Even with the ongoing crypto winter, this month started off on a high note as most altcoins recovered. In this article, we shall look into the most promising altcoins to watch out for in November 2022 based on the price since the market started. Let’s get into it.
Fantom (FTM)
The Fantom platform is a directed acyclic graph (DAG) smart contract that enables developers to provide decentralized finance services. It utilizes a customized consensus algorithm to ensure that transactions are performed efficiently. Unlike other blockchains, its core technology allows it to perform more complex transactions and lower costs.
The ability to build a blockchain ecosystem has made it easier for developers to contribute to developing the protocol. In the past week, FTM has gained 20.86% and is trading at $0.2631.
Choise.com (CHO)
Choise.com is an earning marketplace that brings together the best-in-class CeFi and DeFi services. This combination is possible thanks to the unique in-house platform Charism. The Choise.com token (CHO) is designed to provide users with the platform’s advantages such as higher APY of interest accounts. Users can open interest accounts in DAI, USDT, USDC, and CHO and receive up to 16% APY.
In the past week, the price of CHO increased. Data from CoinCodex illustrates that CHO is the most consistent token out of these profiled coins, with an increase of around 57% in the Year-To-Date (YTD) period.
Chiliz (CHZ)
Chiliz (CHZ) is a leading digital currency for sports and entertainment. It helps sports organizations and other entities to monetize their audience. CHZ is also used to purchase and exchange fan tokens on the Socios.com platform.
Although the price of CHZ has been rising, it is not yet clear if the positive turnaround has been confirmed. The daily chart shows the relative strength index (RSI) at 49 showing that it is neither oversold or overbought showing that its price is steady. Over the past three months, CHZ has gained over 25% and is at the time of writing it is trading at $0.1927. The rise can be attributed to the upcoming FIFA World Cup, being a fan token.
Dogecoin (DOGE)
Dogecoin (DOGE) is a cryptocurrency that came about in 2013 due to the popular “doge” Internet meme. This coin is mostly used for tipping systems on Reddit and Twitter whereby users can reward content creators. In addition, it is used as a tip on Dogecoin faucet which is a website that gives new users free DOGE as an introduction to the currency.
Its top supporter, Elon Musk, recently acquired Twitter which has given fresh wind in the sails of DOGE. When he tweeted “the bird is freed,” to announce the new ownership on Oct. 27, the price was at $0.07. Within five days, it reached $0.16, a rise of over 56%.
Merit Circle (MC)
Through Merit Circle’s play-to-win program, gamers can earn scholarships by borrowing non-fungible tokens, which they can use to enter the game. The players then have to send back a portion of their earnings.
As November 4 came around, MC rose by 6% from the week before to trade at 0.78. Even though the crypto is undergoing a correction and it is at $0.51 during the time of writing, the daily RSI is near oversold levels. It is a strong indication that the upward trend is likely to continue.
Conclusion
The crypto market is currently in a crypto winter, and the prices are expected to go lower as the year ends next month. According to Carol Alexander, a finance professor at Sussex University, Bitcoin might even drop to around $10,000 in 2022. That would represent a significant decline from its recent gains.
The five cryptocurrencies above have been resilient and are expected to continue growing this month. With the growth being inked, they are well-positioned to take on more significant roles in the future.
