its current price was $2.10 as of September 30, 2021. This is an increase of more than 10,500%.
4. Binance Coin (BNB) (BNB)
Over $64 billion in market capitalization
The Binance Coin is a type of cryptocurrency that can be used to trade and pay fees on Binance, one of the world’s largest cryptocurrency exchanges. Binance Coin has grown beyond simply facilitating trades on Binance’s exchange platform since its inception in 2017. It is now possible to use it for trading, payment processing, and even booking travel arrangements. It can also be traded or exchanged for other cryptocurrencies like Ethereum or Bitcoin. Its price in 2017 was only $0.10; by September 30, 2021, it had risen to more than $382, a gain of more than 382,000%.
5. Tether (USDT) has a market capitalization of more than $68 billion.
Tether, unlike some other types of cryptocurrency, is a stablecoin, which means it is backed by fiat currencies such as US dollars and the Euro and theoretically maintains a value equal to one of those denominations. In theory, this means Tether’s value should be more consistent than other cryptocurrencies, and it’s preferred by investors who are wary of other coins’ extreme volatility.
6. Solana (SOL) has a market capitalization of more than $41 billion.
Solana, which was created to power decentralized finance (DeFi) applications, decentralized apps (DApps), and smart contracts, is based on a unique hybrid proof-of-stake and proof-of-history mechanism that allows it to process transactions quickly and securely. The platform is powered by SOL, Solana’s native token. SOL’s price began at $0.77 when it was launched in 2020. By August 2021, its value had risen to nearly $140, representing a gain of nearly 18,000 percent.
7. XRP (XRP) has a market capitalization of more than $44 billion.
XRP, which was founded by some of the same individuals as Ripple, a digital technology and payment processing company, can be used on that network to facilitate exchanges of various currency types, including fiat currencies and other major cryptocurrencies. The price of XRP at the start of 2017 was $0.006. Its price reached $0.94 on September 30, 2021, representing a gain of more than 15,700%.
8. Dogecoin (DOGE) has a market capitalization of more than $26 billion.
Dogecoin has gained popularity as a result of celebrities and billionaires such as Elon Musk. This famously began as a joke in 2013, but thanks to a dedicated community and creative memes, it quickly became a prominent cryptocurrency option. Unlike many other cryptocurrencies, such as Bitcoin, there is no limit to the number of Dogecoins that can be created, making the currency vulnerable to depreciation as supply grows. In 2017, the price of Dogecoin was $0.0002. By September 30, 2021, its price had risen to $0.20, a 101,800% increase.
9. USD Coin (USDC) market capitalization: more than $31 billion
USD Coin (USDC), like Tether, is a stablecoin, which means it is backed by US dollars and aims for a 1 USD to 1 USDC ratio. USDC is powered by Ethereum, and you can use USD Coin to make international payments.
10. Polkadot (DOT) has a market capitalization of more than $28 billion.
Cryptocurrencies can use any number of blockchains; Polkadot (and its namesake cryptocurrency) aims to integrate them by building a cryptocurrency network that connects the various blockchains so that they can work together. This integration has spurred impressive growth since Polkadot’s launch in 2020, and it has the potential to change how cryptocurrencies are managed. Its price increased 872 percent between September 2020 and September 30, 2021, from $2.93 to $25.61.
Related:
Bitcoin breaks back above $50,000 in crypto rally
