10 Cryptos to Look Out for in 2023
Reading Time: 5 minutes2023 has to be a better year for crypto than 2022… right?!
Throughout 2022, we saw the cryptocurrency realm take some serious hits, instilling a sense of doubt among investors and calling into question the industry’s future in 2023. So, if you’re interested in crypto trading or investments, here are the coins you should keep an eye on in 2023.
1. Ethereum (ETH)
Ethereum’s native blockchain is the most widely used for the development of DApps, NFTs, and other DeFi services. The basic unit of currency on the Ethereum blockchain is Ether, commonly referred to as Ethereum. You will also see it listed as ETH.
Though Ethereum’s price took a big hit in the crypto crash of May 2022, it still has a considerable value of $1,250 at the time of writing. Of course, this price is subject to daily fluctuations.
Ethereum originally used the proof of work mechanism, which required miners to confirm the blockchain. But now, Ethereum has switched to proof of stake via the long-awaited Ethereum Merge, a more energy-efficient consensus mechanism.
Though the Ethereum Merge is bad news for miners, it has significantly reduced the network’s power consumption, making Ethereum a much more eco-friendly asset.
2. Cardano (ADA)
The Cardano blockchain was launched in 2017, two years after its development began. This proof of stake network uses Cardano (ADA) as its native coin. Like some of the other blockchains mentioned here, Cardano allows for the development of DApps, crypto assets, and even NFTs.
Like Ethereum, Cardano uses smart contracts to execute trades quickly and automatically. The blockchain has also gained popularity through its ability to offer faster transactions than Ethereum 1.0. However, Ethereum may improve its transaction times when its 2.0 Merge completes in 2023.
Though ADA is a very popular cryptocurrency, it has always had a relatively low value, peaking at $3 in September 2021 after the Alonzo hard fork was announced. At the time of writing, Cardano is worth $0.31, but its price constantly fluctuates. It’s certainly a low-cost investment if you’re working with a budget, but this is the case for many cryptocurrencies.
Cardano could be considered a potential Ethereum killer, though it is a long way off from achieving that title. Time will tell whether this blockchain and its native crypto challenge Ethereum’s popularity.
3. Polkadot (DOT)
The Polkadot protocol was designed to link separate blockchains together so that data and assets can be transferred in the Web3 space. Polkadot’s native cryptocurrency is also known as Polkadot or simply DOT. The network also focuses on scalability, allowing it to expand according to user growth.
Polkadot performed incredibly well in 2021 but did suffer amid the May 2022 crypto crash and has not regained its peak price since. Each DOT coin currently holds a value of around $5.30.
You can also earn rewards via your Polkadot via DOT slot auctions. This involves dedicating your DOT to projects that you want to do well. Each project bids lease a Polkadot parachain slot, and you will earn rewards in DOT if the project you supported wins the auction.
4. Uniswap (UNI)
You may have heard of Uniswap, as it is a well-known decentralized exchange (DEX) available on the Ethereum blockchain. Uniswap’s native cryptocurrency is also called Uniswap (UNI). The Uniswap exchange is one of the most popular DeFi services, allowing users to trade assets in a peer-to-peer environment and provide liquidity for rewards.
Uniswap also allows users to play their part in the decision-making process via governance. By holding UNI, individuals can vote on how the platform progresses.
As the DeFi industry grows, Uniswap will likely maintain a strong foothold as a popular DEX. So, if you’re interested in DeFi, Uniswap and its native token UNI could prove useful.
5. Solana (SOL)
The Solana blockchain is currently growing at an incredibly fast pace, with over 250,000 weekly users. This network supports smart contracts and allows for the development of DApps for the growing DeFi realm. It also focuses on scalability to expand as network demand increases. Solana currently supports hundreds of projects, including Rarible, Orca, and Magic Eden.
Like many other cryptocurrencies, Solana’s price suffered in the May 2022 crypto crash and the FTX bankruptcy fiasco. But this is not a reflection of the blockchain’s potential. Many have called Solana an ‘Ethereum Killer,’ predicting that it may surpass the Ethereum blockchain in popularity.
