Top 5 Cryptocurrencies to Look Out for This Week

top 5 cryptocurrencies this week
Source: Doug Polk Crypto, YouTube

October was a banner month for cryptocurrencies, with the crypto market value increasing by nearly 30%. Hype-driven cryptocurrencies, like Shiba Inu, efficiently led market expansion. The biggest cryptocurrencies are attracting investors looking to diversify their portfolios. 

Several companies have recently begun to accept cryptos as legitimate modes of payment, making now an ideal time for new investors to enter the market. Since bitcoin’s bullish rally, the entire crypto space has become more optimistic, putting traders’ and investors’ minds at ease. 

This article will be looking at the top cryptocurrencies for investors to watch out for this week.

Top Cryptocurrencies to Watch Out For

1. Polkadot

DOT is a protocol that allows for the transfer of any type of data or asset across blockchains. Moreover, Polkadot aims to achieve high levels of security and scalability by combining multiple blockchains. DOT is the protocol’s governance token, and it can be staked to secure the network or connect (“bond”) a new chain.

To protect the network, ascertain transactions, establish and distribute new DOT, additionally, dot employs a proof-of-stake consensus mechanism (as opposed to Bitcoin’s proof-of-work system).

Polkadot is currently trading at $44.60 with a 24-hour trading volume of $1,208,330,341. However, DOT has decreased by 4.08 percent in the last 24 hours. CoinMarketCap currently ranks #8 with a live market cap of $44,047,910,761 USD. The circulating supply is 987,579,315 DOT coins, and the maximum supply is not known.

2. Solana

Solana has recently portrayed potential, reaching an all-time high earlier this week and being the market’s fourth-largest cryptocurrency. This advancement came at a time when all other major cryptocurrencies were experiencing massive price rallies. SOL is among the most rapidly growing blockchain networks. It employs the PoW consensus mechanism, in which miners solve puzzles to validate transactions and create new coins.

Sol’s current price is USD 232.48, a -3.06 percent decrease over the last 24 hours. Moreover, there has been a -2.53 percent hourly drop. Solana’s market capitalization is currently $70,517,300,000.00, keeping it in fifth place in terms of market capitalization.

3. Bitcoin

Bitcoin has broken all records in the last few months, following the launch of the first bitcoin ETF in the United States, and is now the world’s sixth most capitalized asset class. BTC is already accepted as payment by many businesses, making it an excellent investment option. However, despite the fact that there are thousands of cryptos on the market, BTC accounts for 43% of the total crypto market.

Bitcoin is currently trading at $62,946.08 with a 24-hour trading volume of $30,753,839,350 USD. . In the last 24 hours, bitcoin has dropped 4.62 percent. With a live market cap of $1,188,069,504,131 USD, the current CoinMarketCap ranking is #1. There are 18,874,400 BTC coins in circulation, with a maximum supply of 21,000,000 BTC coins.

4. Ethereum

Ethereum is a decentralized transparent blockchain concept that integrates the Ether cryptocurrency. ETH serves as a platform for the execution of decentralized smart contracts and many other cryptocurrencies.

The current price of Ethereum is $4,467.17, with a 24-hour trading volume of $16,608,269,756 USD. Additionally, in the last 24 hours, Ethereum has dropped 4.63 percent. However, the CoinMarketCap currently ranks #2, with a live market cap of $528,724,408,475 USD. Moreover, it has a circulating supply of 118,357,787 ETH coins and no maximum supply.

5. XRP

The founders of the digital payment processing company Ripple created XRP. The cryptocurrency acts as a platform for the exchange of crypto and fiat currencies. Ripple is heavily investing in NFT projects that use the XRP ledger, a public blockchain. This investment, according to experts, indicates that the cryptocurrency is positioning itself as another ‘Ethereum killer.’ At the moment XRP has US$58.792 billion in market capitalization.

Be in the Know

Understanding cryptocurrency can be challenging; ensure to perform a lot of research when thinking of investing in crypto. Cryptocurrency has gained momentum with many people earning huge returns, do not be left out.