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- Cryptocurrency prohibition in China, combined with regulatory concerns, has pushed the whole crypto market valuation below $2 trillion
- The analysts will keep a close watch on what increased cryptocurrency regulation in the United States would entail
- Chainlink, Harmony, Decentraland and filecoin are the top four altcoins for October
September was a tumultuous month in crypto after a positive August. The recent cryptocurrency prohibition in China, combined with regulatory concerns, has pushed the whole crypto market valuation below $2 trillion.
However, the correction has not been quite as severe as what occurred in May. There are also some encouraging signals, including the ongoing trend toward popular acceptance. AMC Theatres recently stated that it will take cryptocurrency payments before the end of the year, while Verifone, one of the world’s top providers of merchant payment terminals, just announced a partnership with BitPay to offer crypto payment processing.
October rally
In the October month, the analysts will keep a close watch on what increased cryptocurrency regulation in the United States would entail. Treasury officials are reportedly on the verge of establishing a crypto policy framework.
Heavy-handed regulation, particularly for coins linked to decentralised finance, might deliver a big short-term blow to the industry. That might mean price drops for some of the most popular smart contract cryptos, such as Solana (SOL) and Avalanche (AVAX), which have seen significant price increases in recent months. Depending on your investment philosophy, this could be a good time to buy.
Nonetheless, the Bitcoin business has fared admirably in the face of regulatory challenges thus far. Despite China’s prohibition, the total crypto market is up over 130 percent this year, according to CoinMarketCap data. The SEC lawsuit against Ripple (XRP) hasn’t knocked it out of the top ten cryptos yet.
Top 4 four Altcoins shining this October are:
Chainlink (LINK)
Smart contracts are becoming very popular recently. These tiny pieces of self-executing code are stored on the blockchain and are pre-programmed to perform a certain activity when activated. A farmer’s insurance policy, for example, might pay out in the event of bad weather.
But how does the smart contract know when those requirements are met? It employs what are known as oracles. And one of the most well-known oracle networks is Chainlink. Chainlink, in a nutshell, converts real-world data into something that smart contracts can understand and act on.
Chainlink’s price has more than doubled this year, which is great, but nowhere near the levels of some of the more well-known cryptocurrencies. It did, however, recently announced a collaboration with Cardano (ADA) to provide data for its smart contracts. Outside of the crypto sector, Alphabet is using it to create hybrid blockchain apps. Chainlink is a workhorse that deserves a spot on your watchlist due to the quantity of cryptos it partners with.
Harmony
Harmony has already seen huge gains this year, with a gain of approximately 3,500% since January 1. It joins the likes of Solana, Cardano, Cosmos (ATOM), and Algorand in the Ethereum (ETH) want to be smart contract blockchain sector (ALGO). Harmony, like them, is more scalable than Ethereum and processes transactions more quickly and cheaply. It also encourages interoperability, or the capacity for blockchains to talk to one another.
In October, it expects to achieve several of its strategic objectives. It has also recently launched a $300 million fund to entice developers. What remains to be seen is if this will be enough to put it apart from the field in an extremely competitive race.
Decentraland
Big internet corporations have been pouring money into metaverses, or virtual worlds. Decentraland is one of the largest and most well-known virtual worlds in the crypto industry. Users can buy, sell, and develop land, which they can use to create everything from art galleries to mediaeval dungeons. A virtual tract of land sold for $900,000 in June.
These virtual worlds may appear to be a trend fueled by a pandemic. However, when someone like Facebook’s Mark Zuckerberg declares that metaverses are the way of the future, it’s a trend worth investigating more.
Filecoin
Filecoin is a decentralised data storage service that competes with Dropbox and Google Drive, among others. Users rent spare space on other computers rather than uploading data to the cloud. Filecoin decomposes and encrypts data, and storage providers are rewarded with FIL tokens for maintaining data availability. The Filecoin network is designed to be faster, less expensive, and more secure than standard data storage solutions.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
