3 Potentially Explosive Cryptocurrencies To Watch This Month
Wondering which cryptocurrencies to watch this month? In this post, we’ll be exploring cryptocurrency trends to bring you three potentially explosive cryptocurrencies to watch for this month.
Speculative investing not your style? If you’ve been following cryptocurrency predictions 2020, this article is for you. The world of cryptocurrency can move quickly — but by keeping track of the trends, you can make informed decisions when it comes to your portfolio.
From big names to altcoins on the up, we’ve made a list of some of the most exciting cryptocurrencies on the market. These are three potentially explosive cryptocurrencies to watch for October 2020.
3 Potentially Explosive Cryptocurrencies To Watch This Month
1. Ethereum (ETH)
If you’re searching for major cryptocurrencies other than Bitcoin, Ethereum is sure to be on your radar. Ethereum is a blockchain platform which uses ‘smart contracts’ to carry out digital transactions. It’s currently the second largest cryptocurrency by market cap, with a capitalization of $38,366,232,947. (Bitcoin is first, with $187,872,228,188).
Ethereum’s performance throughout 2020 makes it worthy of any investor’s watch list. Let’s take a look at some of the key factors that are making this crypto potentially explosive.
The Growth Of Decentralized Finance
Thanks to a growing interest in Decentralized Finance (otherwise known as DeFi), the Ethereum platform — which supports many of the cryptos in the DeFi sector — has seen a huge increase in trading volume. Throughout 2020 so far, Ethereum has processed $13.5 billion worth of decentralized exchanges. That’s up from less than $3 billion in 2019!
As the demand for decentralized services such as insurance, savings, and loans continues to grow, some traders have predicted that Ethereum will even outperform Bitcoin in the near future.
The Launch Of Ethereum 2.0
Ethereum 2.0, or Eth2, is the long-awaited upgrade to the original Ethereum blockchain platform. Due to be completed by 2021, the upgrade has been split into different phases, with phase 0 scheduled to take place some time in Q4 2020.
Not only will the new Eth2 platform be able to process more transactions than its predecessor, it’s also designed to be a lot more energy-efficient. Currently, a single Ethereum transaction requires a staggering 22.65 kWh of energy. Over the course of a year, this means that Ethereum’s power consumption is comparable to that of Costa Rica!
As part of the upgrade, Ethereum will be switching from a proof-of-work algorithm (PoW) to a proof-of-stake algorithm (PoS). In a PoW system, cryptocurrency miners have to solve mathematical equations using their computer hardware in order to add new transactions to the blockchain. This process is incredibly energy-intensive. In a PoS system, however, people can simply ‘stake’ their cryptocurrency as collateral in order to validate transactions.
As investors anticipate the phased launch of Eth2 — and the benefits it’s expected to bring — many traders think the price of Ether (Ehtereum’s native cryptocurrency) could skyrocket in the coming months.
2. Basic Attention Token (BAT)
If you’re taking your first steps into the cryptocurrency sector, you might not have heard of the Basic Attention Token. But this altcoin — an ERC20 token which uses the Ethereum blockchain technology — is rapidly becoming one to watch this September.
Users can decide whether or not they see ads, and are rewarded with micropayments of Basic Attention Tokens for any which they choose to view. The tokens use smart contracts to measure how long each ad holds a user’s attention. Advertisers are also paid in BAT, based on the success rate of their ads.
Although the team at Brave claims that the BAT is simply a ‘utility token’, it’s possible to trade the currency independently on crypto exchanges. Its market cap is currently $378,619,746.
So, why do cryptocurrency trends suggest that BAT is one of the most potentially explosive altcoins to watch for September 2020?
Read more: Top 7 Largest Altcoins by Market Cap
The Rise Of Brave Browser
Since its launch in 2019, Brave Browser has been downloaded more than 30 million times on Android (it’s also available on iOS). Two million of these downloads were in August 2019 alone!
The popularity of the platform has rapidly driven the adoption of BAT. The number of BAT users rose from 98,000 in April 2019 to more than 200,000 in October 2019 — and this figure has continued to increase throughout 2020, with content creators already reaping the rewards of BAT on platforms such as YouTube, Twitch, Reddit, and Twitter.
In February 2020, the School of Computer Science and Statistics at Trinity College, Dublin concluded that Brave was the most private browser, ahead of Chrome, Firefox, and Safari. As concerns over Internet privacy become more and more pressing, this could be a major factor in attracting new users to the browser — and consequently, to the world of BAT.
3. Enjin Coin (ENJ)
Enjin Coin is a cryptocurrency that’s used within Enjin, the world’s largest online gaming community. Like Basic Attention Tokens, ENJ is an ERC20 token, which means it’s powered by the Ethereum blockchain.
Enjin Coin was designed to be the most suitable digital currency for use in the gaming industry. The decentralized payment gateway means users can bypass the high transaction fees that often form stumbling blocks when buying virtual goods online. (Etherereum charges very low fees).
Could now be the time to start watching for Enjin Coin? Keep reading to find out.
Online Gaming Is More Popular Than Ever — And Growing
Remember the launch of the Fortnite World Cup last year? The video game industry has become big business, predicted to be worth a whopping $159.3 billion by the end of 2020. According to some sources, that’s more than the music and movie industry combined!
As the e-gaming sector grows and more users join the Enjin community (which already has more than 20 million users around the world), we’re likely to see a positive effect on the price of Enjin Coin. This is making it an important cryptocurrency to watch for September.
High Profile Partnerships
Enjin Coin hit headlines back in 2019, when it was announced that the company was partnering with the tech giant Samsung. Even before the details of the partnership had been confirmed, the price of the cryptocurrency soared, increasing by over 75% in the 24 hours after the announcement!
And it doesn’t end there. In the last couple of years, Enjin has also partnered with Microsoft, Ubisoft, PC Gamer, and the Integrated Engineering Blockchain Consortium (among others). These high profile partnerships haven’t just been good news for gamers — they’ve also rocketed Enjin Coin onto the radar of cryptocurrency investors.
With the full impact of these partnerships still to be discovered, we could well be seeing more explosive action from Enjin Coin soon.
- Bitcoin might be the biggest name in the market, but by following cryptocurrency trends, you can discover potentially explosive altcoins.
- 3 potentially explosive cryptocurrencies to watch this month are Ethereum (Ether), Basic Attention Token, and Enjin Coin.
- All three potentially explosive cryptocurrencies use the Ethereum blockchain.
- The price of these cryptos could be influenced by factors such as industry trends, company upgrades, and new partnerships.
- Growing demand for DeFi services could spark an explosion for cryptos in the sector.
- Keep monitoring cryptocurrency predictions 2020 to stay informed.
Although things can change quickly in the world of crypto, these potentially explosive cryptocurrencies are definitely ones to watch for October 2020. Whether you’re looking for a new investment opportunity or simply want to stay informed, we’re making it easy for you to keep up with the latest cryptocurrency trends.
We at Trading Education can help you master the art of crypto trading. Simply sign up for one of our crypto trading courses to become a pro in the world of cryptocurrency trading.
Now you know what top explosive cryptocurrencies to watch this month. If you're feeling inspired to start trading cryptocurrency, you may be pleased to know that etoro provides the ability to buy Crypto assets on up to 90+ cryptocurrencies. Crypto Traders can build a diversified portfolio with the most popular coins.
Which cryptocurrency would you watch this month? Let us know in the comments below.
We hope our article 3 Potentially Explosive Cryptocurrencies To Watch This Month was usefull to you and saved you some time in your research.
Disclaimer: Cryptocurrencies are highly volatile. Your capital is at risk and Past performance is not an indication of future results.