The year 2022 was a bad one for crypto investors. Most crypto prices are down by an average of 70% YTD, this year is wrapping up and coming to an end. 2023 is just a few days ahead, so it is important to reshuffle your crypto portfolio and buy those cheap altcoins that are going to boom in the next year. Which cryptos to buy before 2023? Are crypto consolidations good?
What are Cryptocurrencies 2023
Cryptocurrencies are a type of digital or virtual currency that uses cryptography for secure financial transactions. They are decentralized systems that allow for the creation, transfer, and verification of transactions without the need for a central authority.
It is also important to note that the legal status of cryptocurrencies can vary depending on the country. In some countries, the use of cryptocurrencies is restricted or prohibited, while in others it is legal and regulated. It is important to familiarize yourself with the specific laws and regulations that apply to the use of cryptocurrencies in your location.
How did Cryptos Perform in 2022?
The cryptocurrency market had one of its worse years in 2022. On average, crypto prices dipped by an average of 70% YTD. The reason for this drop stems from 2 main factors:
- An overdue adjustment: The 2 previous years were heavily bullish, and the crypto market needed a breather. This pushed prices lower
- Bad fundamentals: In 2022, crypto exchanges collapsed such as FTX. This created FUD in the crypto market, as most investors dumped their holdings to secure profits, leaving others to dust.
Crypto Consolidation: How did Cryptos perform on Christmas Eve?
We published an article that showcased how the biggest cryptos moved on Christmas eve. To sum up, they were consolidating and barely made any move in either direction. This clearly shows that interest in following up with cryptos is fading as no major news is happening in the market.
In figure 2 below, we can see how the market cap of cryptos is moving sideways. This proves that the crypto consolidation has been happening for weeks. Buying cryptos in this phase would barely yield any significant benefit.
Top 3 Cryptos to BUY before 2023
.1 Cardano (ADA)
Cardano prices have been falling for the past year to the extent that ADA became undervalued. Compared to what the tech comprises, ADA should soar in value once the crypto market goes back to being bullish. It is true that all cryptocurrencies would in turn increase, but ADA should be among the top performers.
.2 Ripple (XRP)
Ripple’s lawsuit with the SEC was supposed to come to light around Q4 2022. However, as with any lawsuit, things get dragged and postponed. The new date for the resolution should be around Q1 2023. This affected XRP prices, but if this goes positive and the crypto market also goes back to being bullish, XRP should also be among the top performers.
.3 Polygon (MATIC)
Many multinational companies are using Polygon as a blockchain as a gateway to the crypto world. From Mercedes to Starbucks, from Adidas to Meta…Polygon’s market cap should soar in valuation. Today, this is not the case as the crypto winter is still ongoing. Once the tides turn, MATIC prices should outperform most tokens in the market.
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