Last updated on November 10th, 2022 at 03:56 pm
October is almost coming to an end and the thought of the best cryptocurrencies to buy for November will be the next big question. 2022 has particularly been a slow year in the cryptocurrency market, but investors remain bullish and hopeful.
In our top cryptocurrency list for October, we saw the likes of Helium Network, Polkadot, Filecoin, Battle Infinity, and others. If you already have those coins added to your portfolio, then you are most likely on the right path to good profits in the next bull market.
There are thousands of cryptocurrencies available in the market, and one might find it difficult to select the ones with very good potential. Choosing the wrong digital asset to invest in might lead to you losing a substantial part of your investment, that’s why it is advised to do your due diligence by researching properly before indulging.
There are different cryptocurrency tokens also known as altcoins with various use cases. To know more about the different types of altcoins, check this post. The cryptocurrency industry is constantly changing and the market remains highly volatile, so if you are not a skilled trader, then you should consider diversifying your portfolio and Hodling your tokens for the long term because it has higher profit potential.
Why you Should Diversify your Cryptocurrency Portfolio
As I previously mentioned, there are thousands of cryptocurrencies in the market. Data from CoinMarketCap shows that there are over 5,000 cryptocurrencies listed in the market and that is a lot to choose from.
Diversifying your portfolio helps you reduce the risk and also gives you a chance to be involved in the next hot cryptocurrency to hit the market. Cryptocurrencies are a volatile and risky investment and investing in just one is even riskier.
Since diversification is best, my list of the best cryptocurrencies for November will include coins that are in the different categories of coins in the market, less volatile coins and the ones that are easy to buy and trade.
What are the different types of Cryptocurrencies?
Cryptocurrency tokens in the market can be grouped into different types depending on their use. Some crypto, however, can fall into more than one group. Some of the types of cryptocurrencies available are:
- Stablecoins: Stablecoins are made to reduce volatility. Their value is pegged to other less volatile assets like the fiat currency such as the U.S dollar, and some are pegged to precious metals. Some popular stablecoins in the market include USDT, USDC, BUSD, and others.
- Security Tokens: These are used to record a stake or ownership in something. These types of tokens are regulated by SEC (Securities and Exchange Commission). Security tokens transfer values from an asset to a token.
- Payment Tokens: A payment token serves as a currency to make payments, and also exchange value between two parties.
- Governance Tokens: Governance tokens give holders some rights and privileges to participate in certain activities in a blockchain. Activities include voting, and also contributing to the DAO.
- Utility Tokens: Utility tokens can be used to provide some specific functions within a blockchain. They are used for services like paying for transaction fees, redeeming rewards, and also paying for services.
Also, you can group cryptocurrencies into groups according to their market capitalization. Investors now turn their attention to low-cap cryptocurrencies with very good potential growth.
What are the best cryptocurrencies to buy in November 2022?
At the end of this article, you will have a good understanding so that you can decide which coin to buy for yourself in November. We will start with the more popular ones (which are ideal for beginners), and then to others.
- Bitcoin (BTC). Market Cap $401 billion
- Ethereum (ETH). Market Cap $196 billion
- Binance Coin (BNB). Market Cap $49.8 billion
- Cardano (ADA). Market Cap $14 billion
- Dogecoin (DOGE). Market Cap $13.8 billion
- Chainlink (LINK). Market Cap $3.5 billion
- ApeCoin (APE). Market Cap $1.4 billion
1. Bitcoin (BTC). Market Cap $401 billion
Bitcoin is the most popular cryptocurrency in the market, and our list might just not be complete without including it. It is also the most widely used cryptocurrency to date. Bitcoin was created by someone with the pseudonym Satoshi Nakamoto.
It is also the most liquid cryptocurrency in the market and is the best recommendation for beginners. Buying and/or selling Bitcoin is very easy. You can find it listed on every cryptocurrency exchange. Bitcoin is also a volatile asset, however, its volatility is quite low compared to other coins in the market.
Bitcoin runs on the proof-of-work mechanism, which means miners receive rewards in Bitcoin for every successful block added to the blockchain. Bitcoin accounts for over 60% of the entire crypto market cap, which makes it a very good investment, especially for beginners.
According to live data from CoinMarketCap, the price per BTC is $20,931 and has a market cap of $401 billion.
2. Ethereum (ETH). Market Cap $196 billion
On July 30, 2015, Ethereum went live. Ethereum was the first major project to introduce smart contracts as part of its offering. There are lots of projects built on the Ethereum blockchain which makes it one of the oldest and most established blockchain platforms.
Ethereum was founded by Vitalik Buterin and co-founded by Joseph Lubin. It is also a very liquid cryptocurrency and is generally referred to as the second most popular coin in the market after Bitcoin.
