Whether you happen to be looking for an alternative to Bitcoin or you simply wish to explore the expansive cryptocurrency ecosystem, variety is the spice of life. Altcoins are anything other than Bitcoin, no matter how large or small in market cap.
As we slowly edge out of the bear market over the coming twelve months in the run-up to the Bitcoin halving event of Spring ’24, it’s helpful to do your own research into which coins the bulls might get behind in what looks primed to be a fascinating year for the cryptosphere.
But to help you on your way, Ron from Crypto Lists has compiled a list of ten must-follow altcoins in 2023. Let’s take a look at what the future may have in store.
Similar to other cryptocurrencies, Cronos – the native coin of the Crypto.com platform and exchange – has lost a fair amount of its value. At the time that this article was written, Cronos was trading at just over $0.05 cents. However, this bearish climate could very well represent the perfect opportunity to get in on the “ground floor”.
As Cronos is also hoping to become integrated with e-wallets and dApps, this crypto is worth a closer look thanks to its potential scalability.
Ethereum is another altcoin that could possibly make even bigger waves in the not-so-distant future. While ETH is sometimes more volatile than BTC, we need to remember that The Merge has made Ethereum a less energy-intensive asset than in the past.
This could open up the door for more businesses hoping to base their technologies on the Ethereum platform. And, perhaps one day it’ll overtake Bitcoin as the world’s biggest crypto coin. This theoretical event is known in industry circles as ‘the flippening‘.
We can think of BNB as one of the “unsung heroes” within crypto ecosystem. In terms of relative price performance, this currency has even outperformed major players such as Bitcoin and Ethereum. The main reason why experts are keeping a close eye on BNB involves its scalability.
It is currently capable of supporting up to 1,000 transactions per second (TPS). However, a predicted upgrade will increase this volume to 5,000 TPS (2). It’s therefore not unreasonable to assume that BNB could enjoy a substantial price rebound.
One of the strengths associated with the Polygon blockchain is its ability to process well over 7,000 transactions per second. The fact that its native token (MATIC) is compatible with Ethereum wallets is another massive benefit.
Some experts are also bullish on Polygon due to its existing partnerships with major firms such as Coca-Cola and Disney. These could provide the stability that investors will be looking for in Q1 2023.
Similar to other cryptocurrencies, SOL has taken a hit in recent times. In fact, let’s be honest – it’s been hit harder than most due to the association with Sam Bankman-Fried and his FTX/Alameda companies. Having said this, it’s important to highlight some of Solana’s strengths.
These include smart contract capabilities, PoH (proof-of-history) transactions and very low fees and high speeds. Investors who are looking for a sustainable crypto ecosystem associated with a growing user base should keep a close eye on SOL in the coming months. And, industry insiders are positve about the Solana network’s sound technical fundementals and ability to bounce back.
This next crypto is primarily associated with digital gaming and entertainment. ApeCoin therefore seems to be at the right place at the right time when we consider how both of these virtual industries have been performing. The fact that APE is also associated with its own metaverse signals that the future value of this crypto bodes well.
ApeCoin is based on the ERC-20 framework and this has likewise helped to increase its overall scalability. As its value is relatively low at the moment, APE represents a cost-effective investment from a medium-term perspective.
Litecoin is yet another altcoin that seems to have a fair amount of upside potential in 2023. One of the reasons why Litecoin could represent a game-changing crypto in 2023 is actually based upon its history. Similar to Bitcoin, LTC undergoes a halving event every four years. This will again occur in August 2023. Considering that the value of LTC massively increased following these events in the past, many predict that a similar trend is on the horizon.
While known for its volatility, Dogecoin has also been experiencing some impressive gains in recent weeks. Some feel that it may even one day supersede BTC in terms of performance and therefore, popularity. One of the main reasons for this line of thought involves a rumored upcoming partnership between Elon Musk and crypto heavyweight Vitalik Buterin.
Some industry analysts claim that this duo is soon to join forces in order to promote DOGE is the go-to cryptocurrency in 2023. Also, some speculate that Musk may introduce a Twitter in-app payment system that accepts Dogecoin. If either of these stories is confirmed, there’s no doubt that the Q1 price of DOGE will skyrocket.
We’re all aware that recent crypto-related events (such as the FTX meltdown) have caused many investors to run for the hills. However, others fully appreciate the innate potential of this sector and are instead looking for more stable asset classes. Helium (HNT) has therefore become quite attractive.
Thanks to its proof-of-coverage (POC) algorithm, Helium transactions are much more transparent and secure. Due to the fact that Helium will also be halving its total number of available tokens in August 2023, it’s not unreasonable to predict that HNT could very well represent one of the go-to cryptos in the coming year.
BFG Token (BFG)
This utility token created by BetFury is a final altcoin that I feel will perform well in Q1 2023. As BFG can be mined simply by playing games, its future seems to be directly linked to the online gaming sector as a whole (a positive outlook to say the least). Furthermore, BFG has been vetted by Certik; a leading blockchain security analyst firm.
Considering the simple fact that the number of BetFury users continues to increase, it’s a safe bet to predict that BFG will increase in value.
Wrapping it up
Of course, nothing is set in stone in regard to these altcoins. The best way to remain one step ahead of the game is to follow the latest crypto news releases compiled by the team at Crypto Lists. And, remember that I’m just one guy and we’re just one group of crypto enthusiasts so it’s always prudent to do your own research.
With all that said, 2023 should be a very interesting year in the market as speculators begin to accumulate before the anticipated massive bull runs of ’24 and ’25… if past Bitcoin halving events are to be taken as indicators. It’s likely we’ll see smaller runs and mini-bear markets throughout this year, which would be similar to 2019, preceeding the halving event of spring 2021.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.