6 Cryptocurrencies to Watch Out for in November 2022, According to Experts

(Image: Pexels/Alesia Kozik)

In the forty-five of the second half of October, the crypto market showed signs of a recovery with the main cryptocurrencies in the market surpassing important values, which, if not for technical analysis, at least restores investor self-esteem.

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

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Along with November, investors await the decision on the new US interest rate at the next Federal Reserve meeting.

According to José Artur Ribeiro, CEO of Coinext, the announcement of the Federal Reserve it can put a brake on market optimism and will be decisive for a new trend reversal or resumption of the lateralization of previous weeks.

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

1. Bitcoin (BTC)

José Artur Ribeiro, CEO of Coinext, says that in October, the Bitcoin has given 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 30th when it hit $20,900, recording the highest level since September 14th. This is higher than the $19,000 level that was the benchmark during this period of lateralization.

“In November, attention is focused on the Fed meeting, which will release the new outlook for the US interest rate. GDP results and other indicators lead us to believe that there will be a rise of 0.75%, following the trend that has already been applied throughout the year”, says Ribeiro.

If this confirmation happens, the CEO says it would be possible to see the scenario of lateralization even stronger, with Bitcoin struggling to maintain the level.

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

According to Cássio Krupisnk, CEO of BlockBR, the price of Bitcoin should fluctuate between US$19,000 and US$25,000 in November, the month in which the World Cup takes place.

For John Blount, CEO and Co-founder of FMI Minecraft Manager, the price of bitcoin should remain sideways, between $18,700 and $20,800.

2. Ethereum (ETH)

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

After the euphoria over the upgrade of the Proof of Work (PoW) to Proof of Stake (PoS) consensus exchange, there was a sharp pullback on the price of Ether and now, the market seems to be taking a closer look at the native token. of the network, along with your Blockchain.

“There is no doubt that Ethereum is the leading Blockchain network in the crypto market. Number 1 choice for launches of new projects, tokens, games and metaverses, the network seems to be moving to remain in the spotlight and attracting partners”, he says.

The CEO and Co-founder of FMI Minecraft Manager says that the Ethereum thesis is strengthened with compatibility between other networks, relying on security and interoperability.

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

The highlight for NFTs can be attributed to Ether due to the fact that its largest volume is concentrated on the Ethereum network. The trading of NFTs on the network are factors that drive the payment of fees in Ether, which are now deflationary.

3. Sushiwap (SUSHI)

The SUSHI token presented the best performance in October, with an appreciation in the international scenario of 51% (until the afternoon of October 31).

One of the reasons that may be behind this appreciation is the proposal to change the governance model, as analyzed by Ribeiro.

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

This restructuring has already begun, approval of a change has taken place, starting with the creation of a foundation that will be responsible for maintaining treasury 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 development of this restructuring that can directly impact the price of the SUSHI asset.

4. Algorand (SOMETHING)

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

“As we said, the big event for the Algorand blockchain network and for the crypto Algo 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 may cause there to be an appreciation of SOMETHING during the event in your opinion.

“In addition, it can be an important showcase for more institutions like FIFA to have Algorand as a partner for the development of NFTs and other assets”, he adds.

5. Polygon (MATIC)

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

“For the sake of understanding, we are talking about a major rally when we look at the currency’s main bottom recorded in June this year. As a result, we saw the MATIC balance at exchanges fall to the lowest level since January, accentuating investor appetite for this cryptocurrency”, he says.

When it comes to fundamentals and planning, Polygon is really not lacking. The team has already partnered with big names like Disney World and Meta.

“Data indicate that more than 53,000 decentralized applications were launched on the Polygon network, numbers that are 8 times higher than that recorded in January this year”, highlights Ribeiro.

John Blount agrees that MATIC is a very interesting cryptocurrency to focus on at this point. 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 mining company FMI comments on Decentraland (MANA). For him, the metaverse is a big player in the construction of Web3 and it is very worthwhile to observe it closely.

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

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