The year 2023 is here, and it has the chance to make you forget about the “dark” the year 2022. However, we should not be deceived: the bear market will persist in 2023, and the repercussions from the FTX bankruptcy will be noticeable in the coming weeks. However, the market has a lot of potential for expansion and some coins may amaze you. Which cryptocurrencies are presently undervalued and could shoot through the roof in value in the coming year? This article is about the top 3 undervalued cryptocurrencies for 2023.
How was 2022 for most cryptocurrencies?
The year 2022 will be remembered fondly by the majority of cryptocurrencies. Because the bear market has been ruthless in the last year. Most coins reached an all-time high in November 2021 before plummeting precipitously in the final two months of 2021. This pattern is expected to continue into 2023.
The first six months of 2022 were especially brutal. By mid-June, the price of Bitcoin had dropped from $48,000 to $18,000, and the price of Ethereum had dropped from $3,800 to just under $1,000. The market was able to recover briefly in August before prices began to fall more easily again.
Late October/early November saw another small rally, primarily in altcoins, before the FTX crash, which sent many cryptocurrencies to 2022 lows. Prices have since stabilized at a low level.
Why are many cryptocurrencies currently undervalued?
The bear market is an expected part of the Bitcoin cycle, which altcoins also follow. As a result, losses were to be expected. These losses, however, could have been significantly higher than expected. Because the market was influenced by two major processes:
- The constant increases in the key interest rate in the USA has ensured that the US dollar and thus the FIAT currencies are strengthened. Accordingly, the value of cryptocurrencies falls.
- Furthermore, cryptocurrencies are undervalued because confidence in the market was extremely damaged by the FTX bankruptcy . This whole process has a long-lasting effect.
What are the top 3 undervalued cryptocurrencies for 2023?
Some cryptocurrencies could see a rise in value over the next 12 months. We’d like to showcase top three particularly undervalued cryptocurrencies here:
One of the big strengths of @0xPolygon ecosystem is the uniqueness of dapps deployed.— Polygon DeFi (@0xPolygonDeFi) December 30, 2022
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We’ll begin with a pleasant surprise. Polygon, also known as the Matic Coin, has already performed admirably in 2022, climbing into the top ten cryptocurrencies in terms of market capitalization. Nonetheless, the Matic Coin may be one of 2023’s undervalued cryptocurrencies.
Polygon is an Ethereum Blockchain scaling solution. Polygon, on the other hand, has emerged as a multi-chain network. Polygon is being utilized by an increasing number of developers to create dApps due to its high scalability and connection to the Ethereum ecosystem. Polygon is gaining traction, and the network and price should continue to rise in 2023.
The Apecoin is the ecosystem token of the Bored Ape Yacht Club. During the previous bull market, millions of dollars flowed into the BAYC, and the hype surrounding NFTs has resulted in an explosion of interest in the NFT collection. A massive ecosystem is now forming around the BAYC and its token, Apecoin.
Yuga Labs, the game’s developer, has already stated that many new features will be released in 2023. In the Metaverse, this includes playable avatars and changeable environments. The initial excitement surrounding the Metaverse may have passed, but some of it may return in 2023. The millions of dollars invested in the project should ensure that the network grows rapidly.
Trust wallet tokens (TWT)
The Trust Wallet is one of the most well-known software wallets on the market, and it stands out for its high security standards, which also include multi-level security authentication and private key storage. Trust Wallet could certainly benefit from the central crypto exchanges’ crisis following the FTX scandal in 2023.
Many investors still hold their cryptocurrencies on major exchanges. While hardware wallets provide the highest level of security, many investors prefer a simpler software solution. As a result, Trust Wallet’s token may be one of the undervalued cryptocurrencies in 2023.
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