After a long period of a “boring” market, we’ve witnessed stronger gains in the last few days. This could be the beginning of a new bullish market phase that will last until 2023. In general, 2023 could see a comeback to a bullish trend. But which underestimated cryptocurrencies have the possibility of exploding again in 2023? This article is all about the top 3 cryptocurrencies that could take off in 2023. Let’s take a look at it in more detail.
What has happened to cryptocurrency prices in the last few days?
After weeks of backswing movement, cryptocurrencies have seen a stronger price increase in the last few days. Bitcoin increased by 7 to 10%. Other cryptocurrencies, such as Ethereum, gained more than 20%. Dogecoin experienced a 100 percent increase.
The recent increase could indicate a specific pathway in the market. Following a lengthy period of relative stability, many investors were keen to see how the market would go next. This price hike could be a warning sign for the coming weeks.
Why could 2023 be a very good year for the crypto market?
In recent months, cryptocurrency prices have plummeted due to the bear market. We saw massive losses across the board, especially in the first half of 2022. The second half of the year saw a clear stabilization. This pattern first appeared in 2018, when the previous bear market began.
Looking back at the previous cryptocurrency cycle, we can see that the Bitcoin price, and thus the prices of other coins, soared more sharply in the second year of the bear market. Bitcoin’s price skyrocketed in the spring and summer of 2019. As a result, it appears that the bullish trend will be replicated in 2023.
Top 3 cryptocurrencies that are likely to explode in 2023
Following are three cryptocurrencies that may still be undervalued at the moment and could explode in 2023:
ApeCoin (APE)
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Yuga Labs, the creators of the hugely popular NFT collection Bored Ape Yacht Club, founded the APE ecosystem. The ApeCoin is the ecosystem’s token, with which you can buy NFTs and other items.
ApeCoin was only launched in 2022, but it has enormous potential as a means of payment for NFTs within an ecosystem centered on NFTs and the Metaverse. The ApeCoin is backed by the Bored Ape Yacht Club. If the topics of NFTs and Metaverse re-enter the minds of more investors next year, the price of ApeCoin could skyrocket in 2023.
Chainlink (LINK)
https://twitter.com/chainlink/status/1576967897070686208?s=20&t=y-zyZJ1Evu1NTkeW5XUyhw
The Chainlink network is one of the most exciting projects on the cryptocurrency market, and it is likely one of the most undervalued cryptocurrencies. The project’s goal was to convert off-chain data to on-chain data by transferring it to the blockchain. It provides a marketplace for decentralized oracles.
Ripple (XRP)
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Ripple’s XRP coin has long been ranked among the top ten cryptocurrencies by market capitalization. Is it possible that this coin is undervalued? This is not out of the question, as XRP failed to reach the prices seen in the 2017 bull market during the previous bull market.
The litigation with the SEC was the cause of the company’s poor performance in the last 1-2 years. However, this will most likely come to an end soon. If the legal battle does not affect the price, the XRP price could skyrocket in 2023. So, these are the top 3 cryptocurrencies that could explode in 2023.
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