There’s no better time than now to discuss what 2023 will bring for the cryptocurrency market. Will the bear market continue, or will we see the beginning of a bull market?
The crypto winter has put investors in a gloomy mood because most projects registered price drops. The overwhelming fear that the market will go even lower has brought traders on edge because they’re not willing to risk their investment portfolios if the market continues to register declines. However, seasoned crypto investors also understand that this is the ideal time to invest in new projects and build positions to enter the next crypto phase – because it’s just around the corner. Those who manage to build positions by investing in solid projects will reap the rewards when altcoins kick into action in the bull market.
If you’re hesitant about investing in cryptocurrencies, the following list of altcoins expected to perform in 2023 might help you.
Ethereum remains the most popular platform for crypto users because it managed to ride out the storm that brewed in 2022 and successfully completed the Merge. To illustrate the altcoin’s strength, check the Ethereum price usd and compare it with the value of other cryptocurrencies. The Merge enabled Ethereum to cut high energy usage and maintain affordable transaction fees.
There’s no doubt that Ethereum will continue to perform in the following period because the most well-known projects in the sector (Metamask, Uniswap, OpenSea, and Polygon) run on its blockchain. Even if there are over 3,500 dApps on the market, those running on the Ethereum blockchain are the most successful by far. Besides, Ethereum is also the leading DeFi platform hosting over 200 projects currently live.
Some competitors tried to take down Ethereum in 2021 criticizing its high costs and clunky service, but the blockchain responded swiftly by upgrading its services through the Merge and reassuring the traders and investors that the platform would remain a top-performing ecosystem.
Also read: 10 Most Popular Altcoins in Crypto Market
Solana is one of Ethereum’s fiercest competitors because it took advantage of every opportunity presented in the sector. Solana is a third-generation cryptocurrency with a platform that offers simple scalability solutions and great transaction speeds.
Solana is a unique project on the market because it employs a dual-consensus mechanism, which is a hybrid of the proof-of-stake algorithm and proof-of-history algorithm. The hybrid ecosystem enables the blockchain to offer improved transaction speeds and experiences compared to other altcoins.
Even if Solana has a long way until it can compete with the big names in the sector, it’s still a great project to add to your investment portfolio.
Metacade is a virtually hosted gaming platform relying on a virtual arcade that aims to gain a leading position in the Web3 GameFi industry. Gamers can use the Metacade hub to engage in different activities and connect with like-minded peers. Metacade’s white paper reveals the project’s main purpose, to hand power back to online users and enable them to earn titles in the metaverse. Metacade users receive MCADE coins for playing games on the platform and can increase their p2e titles while contributing to the community’s growth. The gaming hub also allows gamers to review games and hold discussions about subjects that interest the community.
MCADE holders also have the stacking option if they keep their coins on the platform, meaning they can transform it into a stream of passive income.
In addition, Metacade offers gaming developers several benefits because it has created the concept of Metagrants, which act like funding packages that can be used to develop new gaming projects. Developers submit projects, and the Metacade users vote for those they want to become part of the blockchain. This works for the platform’s goal to enable users to take over the blockchain and create a decentralized autonomous organization.
Crypto experts often compare The Sandbox with Roblox and Minecraft because it’s aesthetically built in a similar way to them with 3D blocks. The Sandbox is one of the most promising projects in the metaverse because it allows users to purchase land, build assets, and make games. The key to entering The Sandbox universe is the SAND token, native to the blockchain.
The Sandbox is one of the first gaming-focused ecosystems on the metaverse and allows crypto users to develop assets with the Game Maker tools and VoxEdit. They can later trade or sell their assets via the internal marketplace that uses SAND tokens.
Binance Coin is another successful crypto project and one of the most valuable altcoins by market cap. The world’s largest cryptocurrency exchange developed it to provide investors with a conduit to benefit from lower trading fees. Starting in September 2020, Binance offers a competitive platform that facilitates smart contract transactions. When Ethereum increased its transaction fees to unaffordable levels and users started to search for alternatives, Binance launched its smart contract platform to meet their needs. This triggered a massive increase in the value of Binance Coin.
At the moment, Binance’s Smart Chain is the greatest competitor to Ethereum, especially in the dApps space because it hosts over 4200 dApps, while Ethereum hosts only 3500.
Also read: Top Web 3.0 Cryptocurrencies For Investment
MakerDAO is the best-performing DeFi project in the sector because it allows its users to borrow and lend crypto finance without waiting for a third-party approval. However, they need to offer collateral to prove they can pay for the loans.
MakerDAO is the first flagship project developed on the Ethereum blockchain and the first DAO created in the crypto market. It offers a level of transparency that centralized banks cannot compete with. When a crypto user purchases a loan with MakerDAO, the platform issues DAI, a coin pegged to the US Dollar. After the loan is repaid, it deletes the DAI.
Everyone knows that altcoins are great choices for investors looking to diversify their portfolios during the bear market. However, not all altcoins are worthy additions, and it’s important to research to determine which projects are expected to perform in 2023.