5 cryptocurrencies to watch out for in 2023

It has been a tumultuous year for crypto investors/traders who have witnessed the total crypto market capitalisation fall from about $2.2 trillion at the beginning of 2022 to $810 billion as the year ends. 

Despite the current crypto winter, the fact remains that cryptocurrencies are a profitable asset class for investment, with the ability to recover losses and hit record highs in the long run.

Now. heading into 2023, there are indications that the crypto market will bring good tidings. Also, there seems to be a positive atmosphere in the crypto community. According to a new survey conducted by Blockchain.com between November 18 – December 9 and published on December 22, many people are willing to continue buying cryptocurrencies next year. 

According to the study titled ‘Crypto Confidence: A Survey on Investor Sentiment’, which polled more than 40,000 people globally, nearly 40% of respondents indicated a plan to purchase cryptocurrencies such as Bitcoin in 2023.

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With the bullish momentum heading into the new year, it is essential to position oneself in viable coins with the potential for massive returns. Because of that, we have come up with a list of five cryptocurrencies showing great promise for the new year. 

Polygon ($Matic)

Using its innovative technology, Polygon allows developers to build and run decentralised applications more efficiently on the Ethereum network. It is a side-chain to the Ethereum network, which is a perfect choice for ambitious projects that require an extra boost in speed and throughput. 

Polygon is making huge strides in the cryptocurrency landscape. Notably, a recent partnership with Meta Platforms that will see NFT platforms development for Facebook and Instagram is applaudable. 

Going into 2023, crypto investors interested in projects that drive developer interest via a more secure and scalable network should consider stacking up $Matic. As things stand, Polygon is looking to become an even bigger player in the crypto space, which would skyrocket its native token, $Matic. 

Solana ($Sol)

Solana is touted as one of the top “Ethereum Killers” due to its speed, scalability, and efficiency. Though Solana has shed a significant percentage of value this year, all signs point towards a tremendous long-term growth runway for the platform.

Moreover, Solana is quickly becoming one of the most sought-after blockchain tokens in many respects. This is especially true in the NFT market. Solana charges a fraction of a cent per transaction, which is significantly cheaper than Ethereum’s nine cents per transaction. 

Its speed is even more impressive, with Solana handling up to 3,400 transactions per second as opposed to Ethereum’s 15. This has resulted in a healthy uptick in user engagement and adoption as investors take advantage of lower fees and higher throughput.

Going into 2023, Solana is poised for further success. As the network continues to thrive and gain more mainstream adoption, the $Sol token will follow suit and increase in market price. You should keep an eye on it. 

Decentraland (Mana)

The metaverse is an up-and-coming trend that has the potential to revolutionise the way we interact in the digital world. According to Strategic Market Research, this market is estimated to grow to a staggering $679 billion by 2030, making it a booming growth sector.

Decentraland is a metaverse platform powered by the Ethereum blockchain. The opportunities are endless, from creating a digital home or business to investing in land within the platform. Decentraland as one innovator, is keen on capitalising on the rich metaverse opportunities, offering a superb platform for developers.

Experts predict a huge growth potential for Decentraland and a few other metaverse platforms going into 2023. You should acquire a bulk of its token, $Mana. 

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The price trend of major cryptocurrencies in 2022 

Cronos($CRO)

The $CRO token powers the Crypto.com platform, allowing users to easily convert cryptocurrency to fiat money and vice-versa. Over the past year, Cronos has gained a lot of ground in the crypto space. This project has attracted over 10 million users and continues gaining new users with strategic positioning. 

Cronos is investing heavily to attract the attention of new crypto fans. More recently, Cronos was one of the official sponsors of the 2022 FIFA World Cup. This proves it has lofty ambitions in the crypto sphere. With enviable growth and a steady place in its niche market, Cronos will continue to gain popularity in 2023. Its token, $CRO, is positioned to experience a price rally in 2023.

Bitcoin 

Generally, Bitcoin is the most widely held cryptocurrency; thus, experts recommend allocating most of your crypto holdings to this asset. The flagship digital asset is unlikely to reach a new record high in the coming year, but researchers predict it will be one of the highest-yielding cryptocurrencies in 2023. 

It appears to have bottomed out and will soon begin a new upswing that should carry it to a new all-time high within the next few years. In 2023, BTC will make a remarkable comeback, making its holders some of the year’s biggest winners. 

There has been a significant uptick in institutional interest, with more big-name companies like Tesla and Square making significant investments. This could drive more demand for Bitcoin, resulting in a potential price increase. 

Also, governments and central banks around the world are increasingly recognising Bitcoin as a legitimate asset. This could help ease some of the regulatory uncertainty and make it easier for more institutional investors to get involved. 

Recent developments such as the launch of the Lightning Network and the adoption of blockchain technology by major companies like Google parent company, Alphabet, MasterCard, Microsoft, Amazon, and IBM could open up new avenues for Bitcoin to be used as a payment method and store of value.

2023 will be a good year for the king of crypto, and you should stack up some satoshis. 

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