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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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Top 4 Altcoins That Defy The FTX Fiasco – TWT, LTC, GMX, CHZ

The price action displayed by top altcoins in recent times has yet to be encouraging with the market’s erratic price movement after a cascading effect suffered by FTX led to many altcoins, including the price of Ethereum (ETH), battling for survival. The Domino effect of the FTX saga and other huge investors has left the market at a standstill as the market has yet to make a major move. Still, there have been some great price movements by these top 4 altcoins lately despite the uncertainty surrounding the crypto market, leading to much fear about where the market could be headed. (Data from Binance)

Disclaimer: The picks listed in this article should not be taken as investment advice. Always do your research and invest only what you can afford to lose.

Top 4 Altcoins- Trustwallet Token (TWT) Price Analysis On The Daily Chart

Daily TWT Price Chart | Source: TWTUSDT On Tradingview.com

The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength after losing their key support holding off price decline.

The current uncertainty surrounding the market has resulted in reluctance on the part of traders and investors to make altcoin purchases, as there is no assurance if they would be heading up any time soon.

A standout performer in these times has been TWT as the price rallied with over 100% gains in less than 48hours as the price broke out with strong bullish sentiment above $1, rallying to a high of $2.7 before facing rejection to a region of $3.

The price of TWT trades at $2.1, holding up well above the 50 and 200 Exponential Moving Averages as the price eyes further movement to the upside. If the price maintains its structure and bullish movement, we could see the price rallying to $3.

Price Analysis Of Litecoin (LTC) On The Daily (1D) Chart

Daily LTC Price Chart | Source: LTCUSDT On Tradingview.com

LTC’s price has recently outperformed BTC after showing a bullish trend despite the market’s uncertainty due to the FTX fiasco.

Despite facing rejection to a region of $50, the price of LTC bounced off from this area as the price rallied to reclaim the 50 EMA acting as strong support for the price of LTC.

If the price of LTC holds above $60, we could see the price rally to a high of $65-$70 in no time.

Price Analysis Of GMX On The Daily (1D) Chart

Daily GMX Price Chart | Source: GMXUSDT On Tradingview.com

The price of GMX was rejected from its resistance of $48 and is currently trading at $39.

GMX has maintained its bullish structure despite the rejection and market turmoil that has affected most crypto projects. The price of GMX needs to hold above the region of $35 to avoid the price going lower.

Top 4 Altcoins- Price Analysis Of Chiliz (CHZ) On The Daily (1D) Chart

Daily CHZ Price Chart | Source: CHZUSDT On Tradingview.com

The price of CHZ has continued to show bullish trends holding well above the 50 EMA. 

Despite the pullback across crypto assets in the market, CHZ has continued to look strong, respecting the bullish trendline.

The price of CHZ broke the resistance at $0.236, a close above this region could send the price to a region of $0.3.

Featured image from zipmex, Charts from TradingView.com

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Consultancy Uncovers Best Altcoins To Profit From FTX Collapse

Eight, a cryptocurrency consultancy founded by Michaël van de Poppe in 2018, has uncovered the best altcoins that can benefit from FTX’s demise. According to analysts, recent events are promoting a narrative that is strongly associated with decentralization.

Following the FTX news, leading hardware wallet manufacturer Trezor and Ledger reported skyrocketing and record-breaking sales. This was also accompanied by the trend of massive amounts of Bitcoin (BTC) and ETH (ETH) being withdrawn from exchanges.

As Glassnode reported, Bitcoin investors have withdrawn a historic 106,000 BTC/month to self-custody following the collapse of FTX. This only compares to only three other times: April 2020, November 2020, and June-July 2022.

Which Altcoins May Benefit From FTX Collapse?

The altcoin market is often dominated by narratives or special trends. For example, in recent months and years, “Ethereum killers” and layer 2 solutions for Ethereum have been strong trends that have given investors above-average profits.

According to Eight, the new trend for the next few months could be decentralization.

In that sense, Eight’s first pick is GMX, a decentralized spot and perpetual exchange that supports low swap fees and trading without price impact.

As the analysts note, the advantage of decentralized exchanges is that traders do not have to deposit their coins on an exchange and are therefore not exposed to the security risks of a centralized exchange.

The GMX token is ranked 87th among all cryptocurrencies and has recorded a strong price increase of about 20% over the last seven days.

In a similar vein is the second recommendation, DYDX. The platform is also a decentralized exchange platform for cryptocurrency margin trading for assets such as BTC, ETH, SOL, DOT and more.

The DYDX token currently ranks 144th by market cap and is even posting a gain of about 30% over the past seven days.

With UNI, Eight lists another decentralized exchange token that it is far from being an insider’s tip anymore. The decentralized exchange made headlines in recent days as the daily trading volume of the ETH/USD pair on Uniswap was 500 million higher than on Coinbase. Uniswap came in 2nd behind Binance.

Another interesting decentralized exchange is PancakeSwap, which is based on the BNB chain and aims to provide a faster and cheaper alternative to Ethereum. CAKE currently ranks 66th, but unlike the others, it has recorded a slight loss over the last seven days.

What Else?

Lastly, Eight recommends not only decentralized exchanges, but also decentralized wallets. Specifically, we are talking about the Trust Wallet and the SafePal app. The former acts as an intermediary, connecting different blockchains through the use of its nodes.

It has a robust mechanism for sending, receiving and storing multiple cryptocurrencies, and currently supports over a thousand crypto coins.

The TWT token was trading at $1.15 a week ago and has skyrocketed over the past week. At press time, TWT was trading at $2.14.

