As 2022 draws to a close, we hope to put a disappointing period behind us. After a few bad apples disappeared from the market in 2022, a new year could mean a healthy market again. Let’s take a look at the top 10 cryptocurrencies of 2023. What will happen to these coins in the next 12 months?
What can we say about cryptocurrencies in 2023?
Most of the cryptocurrencies had a very difficult year in 2022. Massive losses occurred in the first half, followed by a slight stabilization with rare price drops in the second half. As a result, 2023 starts on a low note, with little discernible movement in the early days.
However, we expect prices to rise again within the next 12 months, albeit for a limited time. Even if the price of Bitcoin has tripled in the meantime, 2019 is a year of hope. Furthermore, the interest rate hikes for the US dollar may end which should revive cryptocurrencies. As a result, our forecast for cryptocurrencies in 2023 is quite optimistic.
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Crypto Prediction 2023 for Top 10 Cryptos in 2023
We will look at the top ten cryptocurrencies by market capitalization and provide a brief forecast for each coin:
1. BTC (BTC)
Bitcoin is the first, best known and most influential cryptocurrency. BTC just celebrated its 14th anniversary. A significant increase, similar to that seen in 2019, looks likely in the coming months. Bitcoin is most likely currently undervalued. Furthermore, Bitcoin’s dominance could increase significantly this year.
Outlook: Slightly to moderately bullish
2. Ethereum (ETH)
Ethereum has been the number two cryptocurrency for years and has a relatively bright future. We have just left behind the big date of 2022 with the merger. The network is now 99% more efficient. In 2023, Ethereum should focus on scalability. Further price increases seem possible, especially if Bitcoin prices rise further.
Forecast: slightly bullish
3. Wire (USDT)
Tether is the best known and most used stablecoin on the market. There will also be a lot of cryptocurrency transactions in 2023.
Prediction: Still the #1 stablecoin and top 5 by market cap
4. USD currency (USDC)
The USD coin is the second most important stablecoin. Like Tether, it will continue to be an essential vehicle for trading other cryptocurrencies. In 2023, the coin will not be able to stop Tether.
Prediction: still the number 2 stablecoin
5. Binance Coin (BNB)
Following the FTX scandal, BNB came under increased scrutiny. Binance aspires to increase financial transparency in the future. However, the platform has received a lot of criticism. However, if Binance can weather the ongoing storm unscathed, the exchange’s superiority could increase further, leading to higher prices for BNB.
Outlook: Slightly to moderately bullish
6. Ripple (XRP)
The price of XRP in 2023 will be greatly influenced by the outcome of the legal dispute between Ripple and the US Securities and Exchange Commission. Anything is possible, from a massive surge to a complete implosion. It is one of the cryptocurrencies for which it is difficult to predict the future.
Forecast: totally uncertain
7. Binance USD (BUSD)
Binance USD has firmly established itself as one of the top three stablecoins. The failure of TerraUSD strengthened the position of centrally planned and issued stablecoins. Stablecoins will play a bigger role in cryptocurrency trading, especially on Binance.
Prediction: still the number 3 stablecoin
8. Dogecoin (DOGE)
The first and best known meme coin is Dogecoin. DOGE was able to stage a strong rally for a short time in the fourth quarter. The reason was Elon Musk’s takeover of Twitter. This has the potential to push the price of Dogecoin beyond its range, especially during bull market phases.
Forecast: moderately bullish
9. Cardano (ADA)
In terms of price, 2022 has been a particularly difficult year for Cardano’s ADA token. However, developer activity on the blockchain is rapidly increasing and significant efforts have been made to improve scalability. 2023 could also see a slight price reversal.
Forecast: slightly bullish
10. Polygon (MATIC)
Polygon (MATIC) was one of the winners of 2022. Despite last year’s losses, Matic coin entered the top ten cryptocurrencies. On the highly scalable network, an increasing number of decentralized applications are being built. This momentum is set to continue into the new year for Polygon.
Forecast: moderately bullish
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