CNBC Announced: Keep Your Eyes On These 3 Altcoins In October!

Bears have dominated the cryptocurrency market since the last months of last year. During the process, multiple altcoins have melted more than 80% from their peak prices. However, a handful of projects have managed to post big gains in the past seven days. Thus, they seem ready to see a true upswing going forward. Here’s a look at three such altcoins from CNBC’s list that has made them stand out above the rest of the market…

Top 3 altcoins to watch out for in October 2022

Elrond (EGLD)

Elrond is a Blockchain platform for distributed applications and enterprise use cases. It stands out as a highly scalable, fast and reliable platform. Thanks to Proof of Stake (SPoS), Elrond aims to reach 15,000 processes per second (TPS) capacity in the future.

The price of Elrond’s native cryptocurrency, EGLD, has increased by about 22.5% over the past ten days. It jumped from $45.43 to $55.65 on September 28. One reason for the spike is Elrond’s new mainnet upgrade. After Ethereum and Cardano, the update of Elrond has been on the cards for a while. The news of the update began to support the price of ELGD, without fail, by the end of September. But the real rally began after Beniamin Mincu, founder and CEO of Elrond, announced in a tweet on October 3 that the new mainnet upgrade had succeeded.

Experts predict that if ELGD exceeds the $54.5 barrier, it can recover another 20%. This claim will soon mean $60 for EGLD, which is currently trading at $55.24.

Polygon (MATIC)

MATIC is another altcoin that went green last week and shows promise for future benefits. Polygon is a layer two or side chain scaling assay. It provides a framework for new and existing Ethereum-based blockchain projects without scalability issues.

MATIC rose more than 8 percent last week. It went from $0.7754 on Oct. 1 to $0.8179 at the time of writing. According to an article by Bankless, Polygon investors can get more benefits. MATIC has formed a falling wedge and divergent head and shoulders pattern, both bullish indicators. This puts MATIC in an upside breakout condition with key resistance at $1.20.

Another factor pointing to a bullish trend around Polygon is the number of unique addresses. According to a Santiment report, MATIC was one of the most beautiful cryptocurrencies with increasing unique network addresses. According to the report, carbon neutral blockchain ranked fifth behind Bitcoin, Ethereum, Litecoin and Tether in terms of new unique interactive network addresses daily.

Uniswap (UNI)

Uniswap is by far the world’s leading decentralized exchange. It currently has an average daily transaction volume of over $1 billion, with an average of $200 million, with its closest competitor, PancakeSwap. It also owns 64 percent of all DEX volumes compared to DeFi Llama.

The price of the platform’s native token, UNI, has also increased by about 9% over the past week. UNI is currently trading in the region of $6.54, from $6.29 on October 1st. That’s because Uniswap’s parent company, Uniswap Labs, is gearing up for $200 million in new funding, according to multiple reports.

Two value investors tied to the financing variant are Polychain Capital and a Singapore-based sovereign wealth fund. If the funding type passes, it will set Uniswap on its way to becoming the next crypto unicorn. This will help Uniswap improve its offerings and strengthen its position as the largest decentralized exchange (DEX) in the world. These are all good indicators of further price increases.

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