Leading 5 cryptocurrencies to watch in November 2022
In October, the cryptocurrency market demonstrated a bullish performance, signaling a promising start toQ4 2022. At the end of the month, the market started to rise above the trillion-dollar threshold as investors' appetite for riskier assets grew despite the macroeconomic environment's current bearishness.
As the leading cryptocurrency asset, Bitcoin, started trading at $19,431.79 at the beginning of the month and ultimately concluded the month at $20,495.77, marking a 5.48% increase, the month turned out to be bullish for the cryptocurrency market. The cost of one bitcoin peaked at $20,988.39 near the end of the month. At the conclusion of the month, Bitcoin held a 38.61% market share, which is 0.88% less than the 39.49% it held at the start of the month.
From $943.5 billion at the beginning of the month to $1.03 trillion at the conclusion, the market capitalization of cryptocurrencies increased by 8.65% in October. During the month, the market value of cryptocurrencies traded as high as $1.04 trillion.
Similar bullishness was seen in the altcoin market, which increased 10.57% in October, rising from about $569.1 billion to $629.2 billion by month's end. The market capitalization of alternative coins reached a high of $634 billion throughout the month.
Following the market's recent upward trend, here are 5 cryptocurrencies that investors should be on the lookout for in November 2022.
1. Bitcoin’s BTC
After several months of extremely low volatility, Bitcoin, the BTC Flagship cryptocurrency asset, has rallied back above the crucial $20,000 psychological level this week. It recently traded as high as $20,988 after falling as low as $19,215. This comes after the asset had been consolidating since early September in a tighter range. The fact that this is the first relief rally in many months is notable.
The CEO of asset manager Capriole, Charles Edwards, reveals that the Bitcoin barometer is currently at its second-lowest point in history. A new candidate contends that Bitcoin is even more oversold than the average investor thinks, as on-chain data converge to establish a traditional macro bottom for BTC/USD. Being oversold signifies that current market action implies that Bitcoin traders are unwilling to sell their tokens at these low levels and are trying to sell at higher prices.
The Bitcoin Yardstick calculates the relationship between the market capitalization and hash rate of bitcoin, two fundamental measurements that, when compared, provide important insights into the price. According to Edwards, Bitcoin becomes "cheaper" as its value decreases because more hashing power is being used to safeguard cheap coins. This has consequences for prospective buyers, notwithstanding his warning that it is "not investment advice." Also must be noted, most of the value that hasn't been realized is due to the effort put forward to protect the Bitcoin supply when the price was being suppressed. The price of Bitcoin is currently down about 75% from its previous all-time highs, which were reached in November 2021, but the network hash rate is close to all-time highs.
"Today, we are witnessing the second-lowest reading in the history of Bitcoin on the Bitcoin Yardstick. Given the amount of energy utilized on the most powerful computer network in the world, this indicates that Bitcoin is very inexpensive relative to other financial instruments, Edwards explained.
At the end of the month's trade, Bitcoin was worth $20,495.77.
2. Quant Network’s QNT
In order to connect blockchains and networks on a global scale while maintaining network efficiency and interoperability, Quant started in June 2018. By developing the first blockchain operating system, it is the first initiative to address the interoperability issue.
The token's price has increased significantly over the last four months and has increased by over 300%. It currently holds rank #31 among the top cryptocurrencies by market capitalization, with a market cap of $1.93 billion. To put this in perspective, the cryptocurrency market had its worst quarterly performance in more than ten years over the previous four months. The token, which was one of the top performers among the top 100 by market capitalization in October, entered the top 30 by market capitalization.
The news cycle over the past few weeks appears to be one of the hype's main motivators. Particularly, the demand for and global trend toward Central Bank Digital Currencies (CBDCs) have generated overwhelmingly good press for Quant. Gilbert Verdian, CEO of Quant, has a seat at the European Central Bank next to the Central Banks of Italy, Lithuania, and the London Stock Exchange. Gilbert is very well-connected. Verdian holds the distinction of being the most knowledgeable and connected CEO in the cryptocurrency industry right now, according to the community.
