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In this cryptocurrency roundup by investfox, we have looked at the top 30 cryptocurrencies according to their market capitalization, while also checking which tokens have performed well, and which have lost some value during October 2022.
Delving into these 30 cryptocurrencies (excluding stablecoins and wrapped tokens) only 7 lost value, while the remaining tokens all saw gains or remained roughly even with minor 0.1-0.2% positive price changes. So, today we will be looking at the top 5 best and worst-performing ones in our crypto market roundup for October 2022.
Top 5 Gainers
There were a lot of contenders for this month’s top spots, as most of the big boys in the crypto space were performing well. Let’s start by looking at the top 5 gainers of the month.
Dogecoin +35.8%
This month belonged to Dogecoin as its price jumped a whole +35.8%. This comes after a year of shockingly bad performance for cryptocurrencies. The reason why DOGE saw these huge gains can be attributed to multiple factors. The most important factor that we need to consider is that cryptocurrency exchanges have reported that this month they saw one of the highest liquidations of short positions opened on Dogecoin. With traders forced to purchase Dogecoin in order to cover their losses, it drove prices even higher.
We should also remember the person who made Dogecoin famous in the first place, as Elon Musk just finalized the purchase of Twitter on October 27. Perhaps this has given people hope for the coin again because Elon plans to use Twitter as a stepping stone for launching his “everything app” called X. There have been speculations that a coin such as Dogecoin might be used in this new X app, which will likely be a sort of WeChat for the West.
Quant +23.4%
There will probably be a good many of you who are hearing about this token for the first time. In fact, it barely made our list of top 30th cryptos at the end of October. Quant is a network designed for making transactions easier and helping banks adapt to cryptocurrencies.
When it comes to why Quant had this huge growth spike in the month of October, it is somewhat of a mystery. There has been no major news coming from Quant’s team or major partners. During the first half of the month, it was possible that this increase was corrective. However, on October 15, it had a breakout which confirmed that this was an impulsive rise, and ever since then the price has been going up and down. For example, currently Quant, despite having a +23.4% monthly gain, has lost 3.1% of its value in the last 24 hours.
MATIC +22.9%
Since MATIC fell below the $1 mark, speculations have been going on regarding when it will return to the $1 level and go higher. Well, next month might be that month, as MATIC has been on the rise for the whole month of October. The reasons why it keeps gaining value are multiple, and it is a combination of speculations and NFTs.
The amount of MATIC held by exchanges in October is the lowest this year. These massive withdrawals usually mean that traders are moving tokens to their personal wallets for long-term holding, and with more and more MATIC coming out of exchanges, the price has gone up.
Another major contributor to the rise of MATIC is the newly released Reddit NFT project Cryptosnoos. When these NFTs became available for minting, people could mint them only using MATIC. As Reddit is one of the largest websites in the world, with a massive user base, the demand for MATIC rose, and so did prices.
Ethereum +13.3%
The second-largest cryptocurrency by market capitalization, and the second token ins the top 10 that made this list, Ethereum had an interesting and crazy month in October. After completing the long-awaited Merge on September 15, Ethereum has now fully moved toward proof-of-stake protocol. When this happened, Ethereum took a big hit and the price started to slip because there was a lot of uncertainty coming from the Merge. Ever since things have stabilized, and by the looks of things, this Merge had a positive impact on Ethereum and the community seems to be backing the token. But while things are good now, unstaking your staked Ethereum is still unavailable. So, for now, we should sit and wait to see what will happen in the next few months.
Tron +6.4%
The fifth top gainer of the month was Tron. It is the only token on this list that has failed to reach double digits of gained value. The reason why Tron had a positive month can only be attributed to one thing, the world's largest crypto exchange, Binance, has announced that it will be supporting the staking of Tron. This news made waves across the crypto community as traders got interested in Tron and the possibilities that it will bring to this token.
But this happened toward the end of the month, and before this announcement, Tron had a really up-and-down month. You can see huge spikes and drops in value that Tron had gone through throughout the month of October, which is similar to what has been happening to most cryptocurrencies for the past months.
