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November has been an eventful month for the crypto sector because the gains made in October are spilling over. On November 9, Bitcoin reached an all-time high of $68K after a major bullish rally, and these gains are moving over to other coins.
Altcoins are also making major gains, which makes investors eager to invest here. However, with the many altcoins in the market, it can be overwhelming to know which ones are the best ones to invest in.
Below are the top five altcoins that are making major gains in November 2021.
1) Ethereum (ETH)
Ethereum is the largest altcoin, and it makes for one of the best cryptocurrencies worth investing in this November. Ethereum is breaking past new all-time highs, and on November 9, it made a major bullish rally towards a record high of around $4850, according to data from CoinGecko.
Analysts believe that there is potential for Ethereum to reach $5000 before the end of the year, and this might actually happen, given the major gains it has made over the past month. In a month, the coin has gained by over 38%, and this coincides with the major upgrade don to the network in August, whose benefits are starting to manifest now.
Earlier in August, Ethereum launched the London Hard Fork upgrade aimed at making Ether a deflationary token. The upgrade is among the changes that the Ethereum network wants to introduce to achieve the Eth2.0 vision.
The upgrade has been effective in removing Ether tokens from the circulating supply. Over 830,000 ETH tokens have been burned so far, which has created high prices for the token. Moreover, last week, Ethereum achieved its first deflationary moment after the number of Ethereum token burned were higher than the number of Ethereum tokens mined, and this has reflected positively on the price of Ethereum.
To learn more visit our Investing in Ethereum guide.
2) Polkadot (DOT)
The other altcoin that is also making major gains is Polkadot (DOT), and it makes for one of the best crypto investment choices in November. Last week, DOT reached an all-time high of $54, and it has been clinching on to the levels of above $50 during this time.
Over the past month, DOT has gained by over 50%. The gains have been attributed to the parachain auction slots that are currently being sold on the network. The parachain auction slots will commence on November 11, and the event is expected to last until next year, as 11 sets of parachains will be auctioned every week.
The parachains auction is causing major gains for the DOT token. The circulating supply of the token is reducing because those that want to buy the token need to make DOT purchases. The reduction in supply is having a positive effect on the value of DOT.
The parachains auction will go on for several months, and many firms might want to contend for these slots, given that Polkadot is one of the most scalable networks in the market.
To learn more visit our Investing in Polkadot guide.
3) Solana (SOL)
The other token that is also major gains this November is Solana (SOL). In fact, Solana has been one of the best performing coins in the market in recent months, and its gains do not seem to be slowing down.
Part of the reason Solana is making enormous gains is because of the value offered by its network. Solana is believed to be the fastest blockchain in the market, attracting a lot of developers to launch on the network. The growth of DeFi and NFTs is playing a role in the rising SOL values because Solana’s network has the scalable attributes that developers are searching for.
Solana is also running the Ignition event, where a fund has been set aside to help developers build on the network. If these projects are launched on the Solana network, the total value locked (TVL) will rise, and so will the value of SOL.
Solana reached an all-time high of around $259 on November 6, following major adoption of the Solana network and increased demand for the SOL token. With the strong fundamentals that the Solana network is displaying, it has also become a target for institutional investors. Since institutional investors are whale buyers, the value of the SOL token could make major gains.
To learn more visit our Investing in Solana guide.
The other token that also makes for a good investment this November is EOS. EOS was once the leading network in the crypto sector, and it was once the seventh-largest blockchain by market cap. The network prides itself on high processing speeds, but it failed to market itself with this scalability.
EOS is currently making major gains because the network is seeking to rebuild itself. BlockOne has revived the EOS network by sending $210 million worth of EOS tokens to the Helios network. These funds aim to improve the viability of the network, and if it gains adoption, the altcoin could see major gains.
Since the news of this transfer was made public, the EOS token has made over 6% gains. The gains made by the network in the past have revived investor confidence that the network and token could be revived again, which could lead to major gains.
The funds set aside by BlockOne aim to boost user engagement with the network and motivate developers to come and build on the network. The funds will also boost liquidity for projects building on the network and explore opportunities that can better the network.
To learn more visit our Investing in EOS guide.
5) Ripple (XRP)
The other coin that also makes for a good investment this November is XRP. Ripple is currently facing securities charges with the US Securities and Exchange Commission (SEC), but this has not prevented the coin from making gains and from making partnerships and strategic developments.
Ripple’s technology is one of the main features causing XRP’s gains. The technology claims it can be used as a bridge between private payment sectors and a central bank digital currency (CBDC). Moreover, Ripple’s technology has also been adopted by leading payments firms such as GME Remittance.
Ripple will make major gains this November because of the announcement made by the company on November 9. Ripple stated that it will be creating a new product that will allow firms in the financial sector to offer customers the ability to buy and sell cryptocurrencies.
The new feature being launched by Ripple will be known as “Liquidity Hub”, and it will allow its enterprise clients to gain access to digital assets that come from different sources such as market makers, exchanges and OTC desks. Some of the cryptocurrencies to be supported by this feature include Bitcoin, Ethereum, Ethereum Classic and Ripple.
To learn more visit our Investing in Ripple guide.
Altcoins have been making major gains during the past few months because the entire market has been rallying. Above are some of the top altcoins making major gains this November, and they can come in handy for those that want to diversify their portfolio. Most of these coins have technological fundamentals, making them safe investments.
However, before making any investment in the crypto sector, it is important to do your own research to ensure that the coins you are adding to your portfolio match your needs. Moreover, it is also important to understand that cryptocurrencies are volatile, and their prices can drastically fluctuate depending on the demand.