However, given that Quant Network's daily active addresses (DAA) reached an all-time high of 10,949, up from roughly 5,850 four months ago, it might signal the end of the token's ascent.
The DAA readings, however, rapidly decreased over the previous two days, reaching over 6,800 on October 19.
QNT's monthly trading total was $ 166.86.
3. Ethereum’s Ether
The largest smart contract platform for digital assets is still Ethereum, which hosts a wide range of financial goods, innovations, and automation with varied degrees of decentralization (generally referred to as DeFi).
One of the ground-breaking and well-publicized events in the cryptocurrency industry in 2022 was the Ethereum Merge. The largest smart contract platform, the Ethereum Blockchain, underwent a change in which it switched from a Proof-of-Work (PoW) consensus mechanism, which is thought to be less environmentally friendly, to a Proof-of-Stake (PoS) consensus mechanism, which is thought to be the more environmentally friendly of the two major consensus mechanisms.
With many predicting that the price of Ether would drop below $1,000 in the near future, new statistics have investors concerned that investors may lose money despite the blockchain's favorable progress. This concern results from a sharp decline in network activity. Over the past four months, the number of daily active addresses (DAA) for Ethereum has significantly decreased.
Investor apathy is also apparent in Ethereum-based investment funds. The most recent weekly data from CoinShares shows that these funds experienced outflows totaling $2.1 million for the week ending October 31. On a year-to-date (YTD) basis, these outflows have totaled $373.30 million. The funds reported an outflow of $10.80 million in October.
The price of ether at the month's end was $1,572.71.
4. Dogecoin’s DOGE
The most popular meme coin has had an astonishing 100% growth in the previous seven days as investors rush to purchase the asset following the completion of Twitter's takeover by the token's largest proponent and richest man in the world, Elon Musk. 62% of Dogecoin (DOGE) investors have turned a profit as a result of the uptrend amid expectations that Musk's purchase of Twitter will benefit the meme token.
The day after the billionaire entrepreneur changed his Twitter bio to "Chief of Twit," DOGE's price surged. The following day, he visited Twitter's headquarters in San Francisco before formally closing the deal as the new owner on October 28.
The events have also caused DOGE's market cap to overtake the native tokens of smart contract platforms Cardano and Solana, making it the eighth largest cryptocurrency in the world with a market worth of $17.1 billion. Given that many Dogecoin investors have high expectations for Musk, also known as "The Dogefather," to integrate Dogecoin into Twitter in some way, the connection between Musk's purchase of Twitter and DOGE's sharp price increase should not be shocking. Given that DOGE may be used to make payments at Musk-owned businesses Tesla and SpaceX, this seems quite likely.
The integration of Dogecoin into Twitter is now a "serious possibility," according to Charles Hoskinson, the inventor and CEO of Cardano. Hoskinson went one step further by promising to transfer Dogecoin onto Cardano for free as a sidechain with incorporated smart contract capability after stating, "Now that Twitter is in the hands of @elonmusk I can see a real probability that doge would somehow merge with the platform."
DOGE's monthly closing price was $0.127.
The XRP Ledger's native coin, or XRP, can be used to make purchases on the platform and other supported sites.
The United States Securities and Exchange Commission case with Ripple is still being handled by the company (SEC). The SEC accused Ripple in December 2020 of selling $1.3 billion worth of XRP through an unregistered securities offering, according to charges made by the company's management. The assertions were rejected by Ripple, who insisted that XRP shouldn't be viewed as a security.
The case has been ongoing for almost two years, but recent news indicates that it may be nearing a resolution with Ripple expected to prevail. This is due to a "summary judgment" request that was made last week by the SEC and Ripple Labs.
A summary judgement is a judicial procedure where a court makes a decision based on the evidence presented without ordering a trial, increasing the likelihood that a decision will be made before the end of the year. Traders are responding favorably to this news because, if Ripple prevails, it will significantly reduce market uncertainty for XRP.
The outcomes of the summary judgment, according to defense attorney James K. Filan, will be based on the facts presented, and a determination regarding whether XRP is a security or not is anticipated by mid-December.
The monthly trading low for XRP was $0.4659.
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