Top 5 Losers
Interestingly, only two tokens failed to make this list of the top 5 losers, as just 7 tokens managed to lose value this month. This is surprising as the crypto market has been on a strong downtrend this whole year. Among these 7 tokens, the 5 which lost the most value are as follows.
Chainlink -13.5%
Moving to the losers of the month, Chainlink has the unfortunate title of being a cryptocurrency inside the top 30 that has lost the most throughout October. The initial downfall of Chainlink can be attributed to the whole collapse of the crypto market that started at the beginning of 2022. But ever since June, it has stabilized and prices started to move up and down without too many shocks.
At the start of October, whales entered the market and started to fight a bearish trend. This saw Chainlink's price go up a bit, but eventually, whales left the market and prices started to fall again. This resulted in a loss of -13.5% throughout the month and still remains a volatile currency.
Cardano -11.9%
The next unlucky cryptocurrency on our list is Cardano. It had a pretty bad October as it lost almost 12% of its value. But things could have been worse, seeing that at one point, Cardano was showing a loss of almost 30%. Luckily news got out that it is a greatly undervalued token and things picked up a bit. Statistics from GitHub showed that this is one of the most worked-on blockchains and is going through large developments. This helped Cardano a bit as its price started to grow, but this growth was not enough as it ended the month with a loss in value of -11.9%.
Ethereum Classic -10.6%
The entrance of Ethereum Classic should not be surprising to those who are familiar with this token. Ethereum Classic is the original Ethereum token before the Ethereum network bailout took place. It operates on the Proof-of-Work protocol, the one which Ethereum just moved away from after the Merge.
Ethereum Classic almost mirrored regular Ethereum. After the Merge, Ethereum saw spikes in value that continued for the first half of October. Once regular Ethereum took off and started to gain value, Ethereum Classic started to drop and at one point in October, the difference between the high and low of the month was doubled. With Proof-of-Work protocols falling out of favor, Ethereum Classic is expected to continue its downfall unless something wild happens to the regular Ethereum network.
Solana -5%
The next entry on our list is Solana, which at some point was dubbed as an Ethereum killer. Solana has been on the downfall ever since May of this year. Initially, this downfall was attributed to the general downfall of the crypto market, but the main blow Solana took came with the Ethereum Merge.
Solana was a cheaper version of Ethereum, as it can do pretty much everything that the Ethereum network does, but much faster and cheaper. The reason for this was that Solana is using the Proof-of-Stake protocol, while Ethereum was using the Proof-of-Work protocol. But ever since Ethereum moved to Proof-of-Stake, the demand for Solana has fallen, and its price has followed suit. Right now we just need to sit and wait to see what solution Solana will come up with to flip this downtrend.
Shiba Inu -3.5%
Shiba Inu had a pretty hectic October. It started the month on a bad note as it had been losing value for the whole month prior. During the first week of October, Shiba was moving up and down, but generally, it was on an uptrend. Everything changed when the second week of October rolled around, as Shiba's prices started to fall and there are no apparent reasons as to why this happened. It continued its volatility for the remaining days of the month with prices once again moving up and down, but in this case, it was not a downtrend.
We also need to mention that on October 27, it reached a new peak of the month, which interestingly coincided with Elon Musk’s purchase of Twitter. Musk is a fan of this meme token. DOGE, his other favorite token, behaved the same way. We can conjecture that this random spike in price was caused by the Twitter deal finally going through. This become more apparent as prices fell shortly after but still managed to retain high value compared to what it was on average throughout the month.
Final Thoughts
All-in-all, this has been a good month for cryptocurrencies relative to what has been going on throughout the rest of the year. With just 7 tokens inside the top 30 ending in the red, it is a good sign to those who are worried about the state of the market and think that the crypto market is collapsing. But this does not mean that the market has stabilized, as it is still highly volatile even in cryptocurrency terms. While doing research for this roundup, the prices were changing so rapidly that monthly gains and losses of tokens were changing by 2-4% in a matter of minutes.