The year 2022 was one of the worst years for cryptocurrencies. Crypto investors saw major price declines from all-time highs. It is no longer possible to hold Bitcoin and wait to make a million dollars with an investment of under $10,000. However, there are many altcoins that are expected to boom in the coming months, especially starting in October as this month has always been bullish for cryptos. Like we do every month, we’ll provide in this article the top 5 altcoins to buy in October 2022.
#5 Chainlink (LINK)
Chainlink enables the incorporation of globally interconnected smart contracts. Furthermore, it is a decentralized network of nodes that uses oracles to feed on-chain smart contracts data from off-chain sources. Since the network’s launch in 2019, it has enabled safe communication between blockchains and external data feeds and events. Such data streams include, for instance, stock prices and results from sporting events.
Recently, Chainlink announced Chainlink Build. By granting improved access to Chainlink services and technical assistance in exchange for promises of network fees and other incentives to Chainlink service providers, Chainlink BUILD intends to hasten the growth of early-stage and established projects inside the Chainlink ecosystem. The economic incentives between the communities are in line, and this promotes the long-term sustainability of both ecosystems.
#4 Polygon (MATIC)
Polygon is a scaling method for the Ethereum Blockchain. It ought to make transactions easier and quicker. In order to more evenly spread the volume of transactions that take place on Ethereum, Polygon employs so-called “sidechains.” A layer 2 solution focuses on this.
MATIC prices did adjust in the past 2 months. However, its prices are about to grow as part of an uptrend continuation. Since the month of October has always been known to be green for cryptos, MATIC can confirm its trend continuation from October onwards.
#3 Cardano (ADA)
Cardano managed to secure its 3rd place in our top 5 altcoins to buy in October 2022. In fact, it is one of the most promising cryptocurrency projects. It is well-known since Cardano is now the most advanced and well-liked proof-of-stake cryptocurrency available. Cardano is undoubtedly one of the most peer-reviewed and meticulously built blockchain platforms, and nobody in the cryptocurrency world can dispute that. Few, if any, other cryptos can lay claim to that designation. The robust peer-review methods and processes enable this proof-of-stake coin to properly compete with Ethereum.
Cardano is frequently described as the third generation of cryptocurrencies, with Ethereum and Bitcoin serving as the first and second generations, respectively. However, from the perspective of cryptocurrency prices, the ADA price has historically been significantly better, and 2022 has undoubtedly not been kind. That’s why it might be a good idea to purchase ADA cheaply in anticipation of the upcoming uptrend, especially since prices are currently at a strong support area.
#2 Uniswap (UNI)
Uniswap is a decentralized exchange (aka DEX) based on the Ethereum blockchain that also functions as a coin. While its token holders run it, its Blockchain is open source and available for everyone to read and edit. It functions as a DEX and gives users access to its platform for peer-to-peer market making. These transactions don’t need a broker or a third party, like any conventional DEX transaction. It is less expensive to run and utilize for users because of the absence of this interference.
According to data from CoinGecko, Uniswap is presently the largest decentralized exchange, with a sizable market share of 43.2% as of this writing. Out of all the main cryptocurrencies, it has demonstrated one of the strongest recoveries in the previous month.
#1 Ripple (XRP)
Ripple is number 1 on the list of the top 5 altcoins to buy in October 2022. Recently, the CEO of Ripple Brad Garlinghouse submitted a request for summary judgment. This is basically a request for summary judgment on at least one claim from the court. If the motion is granted, the issues in question are resolved without a trial. This would lead to a big win for Ripple, as they won’t even need to settle by paying a hefty fee.
The likelihood of a Ripple victory is currently quite strong. On his Twitter account, the attorney for the Ripple corporation posts updates about how the legal matters are developing.