Top 7 Best Cryptocurrencies To Invest In October 2020
8 Min Read
Last Updated September 28th 2020
List of The Top Cryptocurrencies To Invest In October 2020
Cryptocurrency investing even very small amounts can reap big rewards. In this guide, let’s talk about the Top 7 best cryptocurrencies to invest in October 2020.
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With the global economy still reeling from the Great Coronavirus Lockdown, speculators and part-time investors are looking for alternative ways to store wealth and turn a profit. And that means more people are looking for the best cryptocurrencies to invest.
But why do you start? After all, entering the crypto space is an overwhelming experience for first-timers. And even seasoned investors can struggle to keep with these rapidly evolving technologies and applications.
When it comes to investing, knowledge really is power. Knowledge is the thing that can keep you ahead of the curve, giving you a chance to spot the next trends before they even happen.
So what's the top cryptocurrency to invest in? Is this the year when the established players will continue to dominate the crypto market? Or is there a plucky upstart that's set to shake things up this year? And what new digital coins have the most growth potential in 2020?
So, have you decided to buy and invest in cryptocurrencies but don’t know the best one to choose? Fear not. We will take you through a list of the best cryptocurrencies to consider this month.
Top 7 Best Cryptocurrencies to Invest in October 2020
Ripple works as a cryptocurrency and a digital payment network for financial transactions. It offers secure global financial transactions and is one of the most widely used digital coins for cross-border payments.
In fact, more than 100 financial institutions now use Ripple, making it a serious rival to the SWIFT network that allows banks to send and receive money transfer instructions. What's more, reports suggest that VISA and Western Union could soon embrace Ripple.
Should You Invest In Ripple?
As the granddaddy of cryptocurrency, Bitcoin is still the number one choice for existing and new investors. After three years of ups and downs, the price has stabilised to around £8,470, making it one of the safest options for anyone entering the crypto space for the first time.
And while the heady days of huge returns seem over for now, 2020 could still bring some potential. According to Dave Chapman, Executive Director at BC Group, "Cryptocurrencies assets like Bitcoin are only getting stronger".
This year has witnessed another Bitcoin halving, a programmed-in event that reduces the number of new coins generated by the network. For many Bitcoin bulls, this increasing scarcity is part of what underpins the cryptocurrency's real value.
Should You Invest In Bitcoin?
Ethereum is a global decentralised computer powered by its own currency, known as ether. Ethereum is the second-largest cryptocurrency platform, with a market cap of $44.35B. At $298 per coin, it's still a long way off Bitcoin in terms of value. But analysts are optimistic about Ethereum's future, predicting steady growth over the next few years.
And Ethereum has plenty of support from some of the shrewdest investors in the crypto space. Cameron and Tyler Winklevoss bought 120,000 Bitcoin for $10 a coin back in 2012. After turning a tremendous profit, the twins reinvested over $300million back into crypto, buying up a significant amount of Ethereum in the process. JP Morgan, Amazon, and Microsoft Azure have also embraced Ethereum's blockchain technology.
Should You Invest In Ethereum?
One for the blockchain purists, Tron is a decentralised entertainment and content-sharing platform that uses peer-to-peer technology. It's creators want to build a free, global digital platform with distributed storage technology, allowing users to share content without the need of a third-party intermediary.
For many analysts, Tron will power the next generation social media platforms for sharing and creating content. Tron coins are currently valued at $0.018.
Should You Invest In Tron?
Launched in 2011, Litecoin was the first altcoin on the block. It shares many similarities with Bitcoin. But with a network that is cheaper and easier to maintain, Litecoin is far less resource-intensive. Litecoin is another cryptocurrency with a limit on production. There can only ever be 84million Litecoins. So far, miners have dug up around 55million. Litecoins main selling point is its speed and usability. 4x faster the Bitcoin, it makes sending and receiving global payments as easy as pinging somebody an email. Litecoins fees are also lower than credit card companies charges and bank transfers.
Should You Invest In Litecoin?
NEO is an open-source blockchain platform created in 2014 by Chinese computer programmers Da HongFei and Erik Zhang. It was the first cryptocurrency to come out of China and is often referred to as Chinese Bitcoin. NEO and Bitcoin do share many similarities. However, in practice, NEO is far more agile. Through an open-source system run by users, investors and developers, NEO is an efficient way to manage digital assets within a decentralised space. It's also where real assets can be digitised for easy liquidity. NEO has a strong chance of dominating the Asian crypto market in 2020.
The Chinese government has vowed to become a market leader in blockchain technology and put its full support behind NEO during a press conference late last year. What's more, Chinese banks and financial institutions are banned from facilitating Bitcoin transactions, while cryptocurrency exchanges and trading platforms were effectively outlawed in July 2018.
Should You Invest In NEO?
Titan is the young upstart causing quite a stir within the crypto community. This innovative new payment system was designed to provide real-world solutions to many of the existing problems that come along with the established crypto coins. It uses revolutionary new blockchain technology with Hybrid POW (Proof of Work) and dynamic POS (Proof of Stake), along with a dual algorithm system for verifying and securing transactions almost instantly.
Titan Coin also comes with a decentralised multicurrency wallet. It lets you add, send, or receive Titan Coins easily by using the sender or receiver address. And Titan Coin is freely available to download on all major platforms, including Android, Web, Windows, Linux, and iOS/MAC.
Should You Invest In Titan?
What's the top cryptocurrency to invest in October 2020?
It's going to be another exciting year for crypto markets. And now you've got a few ideas on the top cryptocurrencies to consider in October 2020, it's also a great opportunity to start your research journey.
Our list of the Top 7 cryptocurrencies to invest in October 2020 gives you a broad overview of your options. It contains info on the established coins that could promise slow, steady returns during 2020, as well as some newer coins with the potential for serious growth.
Your choices depend on what kind of investor you'd like to be and the size of your bankroll. Just remember, any investment includes some risk. So only invest what you can afford and do as much research as possible before making a final decision.
Would you invest in cryptocurrency market? What crypto(s) would you choose to invest in October 2020 ? Let us know in the comments below.
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Now you know what are the top 7 best cryptocurrencies to invest in October 2020. If you're feeling inspired to start investing in cryptocurrencies, or this article has provided some extra insight to your existing trading knowledge, you may be pleased to know that etoro provides the ability to invest in Crypto assets and CFDs on up to 90+ cryptocurrencies. Crypto Investors can build a diversified portfolio with the most popular coins.
Disclaimer: Cryptocurrencies are highly volatile. Your capital is at risk
eToro is a multi-asset platform which offers both investing in stocks and crypto assets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.
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