In conclusion, the analysts said:

These are just some of the projects that represent alternatives to trading and custody services offered by centralized exchanges and witnessed increased rate of attention and user adoption after the bankruptcy of FTX. Therefore, we suggest that you add them on your watchlist!

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3 Altcoins That defy Bitcoin Dominance And Continue To Rally – CSPR, TWT, CRV

  • CSPR’s price remains strong despite price facing rejection from a high of $0.055 as the price holds above the key support area. 
  • TWT breaks out of a descending triangle as the price looks strong despite Bitcoin (BTC) dragging market prices down. 
  • The price of CRV respects the downtrend line as the price aims to break out of its downtrend price movement. 

The crypto market has not had the Uptober that many expected, as the market has continued to range despite showing some great signs of rallying in the early part of the month. Except for a few exceptional coins, such as Casper Network (CSPR), Trust Wallet Token (TWT), and Curve DAO (CRV), have shown strength despite the growing concern for Bitcoin Dominance (BTC.D) as this could affect the price of altcoins when BTC retraces. Here are 3 altcoins that have defied the pull of BTC.D.

Casper Network (CSPR) Price Analysis On The Daily Chart
Daily CSPR Price Chart | Source: CSPRUSDT On Tradingview.com

Most projects have fared poorly in the bear market, with many experiencing more than 50% price declines, discouraging most traders and investors from stockpiling these assets.

With Bitcoin’s dominance (BTC.D) rising and the price of BTC moving in a range, this has affected most crypto projects. The price of CSPR has enjoyed a somewhat good price rally. After dropping to a daily low of $0.03, the price of CSPR rallied to a high of $0.055, reclaiming its key support. 

CSPR’s price needs to hold above $0.045, which corresponds to the 200 Exponential Moving Average; a close above this region could push the price to $0.077.

Daily resistance for the price of CSPR – $0.077.

Weekly support for the price of CSPR – $0.045.

Price Analysis Of Trust Wallet Token (TWT)
Daily TWT Price Chart | Source: TWTUSDT On Tradingview.com

The daily timeframe for the price of TWT has shown resilience as the price continues to maintain its bullish strength after a successful breakout from a descending triangle. 

TWT’s price faces resistance at $1.2; the price needs to break this region to rally higher; if the price fails to break this range, we could see the price retesting the support at $1. 

Daily resistance for the TWT price – $1.2.

Daily support for the TWT price – $1.

3 Altcoins – Price Analysis Of Curve DAO (CRV) 
Daily CRV Price Chart | Source: CRVUSDT On Tradingview.com

After dropping to a daily low of $0.5, the price of CRV bounced from that area as the price rallied to a high of $1.5 before facing rejection to trend higher.

The price of CRV saw rejection as the price continued to range, forming a descending triangle with a possible breakout to a high of $1.

Daily resistance for the CRV price – $1.2.

Daily support for the CRV price – $0.65.

Featured Image From zipmex, Charts From Tradingview 

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Trust Wallet Token (TWT) Shows Bullish Signs, Will Price Breach $1.5?

  • TWT’s price shows strength as the price breaks out of a downtrend with good volume with eyes set on $1.5. 
  • TWT bounced from a low of $0.88 as the price rallied to a high of $1, preparing for a rally as the price showed bullish signs. 
  • The price of TWT continues to trade above 50 and 200 Exponential Moving Averages (EMA) ahead of the daily close. 

The price actions shown by Bitcoin (BTC) have affected most altcoins negatively as some have lost their key support, but Trust Wallet Token (TWT) continues to show immersed strength as price breaks out of a long downtrend movement. The Consumer Price Index news released recently had a great deal of effect on the crypto market as the price of BTC declined to a low of $18,200 before a bounce to $19,300, with many altcoins like Trust Wallet Token (TWT) showing bullish strength. (Data from Binance)

Trust Wallet Token (TWT) Price Analysis On The Weekly Chart

A notable event in the crypto space this week was the sharp decline in the crypto market following the release of the CPI news; the market appeared to be manipulated, with Bitcoin (BTC) dropping from $19,200 to $18,200 in hours and then back up to a range high of $19,800 before rejection back to $19,200. With so many altcoins losing key support areas, this price action appears to be more of a manipulation.

The price of TWT has struggled in recent times to restore its bullish strength, rallying to a high of $1.4 before seeing a rejection in price to a low of $0.5. TWT price bounced from this region as price rallied to a high of $1.2, showing good price actions with strong volume but failing to flip the resistance at $1.4

For the price of TWT to trend higher, the price needs to break and close above $1.2 as the price is faced with a weekly resistance to trend higher in that region.

Weekly resistance for the price of TWT – $1.2.

Weekly support for the price of TWT – $0.9.

Price Analysis Of TWT On The Daily (1D) Chart
Daily TWT Price Chart | Source: TWTUSDT On Tradingview.com

The daily timeframe for the price of TWT has recently seen the price struggle to withstand the current bear run holding strong support to prevent the price from being sold out.  

TWT’s price trades at $1.202 as the price continues its range-bound with the price forming a descending wedge above the 50 Exponential Moving Average (EMA); the price of $0.85 corresponds to the 50 EMA, acting as support for the price to break higher. 

With a break and hold of $1.2 by TWT, we could see the price rally with more buy volume to a high of $1.5

Daily resistance for the price of TWT – $1.2.

Daily support for the price of TWT – $0.95.

Featured Image From zipmex, Charts From Tradingview