Top 7 Crypto to Buy in October 2023!(10x Potential)

 

Top 7 Crypto to Buy in October 2023!(10x Potential)

The crypto market has seen extreme volatility in 2022. However, for savvy investors, this creates opportunities to get into promising projects at huge discounts. In this post, I'll share my top 7 cryptocurrency picks that could easily 10x your investment in 2023. Let's dive in!

Solana (SOL) - The Fast and Low Cost "Ethereum Killer"

Solana is one of the most hyped layer-1 blockchain projects aiming to disrupt Ethereum. Some key advantages of Solana:

• Lightning fast - Can process over 50,000 transactions per second with 400ms block times, compared to 15 TPS on Ethereum.
• Low fees - Avg transaction cost is $0.00025, far cheaper than ETH gas fees.
• Ecosystem growth - 1000+ dApps and 500+ projects built on Solana, including Serum DEX and Audius.

Despite 2022's crypto winter, developer activity on Solana is still surging. Solana's potential remains strong given its focus on speed, scalability, and low costs. Its SOL token sits around $35, far below its $260 ATH. A price rebound to $100+ is very feasible in 2023 if adoption continues.

Polkadot (DOT) - Interoperable Multichain Architecture

Polkadot's goal is to enable an interconnected internet of blockchains, allowing different chains to share information and transactions.

Key features:

• Multichain - Supports many custom blockchains while still communicating with each other.
• Scalability - The Relay Chain can process 1000+ transactions per second.
• Interoperability - Chains can transfer data and assets, not just tokens.
• Shared Security - Secures all chains built on Polkadot.

Dozens of promising crypto projects from NFTs to DeFi are being built on Polkadot. As adoption increases in 2023, DOT at around $7 looks ripe for massive growth.

Polygon (MATIC) - Scaling Ethereum with ZK Tech

Polygon aims to solve Ethereum's skyrocketing gas fees and sluggish transactions by providing a scaling and infrastructure development platform.

Some reasons Polygon could surge:

• ZK Tech - Polygon is integrating ZK rollups that can process 100,000+ TPS without compromising decentralization or security.
• Proof of Stake - Upcoming upgrade will allow staking, enabling passive income for MATIC holders.
• Wide Adoption - Used by 1000+ decentralized apps including Aave, Uniswap, and Opensea.

As Ethereum works to fully transition to proof of stake, projects like Polygon that enhance ETH's capabilities have tremendous room for growth. MATIC sits around $0.8, massively down from its $2.70 peak, presenting a tempting buying opportunity.

Chainlink (LINK) - The Leading Oracle Provider

Chainlink dominates the blockchain oracle market by securely connecting smart contracts to real-world data like weather data or stock APIs.

Reasons Chainlink has further upside:

• First mover advantage - The largest network of oracles with 900+ partners including Google and Oracle.
• Critical utility - Over 50% of total value secured in DeFi relies on Chainlink oracles.
• New capabilities - Expanding into areas like NFTs and metaverse services.

As more enterprises adopt blockchain technology, the need for reliable oracles keeps growing. While LINK has retreated from highs above $50, its current price around $7.5 represents a promising value given its pivotal role across blockchain ecosystems.

The Sandbox (SAND) - The Leading Metaverse Game

As a top blockchain-based virtual world, The Sandbox allows users to own virtual land NFTs, create voxel assets, and develop engaging games within its metaverse.

Bullish factors for SAND's growth:

• Major partnerships - Collaborations with Snoop Dogg, The Walking Dead, Warner Music bring mainstream adoption.
• Over 1M users - Despite the bear market, The Sandbox has maintained a highly engaged user base.
• Facebook's Meta rebrand - Renewed interest in the metaverse is driving up valuations of virtual world cryptos.

At under $1 per token compared to $8 last November, SAND's current price seems like an unbelievable bargain given its leadership in the play-to-earn gaming and metaverse space.

Decentraland (MANA) - Buy Virtual Land as an Investment

Like The Sandbox, Decentraland is a 3D virtual reality platform powered by the Ethereum blockchain allowing users to create, explore, and trade in its metaverse.

Reasons to be bullish on MANA:

• Own scarce digital assets - Decentraland's limited 90,000 land parcels gain value as demand rises.
• Monetize creations - Users can generate income by building games and charging fees on their land.
• interoperability - NFTs like wearables can be used across metaverses including Decentraland.

Virtual real estate is still in its infancy but offers massive potential as an investment asset class. MANA remains near its ATL below $1, after peaking close to $6 in late 2021. This could be the perfect entry point before metaverse mania returns in 2023.

Filecoin (FIL) - Decentralized Cloud Storage

Filecoin is a decentralized storage network aiming to disrupt traditional cloud storage from AWS, Google Cloud, and Dropbox. Users pay to rent out unused hard drive space on their computers.

Filecoin's investment thesis:

• Lower costs - Up to 70% cheaper than conventional cloud storage.
• More security - Data is encrypted, shredded, and stored across multiple nodes.
• No vendor lock-in - Avoid dependency on centralized Big Tech storage providers.

Filecoin provides a concrete solution to blockchain's biggest limitation - secure, affordable decentralized data storage. FIL is still down 80% from its peak, presenting a golden buying opportunity before widespread enterprise adoption kicks in.

Should You Buy Crypto Now? How to Stay Safe

Cryptocurrencies clearly still have tremendous room for growth in 2023 and beyond. But investing always carries risks:

• Only invest what you can afford to lose. Cryptocurrencies are highly volatile.
• Do your own thorough research before buying any token. Don't blindly follow influencers or YouTubers.
• Dollar cost average instead of lump sum investing to smooth out volatility.
• Use cold wallets like Trezor and Ledger for optimal security. Avoid keeping coins on exchanges long term.
• Keep some emergency fiat on hand - don't go all in on crypto!

While DYOR applies, my top 7 picks aim to balance high upside potential with real-world utility. I believe October 2023 could be an opportune time to start accumulating these tokens at a heavy discount compared to their eventual value.

Top Cryptocurrencies FAQ

What will be the top cryptocurrency in 2023?

Based on growth potential and adoption, Ethereum has the best chance of being the top crypto again by end of 2023 if it can complete the Merge. However, seeds planted this year by Solana, Polkadot, and other layer 1s could lead to a new #1 long-term.

How many cryptocurrencies should I own?

A portfolio of around 5-10 cryptocurrencies ensures good diversification. Stick to established projects you've thoroughly researched rather than trying to hold too many small-cap assets.

What is the safest cryptocurrency investment?

While all cryptos carry risk, Bitcoin and Ethereum have the most proven security and adoption to date. Projects like Chainlink and Filecoin that provide critical utility also carry less risk compared to meme coins.

Can you get rich off crypto?

Yes, you can potentially get rich off crypto by investing early in solid projects, holding long-term, taking profits at peak euphoria, and dollar cost averaging during market cycles. Thousands have become crypto millionaires already.

When should you sell your cryptocurrency investments?

Take profits incrementally on the way up instead of trying to time the absolute top. Set price targets at which you'll sell a percentage of your holdings. Also rebalance to stablecoins or fiat if crypto grows beyond 5-10% of your total portfolio.