While there are significant increases in the prices of leading assets such as Bitcoin (BTC), cryptocurrency markets continue to attract the attention of investors. With this continued momentum, many investors are looking for the best altcoin projects to add to their portfolios. In this article, we explore the standout cryptos that closed October on a high note and offer opportunities for risk-adjusted returns.
First altcoin on the list: Solana
Solana (SOL) has entered an impressive uptrend with a significant gain of 79.12% in the past month. Known for its high-performance Blockchain, Solana has become a preferred option for fast and scalable decentralized applications and crypto projects. Investorplace analyst Matthew Farley believes that its continued development and adoption in the DeFi and NFT spaces makes Solana a strong contender for significant growth in the future.
Farley thinks VanEck’s bullish outlook on SOL is notable because they predict a significant price increase of up to 10,000% by 2030, potentially reaching $3,211.28. This optimism stems from Solana’s unique data throughput and affordability for tasks like NFT minting. Moreover, Solana recently saw a 74% increase in assets under management across DeFi apps in October. With such momentum and strong fundamentals, Solana stands out as one of the best cryptos to buy.
POLY rose 150 percent in October
Polymath Network (POLY) experienced a significant increase of over 150% in October, reflecting its commitment to simplifying the legal process of creating and selling security tokens. This Blockchain-based system facilitates the launch of financial products on the Blockchain by encouraging collaboration among participants. Farley notes that POLY’s value is based on fundamentals rather than hype. The tokenization of music rights, pioneered by companies like Polymath, is reshaping the music industry. This process simplifies the traditionally complex and costly legal processes involved in transferring ownership, while converting music rights into digital tokens, enabling fractional ownership and easier trading. All in all, POLY’s position in the market makes it a promising investment.
Osmosis is also on the altcoin list
Osmosis (OSMO) showed strong positive momentum with an increase of 8.23% in October. This automated market maker is designed for the Cosmos ecosystem and offers a high degree of customization for liquidity providers, making it attractive for a variety of use cases. The launch of OSMO 2.0 brought improved governance and reduced inflation, which is a significant benefit for investors. Farley emphasizes that Osmosis’ v16 Magnesium upgrade aims to deliver supercharged liquidity pools that allow users to define pool positions and secure positions across a variety of price ranges. This upgrade also allows liquidity providers to earn both exchange fees and staking rewards simultaneously, a relatively rare feature in the DeFi space. With these features, OSMO stands out as a notable crypto investment.
Ethereum stands out in the long run
Ethereum (ETH), also analyzed by Investorplace analyst Chris MacDonald, also attracts attention. ETH has risen over 52,000% since its launch in July 2015, proving to be an outstanding investment for long-term investors. Despite facing periods of significant volatility, recent price action has generated interest. Currently trading 68% below its November 2021 all-time high, MacDonald believes this presents an attractive buying opportunity.
Over the past week, Ethereum has witnessed positive momentum driven by the overall bullish sentiment in the crypto market. Ethereum’s status as the leading blockchain for decentralized applications positions it well for long-term growth, assuming on-chain adoption continues. With its potential for game-changing returns, especially in the field of decentralized applications (dApps), Ethereum remains a strong choice among cryptocurrencies to buy and hold.
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