Today I come to show you the three best cryptocurrencies to invest in this month of October 2021, cryptocurrencies with big events to come during this month, there are positive news about these coins and they are showing strong bullish signals on their technical side.
October should be a very positive month for the entire cryptocurrency market in general as we close September which is usually a pretty negative month and we enter the home stretch stage of the year where the biggest gains are seen during a bull market so if you are accumulating the coins for big returns in the coming months these five that I am going to show you today may become one of the best, so let's move on to see what these five coins are and the reasons why they could explode.
1- FANTOM (FTM)
Fantom is a project that you should keep an eye on in October and its cryptocurrency FTM, Fantom is a smart contract platform that wants to create the ideal space for decentralized finance as this is one of the main objectives of this project and in all the applications that have been launched so far in this network have shown to be able to operate with low commissions, high security and at a very fast speed, which demonstrates a good scalability by this platform, which is one of the big problems that currently exist in very large blockchains such as Ethereum.
Now Fantom is not a blockchain but uses a system called DAG which is a totally different way of storing information within a database technology that can be superior to a blockchain in matters of speed and finality of transactions where in the latter Fantom is one of the most outstanding in this area since thanks to its consensus protocol known as LACHESIS that allows more than 4,500 transactions per second and offers a finality of between 1 to 2 seconds. This so-called finality means that a transaction cannot be reversed or changed by anyone or anything. This is achieved in 1 or 2 seconds in Fantom and this is what provides a very high security to this protocol.
The FTM currency is used to stake and become a validator or delegate within this network generating rewards automatically in this same currency.
Fantom has been growing very fast in the last months and already has a huge amount of money locked inside different decentralized finance platforms, currently I am very interested in Fantom.
The FTM cryptocurrency has a current price of $1.17 dollar and a capitalization of $3 billion and 2.5 billion tokens in circulation is 40 percent below its all-time high and I believe that if the market shows bullish strength during this month it is very likely that Fantom will try to reach those points the next few months.
2- SKALE NETWORK (SKL)
It is a scalability solution for blockchain like Ethereum that allows millions of users to use decentralized applications on this network simultaneously, quickly and very securely, currently many of the blockchain that we most use today are slow and very expensive since each node must validate and store r the same information which makes these blockchain congested when they are heavily used but it may be that Skale Network is the solution to this big problem since this network was created to run on thousands of different nodes that are the ones that add security, capacity and speed to the different networks where this very good technology is applied.
This is possible thanks to a new infrastructure created by this project, which allows decentralized applications to run on hundreds of different nodes and that each of them can operate in parallel without affecting the performance of the other daps, these applications rotate from one subset of nodes to another in a completely random way to maintain a very secure ecosystem for each of them, that thanks to this and other technical and algorithmic issues that are beyond the technical volume we handle in this channel, this solution can provide a fast low cost and very efficient secure network that can host all kinds of Ethereum based applications from gaming to Exchange, internet of things and much more.
Skale solves some of the biggest problems that exist in today's blockchain and along with other similar solutions. Skale Network is needed and will become even more so as the adoption of cryptocurrencies and decentralized applications becomes larger and larger. The SKL cryptocurrency has a current price of 0.27 cents, a market cap of $330 million and just over a billion tokens in circulation, this coin looks very good from the technical analysis for this month of October. It should start its way to record highs and at least overtake the dollar by November.
3- CHAINLINK (LINK)
Chainlink is a very well known project as it is the main oracle within the whole cryptocurrency space an oracle is basically a technology that is used to connect blockchain with information that is external to its database, this means information that is not native to the blockchain but that it needs for the operation of its applications, for example to know the price of the dollar against bitcoin, to know the weather in Mexico, to know the result of the last UFC fight, to know if a payment or bank transfer has been made that activates a smart contract within the blockchain and so on with any other type of information you can imagine.
These oracles take that information from the world outside the blockchain and communicate it to the different applications that need them so they can operate correctly, as you can realize, an oracle is essential for almost any project in the cryptocurrency world and Chainlink is the number one oracle in this whole space, so personally I always like to have some LINK in my portfolio and more so now that it is so cheap and technically looking so good, the LINK cryptocurrency has a current price of $22.60 cents a market cap of $10 billion and 455 million tokens in circulation, Chainlink is a project that is here to stay and you will never go wrong adding a link to your portfolio.