Don't miss out on these top cryptos
Nov 1, 2023, 5:26 am EST
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As the price of cryptocurrencies like Bitcoin (BTC-USD) surge, investors wonder which are the top cryptos to buy. Although there’s a strong correlation between Bitcoin and other top cryptos, each coin has unique fundamentals and some are nearing breakout potential. These coins will be buoyed by the rising enthusiasm for added liquidity to the market, as a Bitcoin ETF is now on the horizon.
The cryptos discussed in this article offer opportunities for risk-adjusted returns. These coins are supported by strong network fundamentals, user engagement and often deflationary models that will keep their prices high.
So here are the top cryptos to buy that closed out October on a high note.
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Solana (SOL-USD) has been showing a positive trend with a 79.12% increase in the last month. It is known for its high-performance blockchain, supporting fast and scalable decentralized apps and crypto projects. The continuous development and adoption in the DeFi and NFT spaces make Solana a strong contender for substantial future growth.
VanEck is very bullish on SOL. It predicts Solana’s price could rise by 10,000% by 2030, reaching up to $3,211.28, driven by unmatched data throughput and affordability in tasks like NFT minting. Solana saw a 74% increase in assets under management in its DeFi apps in October.
Sol has the momentum and fundamentals to be considered one of those top cryptos to buy.
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Polymath Network (POLY-USD) has experienced a significant increase of over 150% during October. POLY aims to simplify the legal process of creating and selling security tokens. It is a blockchain-based system that coordinates and incentivizes participants to collaborate and launch financial products on the blockchain.
The thesis for POLY is less based on hype and more on its fundamentals. Blockchain technology is reshaping the music rights industry, with companies like Polymath leading the way in tokenization. This process converts music rights into digital tokens, allowing for fractional ownership and easier trading, simplifying the traditionally complex and costly legal processes involved in transferring ownership.
POLY’s position in the market will further drive home the idea that NFTs and related assets can and do have value in a utilitarian sense, which should see its tokens be worth more in the future.
Osmosis (OSMO-USD) has surged by 8.23% in October, showing a strong positive momentum. The crypto is an automated market maker built for the Cosmos ecosystem. It allows for a high level of customization by liquidity providers, making it attractive for a variety of use cases.
The introduction of OSMO 2.0 brought enhanced governance and reduced inflation, which is a significant benefit for investors.
Furthermore, the v16 Magnesium upgrade of Osmosis aims to introduce supercharged liquidity pools. This will allow users more flexibility in specifying pool positions and securing positions across various price ranges. The upgrade also enables liquidity providers to earn both swap fees and staking rewards simultaneously.
These features are relatively rare in the DeFi space, thus giving OSMO an edge over its peers. It’s, therefore, one of those cryptos investors should consider.
On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Matthew started writing coverage of the financial markets during the crypto boom of 2017 and was also a team member of several fintech startups. He then started writing about Australian and U.S. equities for various publications. His work has appeared in MarketBeat, FXStreet, Cryptoslate, Seeking Alpha, and the New Scientist magazine, among others.