- >News
- >Five Crypto Coins That Could Explode in 2023 – Are You Ready to Invest?
Five Crypto Coins That Could Explode in 2023 – Are You Ready to Invest?
Even though the crypto market has been in hibernation for much of 2023, that means that there is tremendous room for growth on a variety of digital assets. Despite negative news and lawsuits gaining all the headlines within the cryptocurrency sector, the fundamental value of blockchain technology remains, and this is what to focus on as an investor.
Fear, uncertainty, and doubt (FUD) is one of the most common ways an investor will be deterred from investing more, or making an initial investment. However, whether with crypto or traditional investment vehicles, buying low is rarely a poor decision. Let’s discuss five crypto coins and tokens that could explode in value in 2023.
Nothing is 100% in Crypto
It’s worth noting before getting into the list, that there’s no guarantees when it comes to investing. While some of the assets could be right, some could be wrong, while ones not mentioned may steal the show.
This article is in no way financial advice, simply a presentation of assets and the fundamental reasons why they may see value increases over the rest of the year.
Remember to always do your own due diligence, and only invest as much as you’re willing to lose.
Five Crypto Coins and Tokens with High Upside
Below we’ve noted five cryptocurrency coins and tokens with high upside. For each asset we’ll give reasoning why it could explode and some historical pricing information. Keep in mind, none of these assets are new or hype-driven, they have all been chosen based upon their price potential and their underlying technology.
Bitcoin (BTC)
Bitcoin should be no surprise on this list. It’s still a peer-to-peer payment system that can’t be controlled by any one entity, and it still has the greatest level of decentralization compared to all the other crypto assets on the market. Transaction speeds and costs are being mitigated by the growth of the Lightning Network, which can process 1 million transactions per second.
Trading at a little under a third of its all-time high, Bitcoin has a lot of room to grow, and of course, there are those that think it will reach a million dollars per coin within the next few years.
Bitcoin remains deflationary, with more only being released through mining rewards that diminish over time and its max of 21 million BTC. It’s also the only digital asset that’s been clearly labeled as not a security by the SEC, making it a much less risky investment for Americans at the very least, especially compared to the other assets on this list, which, apart from the next one, have all been accused of being securities by the SEC.
Ethereum (ETH)
Ethereum (ETH) is the second largest cryptocurrency by market cap, following Bitcoin (BTC). It switched from a proof of work consensus algorithm to a proof of stake one in September 2022. This switch dramatically reduced the network’s energy consumption and prepared it for future growth as the blockchain continues to be developed. Ethereum faces direct competition from the below three assets on this list. As long as Ethereum’s future updates are executed smoothly, the transaction fees on the network will be dramatically reduced as well, allowing it to remain competitive with the below networks.
Ethereum is trading around a third of its all time high, just like Bitcoin. It not being named a security in the lawsuits filed against Coinbase and Binance is a boon for its current and future value.
Cardano (ADA)
The project that Ethereum co-founder Charles Hoskinson left to work on, Cardano (ADA) is one of the most interesting blockchain projects in development. It’s developed with a scientific philosophy and research-driven approach. Cardano has low transaction fees, and its transaction speeds are increasing as updates are implemented. Future updates will allow any token on the network to be used for transaction fees, in addition to the launch of Hydra, a scaling solution that will allow Cardano to be used by entire nations.
Cardano is focused on decentralized identity solutions, and has an agreement with an African nation (yet to be named) to give their citizens blockchain secure and verifiable identities. Cardano’s all time high is over $3, meaning that it has tremendous room for growth at its current 25 cent price. Though it was accused of being a security by the SEC, Cardano has denied the accusation.
Polygon (MATIC)
Polygon (MATIC), is a layer 2 blockchain network built on top of Ethereum, meaning Polygon is an ERC-20 token. Transactions on Polygon take place on child chains, keeping the majority of traffic off of the Ethereum parent chain, which results in faster and cheaper transactions. Polygon has most of the same apps that are available on Ethereum, but with cheaper fees and faster speeds, meaning you can use something like Uniswap. The zkEVM update implemented in March improves the transaction speed of the main layer. Meanwhile, Polygon has also signed deals with brands like Reddit, Starbucks, and Instagram, to be their blockchain of choice for their future products such as NFTs.
Because it was accused of being a security in the recent lawsuits against Binance and Coinbase, Polygon’s price has taken a significant hit. However, they’ve vehemently denied being a security, especially seeing as it was created and launched outside the US. There may be no better time to buy MATIC than right now during this period of extreme FUD. Polygon’s all time high is $2.92.
Tron (TRX)
Tron is the project of Justin Sun, one of the industry’s biggest names. The Tron network has actually seen a ton of growth in the past year or two, and it’s now the network with the second most total value locked with over $5 billion, only behind Ethereum. Tron has extremely low transaction fees and fast transaction speeds, making it similarly suitable for DeFi applications just like Cardano, Ethereum, and Polygon. The JustLend app has the 6th most TVL of any DeFi app, only again falling behind Ethereum.
Though it has previously been accused of being a security, Tron, like the others on this list, have denied it. They’re also based in Hong Kong, a place where “virtual assets” are being embraced and regulation and growth is being focused on. Tron is trading around 7 cents, with its all time high being 30 cents.
