The month of ‘Up’tober in the cryptocurrency world lived up to its name as flagship cryptocurrency, Bitcoin hit an all-time high of $66,930.39 on the 20th of October, after starting the month at $43,790.90 representing a 52.84% rally.
The cryptocurrency market capitalization has gained approximately 36.65% in the month of October from approximately $1.93 trillion at the beginning of the month to the end of the month at approximately $2.63 trillion. The cryptocurrency market capitalization traded as high as $2.67 trillion also on the day Bitcoin hit an all-time high.
Although Bitcoin accounted for a huge part of the rally as its market dominance increased by 1.29%, to currently stand at 44.1%, the altcoin market also rallied but not as significant as the flagship cryptocurrency asset.
The Altcoin market gained 33.91% in October, from approximately $1.1 trillion to stand at $1.47 trillion at the end of the month. However, an uptick in the altcoin market was seen towards the end of the month, which would indicate that the altcoin market is beginning to respond to Bitcoin’s rise.
It would appear that ‘meme coins’, a term used to describe cryptocurrencies that were created to represent a meme or a joke, seem to be the major catalyst pushing the altcoin market. A notable increase would be the Shiba Inu token, which is usually referred to as Dogecoin’s younger brother, making it into the top 10 cryptocurrencies by market capitalization. The token rallied to as high as the #8 spot, flipping Dogecoin and Polkadot’s DOT token.
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The entire space is now very bullish as optimism from Bitcoin’s rally has put traders and investors minds at ease, especially now that Bitcoin had its monthly candle close above $60,000, its highest ever.
With the current momentum in the cryptocurrency market, here is a look at 5 cryptocurrencies investors should watch out for in November 2021.
Bitcoin’s BTC
Bitcoin broke all-time highs towards the end of October and saw its market capitalization trade over $1.2 trillion, making it the 6th most capitalized asset class, according to Asset Dash. Although bitcoin retraced to trade as low as $58,206.92, after hitting its new all-time high, there are still indications that there is more room for growth.
Data from Glassnodes, an on-chain analytics company, reveals that even with Bitcoin trading at an all-time high, whales (big money investors) are still buying the asset class. In the week of Bitcoin breaking to all-time highs, $2.5 billion left exchanges which indicates strong accumulation from whales despite Bitcoin going into price discovery.
William Clemente, an on-chain analysts’ expert, did a Twitter thread explaining the macro aspect of Bitcoin and also giving price predictions. On the price predictions, he used a Top Cap Model which was created by Willy Woo, also an on-chain analyst.
He stated, “This is the ‘Top Cap’ model, created by @woonomic. This looks at the all-time moving average cap of Bitcoin and multiplies it by 35. Currently sits just over $204,000.” He also used a Delta Valuation Model in which he stated, “This is what I’ve called the Delta Valuation Model. This looks at Delta cap (created by @kenoshaking) as the floor and takes a 7.5X multiple of this for the top. Top currently sits just above $114,000.”
Bitcoin is currently trading $60,900, down 0.48% for the day, as of the time of writing this report.
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Polkadot’s DOT
Polkadot is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other.
Polkadot (DOT) founder, Gavin Wood in a tweet, unveiled a $776 million development fund. He explained that Polkadot’s treasury has allocated more than 18.9 million DOT to a development fund that will be disbursed through community governance.
Also, the ecosystem has laid out a schedule to debut parachain slot auctions following a unanimous approval from the blockchain’s on-chain governance council members. The first of the auctions is slated to begin on the 11th of November 2021, according to the Polkadot Council. Many traders and investors are anticipating a price rally before the first auction begins.
Polkadot’s native token, DOT, is currently trading $42.90, up 3% as of the time of writing this report.
READ: 5 crypto assets likely to surge in November
Vechain’s VET
VeChain is a blockchain-powered supply chain platform, which aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management. The platform exists to disrupt traditional supply chain models by using blockchain to change the way industries do business.
One unique feature is that holders of Vechain’s native token, VET, receive dividends in its second native token called THOR (VTHO).
The Vechain blockchain works on a proof of authority system in which when VTHO is used, 70% of it is burned and the other 30% is retained by Authority Masternodes. These nodes are the only full nodes on the VeChainThor blockchain that are authorized to validate and produce blocks.
Vechain has been growing its partnerships as the platform announced a new partnership with DHL, an international courier, package delivery and express mail service company, to issue non-fungible tokens (NFTs) on its blockchain.
Although NFTs is the first step, it is expected that the partnership grows to support DHL’s core business and bringing the courier company fully onboard its blockchain.
Vechain’s native token, VET, is currently trading 13 cents, up 0.06% as of the time of writing this report.
Axie Infinity’s AXS
The Axie Infinity platform took the gaming community by storm. The platform has been responsible for astronomical growth and interest in the NFT and blockchain gaming industry. In October, the platform generated over $196 million (52,652.86 ETH). Since Facebook announced the change of name and its new focus, there has been an increase in uptick for metaverse tokens and Axie Infinity AXS token is currently the top trending coin in that space according to coinmarketcap. This caused the price of AXS to trade an ATH of $164.15 on the 29th of October.
Many analysts are speculating that there is still more room for growth for the play-to-earn platform as many people are getting onboarded into these platforms.
AXS is currently ranked #22 by market capitalization, flipping well-known cryptocurrencies like VET, ICP, and FTT.
AXS is currently trading $134.82, down 5.27% as of the time of writing this report.
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FTX’S FTT
FTT is the native cryptocurrency token of one of the most popular crypto derivatives trading platforms, FTX. FTX has been making news in the past few weeks as the platform recently raised a total of $420.69 million in a Series B-1 funding round, which puts the company’s valuation at $25 billion. The company raised the funds from 69 investors which includes the likes of Tiger Global and Ribbit Capital.
The firm also recently launched an NFT marketplace and has integrated Solana based NFTs on its platform. Asides from this, the firm announced that it finalized its acquisition of LedgerX, a futures trading platform regulated by the United States’ CFTC for an undisclosed amount. LedgerX now goes by FTX US Derivatives.
FTT is currently trading $58.68, down 1.03% as of the time of writing this report.
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