3 Cryptos Worth a Spot at the Top of Your October Buy List


  • Cryptocurrency initiatives with robust utility and bright growth prospects.
  • Ethereum (ETH-USD): With Vitalik Buterin revealing 55% progress on Ethereum’s development following its merge, the project has substantial growth potential.
  • Solana (SOL-USD): Solana’s innovative proof of history consensus mechanism makes it a strong crypto contender.
  • Avalanche (AVAX-USD): Avalanche’s strong partnerships, innovation, and growing user engagement highlight its potential for mainstream adoption.
cryptos - 3 Cryptos Worth a Spot at the Top of Your October Buy List

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Following a challenging period in 2022 with the demise of FTX and other crypto exchanges, as well as setbacks for lenders and hedge funds, the cryptocurrency market has rebounded in 2023. Optimistic crypto enthusiasts now foresee the potential for fresh record highs, buoyed by hopes of regulatory clarity that might entice institutional investors into the cryptocurrency realm. Luckily for them, there are cryptos out there that are worth their time. 

While numerous cryptocurrencies have emerged, only a handful continue toreign supreme in the crypto landscape. Together, the top two crytpos account for more than two-thirds of the $1.1 trillion crypto market.

With that said, it’s my view that investors may want to focus on the larger and more substantial cryptos, as well as a few that have the potential to lead the way in this sector over time. Here are three of my top picks.

Ethereum (ETH-USD)

A concept shot of the Ethereum Classic (ETC) coin
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Ethereum (ETH-USD) and Bitcoin (BTC-USD) remain the top contenders in the cryptocurrency market. Ethereum’s recent one-year anniversary of its transition to Proof-of-Stake (POS) from mining significantly reduced its energy consumption, although it didn’t lead to a price surge. Nonetheless, Ethereum continues to be one of the most prominent cryptos.

Analysts believe Ethereum can outpace Bitcoin in the coming years. According to Ethereum co-founder Vitalik Buterin, Ethereum’s development is 55% complete after the 2022 merge, while Bitcoin’s is at 80%. This suggests significant room for Ethereum platform growth. Scalability, with the potential for 100,000 transactions, and reduced transaction costs, could be game-changing catalysts.

Of course, more development means greater risks that something will break along the way. However, for now, Ethereum’s progress in its journey to become the leading blockchain in the world has been impressive. Thus far, Ethereum remains the dominant force in decentralized finance, where most of the money in this space is focused. Until that changes, Ethereum has to be a top pick.

Solana (SOL-USD)

Solana Coin (SOL-USD) in front of the Solana logo. Solana price predictions.
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Solana (SOL-USD) soared to $260 in 2021, but has since faltered, falling to less than $25 per token. At these levels, however, this high-growth crypto is one that appears to be worth considering. This is one of the cryptos you should add to your portfolio. 

Solana, often compared to Ethereum, has achieved 100% uptime in Q2 2023 and is making strides in the mobile crypto market with the Saga phone optimized for crypto. Price predictions for SOL in 2023 vary from $14.76 to $39.54, but its long-term future remains uncertain, with varying estimates for 2025 and 2030.

Solana’s crypto is defying regulations and hitting June highs, with DeFi showing its strength. TVL in Solana’s DeFi smart contracts just reached $1.1 billion, marking its highest point since November 2022, as reported by DeFi Llama. This makes Solana a crypto worth watching.

Unfortunately, recent updates, including the redistribution of seven million SOL tokens by co-creator Anatoly Yakovenko, have some investors on the edge of their seats. The good news is this redistribution aims to boost its decentralized strength and attract new users, enhancing its growth potential. We’ll have to see if investors view things this way, but I still remain cautiously optimistic about Solana’s long-term future.

Avalanche (AVAX-USD)

Avalanche (AVAX-USD) crypto coins on a black background
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Avalanche (AVAX-USD) offers diverse functionality, like Solana, which emphasizes scalability. While Solana focuses on decentralized exchanges, Avalanche has mixed DeFi metrics. It prioritizes asset tokenization, showing growth potential as real-world assets could move to blockchain due to efficiency gains over traditional finance systems.

Solana’s crypto is surging above June levels despite regulatory hurdles. DeFi on Solana, measured by Total Value Locked (TVL), is robust, nearing $1.1 billion. This marks the highest TVL since November 2022, per DeFi Llama.

Avalanche offers potential for traders and investors. Be cautious until it breaks August 2022’s high. Set profit targets and stick to your plan. Predicting tops is tough. Avalanche’s future depends on overcoming key resistance. While DeFi metrics vary, asset tokenization hints at growth. It competes with Ethereum in speed and scalability, but finding a true alternative is challenging. Consider both for diversified DeFi exposure.

On the date of publication, Chris MacDonald has a LONG position in ETH, SOL. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/10/3-cryptos-worth-a-spot-at-the-top-of-your-october-buy-list/.

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