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Top 5 Altcoins For October 2023 That Could 20X Your Crypto Portfolio

By now, Bitcoin has grown to the point where crypto investors do not expect very large returns from it and are now looking toward altcoins that could provide the kind of returns they seek. However, with thousands of altcoins circulating in the crypto market, it can become quite hard to pick the coins that could end up doing well.

So here are five altcoins that are well-positioned to do well in the next bull market that could potentially 20x your crypto portfolio.

Lido DAO (LDO) Is A Top Crypto Contender

Lido DAO (LDO) has grown rapidly to dominate the Ethereum liquid staking game, accounting for over 30% of all staked ETH in LSD protocols. This has brought immense attention to its native token, LDO, which on its own has also seen a good run over the years.

However, at just a $1.4 billion market cap, LDO is still what can be referred to as undervalued given its standing in the decentralized finance (DeFi) sector. A bull market could easily see the market cap of LDO cross $30 billion, which would be a more than 20x return on investment from its current $1.61 price level.

Arbitrum (ARB) Dominates Ethereum Layer 2 Altcoins

Arbitrum (ARB) features on this list because of the network’s performance over the years. Of all the Ethereum Layer 2 networks currently in the game, Arbitrum leads the pack both in terms of Total Value Locked (TVL) and daily trade volume.

This puts it ahead of the likes of Optimism (OP), Avalanche (AVAX), and Polygon (MATIC), all of which have been in the game just as long. However, of the 4 leading Ethereum L2s, Arbitrum has the lowest market cap. At $1.08 billion, it is yet to see the same kind of surge its competitors saw in 2021 due to the token launching in the bear market. Arbitrum’s performance even in a bear market shows that it could easily be a top 10 cryptocurrency in the bull market.

Stacks (STX): The Crypto Child Of Bitcoin

Currently, when crypto investors think of NFTs and DeFi on the Bitcoin network, they think of Stacks (STX). This is because Stacks is a Layer 2 network that allows the usage of smart contracts on Bitcoin. This means developers are able to build protocols as well as launch NFT collections on the Bitcoin network using Stacks (STX).

STX’s market cap is still very low at just $715 million especially given what it enables developers to do on the Bitcoin network. This offering makes sure that Stacks is always on the radar of investors, making it a billion-dollar token that could easily bring 20x returns.

Altcoins total market cap chart from Tradingview.com (Crypto 20x)

Kava (KAVA) Joins The Fun With Layer 1 Technology

Kava (KAVA) has been building up into mainstream adoption despite competition with the biggest networks in the space. This Layer 1 blockchain is taking another route to interoperability by combining the best parts of the Ethereum and the Cosmos networks.

Ethereum is known for its developer power, enabling developers to build pretty much anything, but still held down by slow transactions and high fees. On the other hand, Cosmos has some of the highest speeds and interoperability and when both of these are combined, it presents basically a supercharged Layer 1 blockchain equipped to handle almost anything.

Its native token KAVA is already one of the most watched Layer 1 native tokens, and at a $500 million market cap, it’s fair to say that this altcoin is far from done.

Altcoins Are Not Complete Without The Trust Wallet Token (TWT)

With so many centralized exchanges running into issues such as hacks and bankruptcy, more crypto investors are choosing to self-custody their coins. The top 2 self-custody wallets that also allow users to take advantage of DeFi and NFTs are MetaMask and Trust Wallet. Since only the latter currently has a token, it has been able to corner that market share for itself.

Trust Wallet’s native TWT token rose in popularity when the FTX crypto exchange crashed in 2022 and has not stopped. Going into the bull market, self-custody is expected to be the main avenue to store coins and TWT’s current $411 million market cap could quickly turn into an $8 billion market cap in the bull market.

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Altcoins Take The Lead As Bitcoin Struggles To Hold Above $20,000

Bitcoin has been struggling for the last month and has struggled to hold the $20,000, losing its footing multiple times. Through this time, altcoins, while having followed the digital asset on the way down, had begun to gather momentum through the small recoveries recorded over the last couple of weeks. As July draws in on its first weekly close, performance across the market has shown that bitcoin is getting left behind.

Altcoins Take The Lead

The altcoins had been the worst losers of the downtrend. Although all of the indexes including bitcoin had seen losses into the double-digits, the small cap altcoins especially had recorded more losses. However, now that the market is headed into what looks like a recovery stretch, the smaller altcoins have pushed their heads forward to claim the majority of the gains.

Related Reading | Active Ethereum Addresses Touch 2020 Levels, Will Price Follow?

The Small Cap Index has seen gains up to 4.9% barely a week into the month of July/. This recovery is replicated across the Mid Cap Index which, surprisingly, had returned the highest gains for the time period. With 5.0%, the Mid Cap Index comes out ahead of all of its counterparts.

As for the Large Cap Index, it was not left out of the recovery trend with 3.1% in gains recorded so far. These coins had followed the rally of bitcoin the closest and as such, had been the closest to it in terms of the gains that have been seen so far.

BTC returns worse performance against altcoins | Source: Arcane Research
Bitcoin Suffers A Worse Fate

Bitcoin, although the market leader, has returned the least gains out of all of the indexes. The digital asset had provided a somewhat safe haven when the market was crashing back in June but altcoins are getting all of the gains as the market begins to stabilize.

Bitcoin’s gains so far for the month of July have come out to 0.5%, the lowest of all of them. This has been quickly followed by a decline in market dominance given the performances of the other indexes. However, the decline has been quite small with only a -0.10% recorded change for the last week.

BTC failed to break $20,500 resistance | Source: BTCUSD on TradingView.com

This sharp recovery in altcoins in comparison to bitcoin shows that faith is recovering towards lower cap altcoins. These altcoins which carry more potential for higher returns are highly favored by investors chasing a  100x or similar.

Related Reading | Celsius Beats Down Liquidation Price With $120 Million In Loan Repayments

As for the stable cons, they continue to maintain their dominance and have in fact seen good growth in this time. Top stablecoins USDT, USDC, and BUSD recorded 0.23%, 0.18%, and 0.08% increases respectively. in their market share. BNB also followed this trend with a 0.06% increase but all other large cap coins saw declines with Ethereum losing 0.22% of its market share.

Featured image from Binance, charts from Arcane Research and TradingView.com

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