The Ethereum merge which upgraded the network from the proof-of-work mechanism to a proof-of-stake was completed in September and was one of the most anticipated events in the crypto industry.
Investors have been expecting a bullish turn since this upgrade, so adding Ethereum to your portfolio right now is undoubtedly a very good move. Also, Ethereum is used in the dApps ecosystem, which means that lots of developers may need Ether to fuel their smart contracts thereby increasing the demand for the asset.
Live data from CoinMarketCap shows that Ethereum has a market cap of $196 billion and is currently trading at $1,627.
3. Binance Coin (BNB). Market Cap $49.8 billion
Binance Coin is the native cryptocurrency of the Binance exchange platform. Binance was founded in 2017 and has since grown to be one of the most popular crypto exchanges in the world and also the largest by trading volume.
The Binance Coin (BNB) falls under the utility token category which means it is used to perform certain functions on the Binance network, like paying transaction fees. This also means that its value comes from how useful it is in the Binance ecosystem.
During its early stage, it was initially priced at $0.1, fast forward to today, its price has grown exponentially to $305. BNB is ranked #4 in CoinMarketCap and is one of the most liquid cryptocurrencies in the market.
According to live data from CoinMarketCap, BNB has a market cap of $49.8 billion and is considered one of the most promising cryptocurrencies in the market.
4. Cardano (ADA). Market Cap $14 billion
Cardano is the next addition to our list of best cryptocurrencies to buy in November 2022. It is one of the growing and sort after blockchain networks right now which makes a very good investment for the long term.
Non-fungible tokens can be created on Cardano without requiring the use of smart contracts. It prides itself as a third-generation blockchain network that intends to enable and promote smart contracts.
It since adopted the proof-of-stake mechanism that Ethereum just upgraded to. The open-source blockchain platform is powered by the ADA cryptocurrency token.
Today, Cardano has a market capitalization of $14 billion and is presently trading at $0.41 according to data from CoinMarketCap.
5. Dogecoin (DOGE). Market Cap $13.8 billion
Dogecoin is one of the most popular cryptocurrencies in the market. It is listed at #10 on the CoinMarketCap chart. It has established itself as the best-undervalued coin to invest in for good return.
Dogecoin was initially mocked as the “fun” version of Bitcoin, but its worth has since grown, making it the most popular meme coin available in the market. Big names like Elon Musk are some of the top influencers of the coin. It is one of the ideal cryptocurrencies for low-cost transactions.
As the adoption of the coin increases, the team released a plan for 2022 which is meant to address and change its position as a meme coin. Also, there are plans to move it to the proof-of-stake mechanism.
Dogecoin currently has a market cap of $13.8 billion and it currently trades at $0.101.
6. Chainlink (LINK). Market Cap $3.5 billion
Chainlink (LINK) is the coin on our list of the best cryptocurrencies to buy in November 2022. It is a web 3.0-friendly cryptocurrency that became quite popular because of its ability to work with any blockchain that can execute smart contracts.
Chainlink does not have its blockchain, instead, it runs on different blockchains at the same time. It was created in 2017 with a vision of delivering correct and accurate external data to blockchains.
It promotes the use case of smart contracts and takes it to the next level by making it possible to access real-world data, payments, and other functionalities without giving up the security that is existent in the blockchain.
Today, Chainlink has a market cap of $3.5 billion and is selling at $7.250 according to live data from CoinMarketCap.
7. ApeCoin (APE). Market Cap $1.4 billion
ApeCoin (APE) is a cryptocurrency built on the Ethereum network. it is a type of coin that falls under the utility and governance token. Investing in ApeCoin in its early stage could help you secure a good place in the NFT market.
The team behind the Bored Ape Yacht launched the game in 2022. Investors are turning to NFTs since the crypto market hasn’t been entirely favorable this year. ApeCoin is an ERC-20 which means that the recently completed Ethereum Merge might be favorable to it once the next bull run comes.
ApeCoins’ use case continues to expand, it can be used in decentralized exchanges, P2E (play-to-earn) games, in the MoneyFirm NFT platform, and also be used to make online buying on the Shopping.io platform. It will also be used in the metaverse for transactions as it was developed to promote the Web 3.0 economy.
Today, ApeCoin has a market cap of $1.4 billion according to live data from CoinMrketCap, and currently sells at $5.090.
The cryptocurrency market is highly volatile, so it is always important to do proper research before investing in any. So what is the best cryptocurrency to buy in November 2022? If you are looking for the best cryptocurrencies to buy in November then you should consider coins like Ethereum and ApeCoin.
Also, look through the list above and make your personal choices for other options that best suit your plan.
Disclaimer: This is not financial advise. The view and opinions expressed in this post are that of the author.