You can also stake Solana, as it uses the proof of stake mechanism. Various platforms offer Solana staking, including Binance, Coinbase, and Exodus. Solana staking rewards vary depending on the platform and the staking window length you select.
6. Dogecoin (DOGE)
Dogecoin actually began as nothing more than a joke, poking fun at the shortcomings of the cryptocurrency industry. But since its launch in 2014, Dogecoin has evolved into a popular asset with serious investor backing.
Dogecoin also received notoriety via its adoption by Elon Musk’s Tesla. Musk has always spoken highly of Dogecoin, which has played a role in increasing investments. Each DOGE is currently worth just $0.096, so it makes for a low-cost investment if you don’t want to break the bank.
This proof of work cryptocurrency can also be mined. This can be done using either a GPU rig or an ASIC miner. In exchange for mining Dogecoin, you’ll receive mining rewards in the form of DOGE. The current reward for mining a block is 10,000 DOGE, which equates to around $960 at the time of writing. So, if you’re interested in earning a stream of side income, Dogecoin mining may work for you.
7. Shiba Inu (SHIB)
Shiba Inu is another cryptocurrency based on the ‘doge’ meme and is the native currency of the ShibaSwap decentralized exchange. Built on the Ethereum blockchain, Shiba Inu is an ERC-20 token available on various exchanges. Like Dogecoin, it is another example of a meme coin that has gained significant popularity in the market.
Because Shiba Inu exists on the Ethereum blockchain, it uses the proof of stake consensus mechanism. This means that Shiba Inu can be staked for rewards. ShibaSwap allows for SHIB staking, so check out this DEX if you’re interested in this venture.
However, it is worth noting that each SHIB token is worth a minuscule amount. This isn’t a reflection of its popularity, but it is unknown whether Shiba Inu will rise to above $1 over the next few years.
8. BNB Coin (BNB)
Binance is the world’s most popular cryptocurrency exchange. But the Binance company has also created multiple blockchains and a cryptocurrency known as BNB Coin. BNB Coin was once known as Binance Coin, but the name was changed to better associated the currency with the BNB (Build and Build) blockchain ecosystem and stress that Binance doesn’t literally own these blockchains.
This consists of two blockchains, the BNB Beacon Chain and BNB Smart Chain. The former chain is used for staking and governance, while the latter is used for DApps development.
BNB Coin is the core currency of the Binance exchange and is used to pay gas fees on the BNB Smart Chain. Those who hold BNB Coin can also participate in governance on the BNB Beacon Chain and stake their BNB on various platforms.
9. Dash2Trade (D2T)
The Dash2Trade project is still in its infancy, with its ICO still live. So far, Dash2Trade has raised almost $9 million, with investors seeing it as a promising project in the crypto realm. The Dash2Trade project is focused on simplifying crypto trading for users and providing them with additional analytical tools to help in their trading ventures.
Dash2Trade’s native currency, D2T, is an ERC-20 token currently available via presale. People can use their D2T holdings to subscribe to the Dash2Trade platform, and it’ll be interesting to see what happens to this promising token in 2023.
10. ApeCoin (APE)
ApeCoin is another crypto that is expected to do well in 2023. This relatively new crypto only launched in March 2022. It serves as the native currency of Ape DAO and is associated with Bored Ape Yacht Club and Mutant Ape Yacht Club, two widely popular NFT projects with highly valuable assets.
Because Ape DAO is built on the Ethereum blockchain, ApeCoin is an ERC-20 token. In addition, Ape DAO has also launched its own NFT marketplace run by the community and connects to the metaverse. So, ApeCoin’s prevalence may grow throughout 2023.
2023 Will Hopefully be Kinder on Crypto
There’s no denying that 2022 was a tough year for the crypto market. So we can only hope that 2023 brings about more growth and adoption for crypto assets, benefiting platforms and investors alike.
Reference: https://www.makeuseof.com/cryptos-to-look-out-for-2023/