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Top 5 Cryptocurrencies to Watch in ‘Up’tober

September is the month that has always been known as the "red candlestick" in the cryptocurrency world.

Top 5 Cryptocurrencies to Watch in ‘Up’tober iBase Trading.
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September is the month that has always been known as the “red candlestick” in the cryptocurrency world.

September 2021 did not disappoint in living up to expectations. In September, the market value of cryptocurrencies plummeted 11.20 percent. It went down from roughly $2.07 trillion at the start of the month to $1.84 trillion.

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On September 7th, Bitcoin, the flagship cryptocurrency, fell from a high of $52,850 to a low of $43,285. It was a near q$10,000 drop in a single day. This was also the time when El Salvador, a Latin American country, officially took up Bitcoin as a legitimate medium of exchange. In this month only, Bitcoin lost over 10% of its market capitalization.

Needless to say, the altcoin market crashed much harder than Bitcoin. Many top altcoins like ADA, BNB, XRP, and SOL all posted a double-figure loss this month. The altcoin market capitalization lost 12.22% in September from approximately $1.2 trillion to stand at $1.06 trillion at the end of the month.

Bitcoin as means of payment

El Salvador’s adoption of Bitcoin as a legitimate medium of exchange for the country is a major point of discussion. People in the country can now use Bitcoin as a means of payment to buy goods and services. The country took to Bitcoin since global retail chain stores like Starbucks and Pizza Hut have implemented Bitcoin as a means of payment. Additionally, while the market continued crashing the President of El Salvador, Nayib Bukele, posted on Twitter to advertise that his nation ‘bought the dip’ every time Bitcoin’s price crumbled.

Furthermore, there’s now anticipation in the market after the diminishments in September. The month of October has been dubbed “Uptober” by many in the cryptocurrency community, and so far, it has lived up to that moniker. On the first day of the new month, Bitcoin increased by more than $4,000, from $43,320 to $48,116. This triggered a comeback in the market, with numerous analysts prophesying that Bitcoin will outrun all other cryptocurrencies to new all-time highs in the fourth quarter of the year.

Here are five cryptocurrencies that investors should watch out for in “Uptober” 2021. These are Bitcoin’s BTC, Cardano’s ADA, Pancake Swap’s CAKE, Axie Infinity’s AXS, and Rippler’s XRP.

BITCOIN

So far, Bitcoin’s BTC descended by 10% in the month of September. Nevertheless, Bitcoin has reclaimed all its losses on the first day of the new month. However, there is still a lot of work to be done before we can think of new ATHs for Bitcoin. A significant challenge will be whether Bitcoin exceeds the $50,000 trading tract. Thus far, all on-chain analytics data suggest that Bitcoin breaking through the $50,000 zone is a matter of when not if. An expert on-chain analytics, William Clemente, stated that big investors have been buying up Bitcoin since late July.

CARDANO

Cardano’s ADA is still one of the most talked-about cryptocurrencies in the month of September. It still maintains the third spot as the most popular cryptocurrency by market capitalization. It is despite the market depletion that led to the decline of its price. ADA dropped by roughly 26.5 percent in September, from $2.87 at the start to $2.11.The beginning of its Smart Contract platform caused the coin to rally over $3 in August, but soon after, it felt like a “buy-the-rumor and sell-the-news” effect came out because the price started to crumble soon after the launch.

Cardano had its 2021 summit, and the platform announced a partnership with Dish Network, a Fortune 250 company, a partnership announcement with Chainlink, and a partnership announcement with COTI. These announcements have a significant influence and confirm that the platform is expanding at an exponential rate. This is why numerous analysts predict that ADA will still trade as high as $5 before the end of time.

PANCAKE SWAP

PancakeSwap’s CAKE is a decentralized finance (DeFi) operation that allows users to exchange tokens, furnishing liquidity through farming and earning fees in return, on the Binance Smart Chain (BSC) network. According to DeFi Llama, the platform has more than $4.89 billion in total value locked (TVL) on its platform, and this value has been further increased as the platform has officially dashed its NFT business. On the first day of the launch, the platform did a volume of 9507 BNB, which is equal to approximately $4 million. Just three days after the launch, the platform has done a volume of BNB of around $6 million. PancakeSwap’s NFT business was ranked by DappRadar as the fifth loftiest by volume in the last 24 hours. This means there’s more traction for the platform, particularly because of the low transaction fees it offers.

AXIE INFINITY

Axie Infinity’s AXS platform claimed the gaming society by flare. The platform has been responsible for astronomical development and establishment in the NFT and blockchain gaming industries. In September, the platform generated more than $220 million. Despite trading as low as $48 in September, the coin finished the month up 0.62 percent from $74.05 to $74.51. The AXS token is presently the top trending coin according to CoinMarketCap as the platform lately blazoned its staking program. The advertisement went forward to drive the price of AXS to trade at an ATH of $119.92. According to a blog post advertisement the platform released, holders of the AXS token can begin staking their digital means. The prices will actuate in 24 hours. AXS currently ranks #30 in terms of request capitalization, trading established cryptocurrencies such as THETA, CAKE, and EOS.

RIPPLE ‘S XRP

The Chief Executive Officer of Ripple, Brad Garlinghouse, has expressed his willingness to settle the action when the SEC defines the regulatory status of the XRP token with regard to the present action against Ripple. Ripple has been in a court conflict with the SEC for nearly a year. In which the SEC has indicted Ripple as well as two of its directors, Ripple’s CEO Bradley Garlinghouse and Ripple’s co-founder and executive chairman of its board, Christian Larsen, of giving a $1.3 billion unrecorded securities offering. Regardless of the action, the company continues to run its regular daily routine and meet its objectives and liabilities. Ripple recently launched a $250 million fund for generators, commerce, and brands to explore new use cases for Non-Fungible Tokens (NFTs) on its ledger, XRPL.

“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”

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Nicholas Martinez is passionate about making the crypto world more accessible by bringing the latest news to the space. He has a MBA in Business Analytics and has shown an interest in cryptocurrency from as far back as he can remember.