Hopes that the Federal Reserve will start to turn around caused some activity in the market in October. However, it is still unclear how Bitcoin and altcoin projects will perform in November. Crypto analyst Crispus Nyaga shares 6 altcoin projects he chose to watch in November.
The first altcoin project Theta Network
Theta is one of the largest blockchains in the world. Video is a platform that aims to solve the problems media and entertainment companies have experienced with videos on the platform. That’s why Theta doesn’t rely on centralized data storage platforms. Instead, it relies on a decentralized network of data storage capabilities provided by node operators from around the world.
Theta Network is its local currency that we use for governance and payment purposes. On the other hand, Theta Fuel (TFUEL) is Theta’s gas for its network. Users use it for payments in the ecosystem. Theta Network and TFUEL tokens will be in the spotlight in November due to the hard fork that will introduce Metachain. Thus, it will become better than the current one, ensuring that it can handle unlimited trading volumes. Therefore, there is a chance that the altcoin price will perform well before and after the hard fork.
Leading altcoin Ethereum (ETH) is in second place again
It is known that Ethereum (ETH) is the largest altcoin project in the world. A Blockchain project used to develop other decentralized ecosystems in industries such as Decentralized Finance (DeFi), metaverse, and Non Fungible Token (NFT).
ETH rebounded strongly in October as investors bought the altcoin’s dip. In addition, it rose as developers continued to develop the network. One of the key points was the release of the Shandong test-net, which was part of the team’s Shanghai upgrade. The performance of this test-net and its ecosystem will have a decisive impact on the altcoin price. cryptocoin.comAs you follow on , investors are following the activity that followed the recent Merge.
Cosmos (ATOM) is also on the list
Another altcoin project that has seen significant growth is Cosmos. The project includes many platforms in its ecosystem such as Cronos, Osmosis and ThorChain. The main catalyst for the ATOM price will be the upcoming launch of the Cosmos V2. This version will provide various features on the network, including liquid staking and instant splitter.
Meanwhile, the network will create a treasury that will be tasked with using the funds to bring more revenue to Cosmos. Therefore, there is a possibility that Cosmos ATOM will see more action before its launch.
The fourth altcoin project Uniswap (UNI)
Uniswap is the largest decentralized exchange (DEX) in the world. It processes over $400 million in cryptocurrencies daily. At its peak, Uniswap was processing over $2 billion every day. It competes with the likes of PancakeSwap, SushiSwap, and dYdX, among others.
Uniswap price dropped 60% during the crypto crash in 2022. It was also affected by falling TVL and average daily volume. Still, there are signs that Uniswap price will continue to recover in the coming weeks. First, Uniswap emerged unscathed from recent cryptocurrency sales. In addition, Uniswap’s developers recently raised $165 million from venture capital firms to fund its growth. Some of these funds will be used to strengthen its overall ecosystem and create new features such as NFTs. Therefore, Uniswap price will likely continue to recover as the bulls target the key resistance level at $9.5.
Fifth row of the list is dYdX (DYDX)
dYdX is a leading DeFi platform similar to Uniswap. A DEX that processes millions of transactions on a daily basis. A key feature is that it has some of the lowest transaction costs in the industry.
The dYdX price will likely recover in the coming months as investors welcome the launch of dYdX Blockchain in the Cosmos ecosystem. Meanwhile, it will be the fourth version of the ecosystem. By launching its own Blockchain, dYdX hopes to encourage developers to build apps on its ecosystem. It will also further reduce fees for traders.
Latest altcoin project AAVE (AAVE)
AAVE is one of DeFi’s leading players. A non-custodial platform that makes it possible for people to raise funds and borrow cryptocurrencies. Developers built AAVE on Ethereum and other Blockchains like Polygon, Arbitrum, Optimism, Fantom and Harmony. According to DeFi Llama, AAVE has a TVL of more than $8.32 billion.
The price of AAVE has dropped more than 60% this year. Still, it has survived recent crypto sales, including the collapse of Terra. So, it’s a good cryptocurrency to invest in. It also has a strong market share in its sectors.
Altcoin selections and predictions in the article are the analyst’s own views and are definitely not investment advice. cryptocoin.comAs you follow, the crypto market is highly volatile and uncertain. Therefore, be sure to do your own research for investment and trade.
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