Close this search box.
Close this search box.
Close this search box.
  • Home
  • BlockBR News
  • 6 cryptocurrencies to watch out for in November 2022, according to experts

6 cryptocurrencies to watch out for in November 2022, according to experts

In the forty-fifth quarter of October, the crypto market market gave signs of a recovery with the market’s major cryptocurrencies surpassing important values, which, if not for technical analysis, at least restores investor self-esteem.

The move comes just after a period of sideways movement that lasted for most of the month. Bitcoin (BTC) volatility had already reached historic lows, according to Glassnode.

Along with November, investors await the decision on the new U.S. interest rate at the Federal Reserve’s next meeting.

According to José Artur Ribeiro, Coinext’s CEO, the Federal Reserve ‘s announcement may curb the market’s optimism and will be determinant for a new trend reversal or a resumption of the previous weeks’ lateralization.

Some experts comment on the cryptocurrencies to keep an eye on during the penultimate month of November. Check out the list:

1. Bitcoin (BTC)

José Artur Ribeiro, CEO of Coinext, says that in October, the Bitcoin gave signs that a recovery may be near.

“Especially at the end of the month, we saw an attempt to appreciate, even without any certainty about a change in the macroeconomic scenario,” he says.

Bitcoin is heading to close the month up 5.3%, having its highest price on October 30 when it hit $20,900, registering the highest level since September 14. This is above the $19,000 level, which was the benchmark during this period of lateralization.

“In November, attentions are focused on the FED meeting, which will release the new outlook for the American interest rate. GDP results and other indicators lead us to believe that there will be a 0.75% hike, following the movement that has already been applied throughout the year,” says Ribeiro.

Should this confirmation happen, the CEO says that it would be possible to see the sideways scenario even stronger, with Bitcoin struggling to maintain the plateau.

“On the other hand, if the interest rate increase is softer, we may see the beginning of a market recovery, boosting the investors’ mood”, he concludes.

According to Cassio Krupisnk, CEO of BlockBR, the price of Bitcoin is expected to fluctuate between $19,000 and $25,000 in November, the month of the World Cup.

For John Blount, CEO and Cofounder of FMI Minecraft Manager, on the other hand, the bitcoin price should remain sideways, between $18,700 and $20,800.

2. Ethereum (ETH)

The Ethereum network currency was one of the highlights of the month, appreciating by 18%. In October, the coin reached a price of $1,650, the highest level since The Merge update in September.

After the euphoria over the update of the consensus switch from Proof of Work (PoW) to Proof of Stake (PoS), there was a sharp pullback on the price of Ether and now, the market seems to be looking closely at the network native token again, along with its Blockchain.

“There is no doubt that Ethereum is the leading Blockchain network in the cryptomarket. The #1 choice for new project launches, tokens, games and metaverses, the network seems to be moving to remain prominent and attract partners,” he says.

The CEO and Cofounder of FMI Minecraft Manager says that Ethereum’s thesis is strengthened by compatibility between other networks, relying on security and interoperability.

“Another interesting highlight are the NFT’s that concentrate the use of rights, virtual acquisitions and transfers between them,” he says.

The emphasis for NFTs can be attributed to Ether due to the fact that its largest volume is concentrated on the Ethereum network. Trading of NFTs on the network, are factors driving fee payments in Ether, which are now deflationary.

3. Sushiswap (SUSHI)

The SUSHI token showed the best performance in October, with appreciation on the international scene of 51% (by the afternoon of October 31).

One of the reasons that may be behind this valuation is the proposed change in the governance model, as Ribeiro analyzes.

“In October, Jared Grey, one of the people in charge of DAO stated that this change is in the works and should serve to prevent those people who own a large amount of tokens from influencing voting results,” he explains.

This restructuring has already begun, with the approval of a change, starting with the creation of a foundation that will be responsible for maintaining the cash reserves, approving concessions, and taking care of other administrative functions.

For the month of November, it is important to keep an eye on the news and the unfolding of this restructuring that can directly impact the price of the SUSHI asset.

4. Algorand (ALGO)

For José Arthur Ribeiro, CEO of Coinext, this is a decisive moment for the valuation of Algorand (ALGO), largely due to the proximity to the World Cup.

“As we talked about the big event for the Algorand blockchain network and Algo crypto is the World Cup that starts in the second half of November. As a FIFA partner, we will be able to see the network involved in launches and products during the event,” he says.

This exposure can make for an appreciation of SOMETHING during the event in your opinion.

“Furthermore, it can be an important showcase for more institutions like FIFA to have Algorand as a partner for developing NFTs and other assets,” he adds.

5. Polygon (MATIC)

The Polygon network token was another highlight of October and made it onto Coinext’s CEO’s list of assets worth keeping an eye on in November. After appreciating 16.59% this month, the cryptocurrency is showing an interesting bullish rally and may generate new opportunities.

“For understanding purposes, we are talking about a big recovery when we look at the main bottom of the currency recorded in June this year. With that, we saw the balance of MATIC at brokerages fall to the lowest level since January, accentuating investor appetite for this cryptocurrency,” he says.

When it comes to fundamentals and planning, Polygon has really been leaving no stone unturned. The team has already signed partnerships with big names such as Disney World and Meta.

“Data indicates that more than 53,000 decentralized apps have been released on the Polygon network, numbers that are 8 times higher than what was recorded in January of this year,” Ribeiro highlights…

John Blount agrees that MATIC is a very interesting cryptocurrency to keep the focus on right now. According to him, the token comes as an avalanche for the high circulation of tokens, aiming to consolidate new investment opportunities.

6. Decentraland (MANA)

The CEO of minerdora FMI comments on Decentraland (MANA). For him, the metaverse is a big player within the Web3 construct and is well worth watching closely.

“Non-fungible tokens (LAND) are the source of variable virtual game resources that it brings to the metaverse in every virtual world achievement experience,” he recalls.

Source: Moneytimes

share this content

You might like it too