As 2022 comes to a close, we hope to put a disappointing period behind us. After some rotten apples disappeared from the market in 2022, a new year could mean a healthy market once again. Let’s take a look at the top ten cryptocurrencies by market capitalization and predict them for 2023. What will happen to these coins in the next 12 months?
What can we say about cryptocurrencies in 2023?
Most cryptocurrencies had a very difficult year in 2022. Massive losses occurred in the first half of the year, followed by a slight stabilization with infrequent price declines in the second half of the year. As a result, the year 2023 begins on a low note, with little movement recognizable in the first few days.
However, we hope that prices will rise again over the next 12 months, although for a limited time. When the Bitcoin price has tripled in the meantime, the year 2019 brings hope. Furthermore, interest rate hikes for the US dollar may come to an end, which should strengthen cryptocurrencies once more. As a result, our prediction for cryptocurrencies in 2023 is fairly optimistic.
Crypto Prediction 2023 for the top ten cryptocurrencies
We will look at the top ten cryptocurrencies by market capitalization and provide a short forecast for each coin:
1. Bitcoin (BTC)
Bitcoin is the first, most well-known, and most influential cryptocurrency. The BTC just celebrated its 14th birthday. A significant increase, similar to that seen in 2019, appears likely in the coming months. Bitcoin is most likely presently undervalued. Furthermore, Bitcoin’s dominance may significantly raise this year.
Prediction: slightly to moderately bullish
2. Ethereum (ETH)
Ethereum has been the number two cryptocurrency for years and has a relatively bright future. We’ve just put the big event in 2022 behind us with the merger. The network is 99% more efficient now. In 2023, Ethereum should focus on scalability. New price increases look possible, particularly if Bitcoin prices increase further.
Prediction: slightly bullish
3. Tether (USDT)
Tether is the most well-known and widely used stablecoin on the market. There will be a lot of cryptocurrency trading in 2023 as well.
Prediction: Still the #1 stablecoin and top 5 by market cap
4. USD Coin (USDC)
The USD Coin is the second-most significant stablecoin. It, like Tether, will continue to be a vital vehicle for trading other cryptocurrencies. In 2023, the coin will be unable to stop Tether.
Prediction: Still the number 2 stablecoin
5. BNB (Binance Coin)
Following the FTX scandal, BNB has come under increased scrutiny. Binance aspires to increase financial transparency in the future. However, the platform has received widespread criticism. However, if Binance manages to survive the current storm unhurt, the exchange’s superiority may increase further, resulting in a price hike for the BNB.
Prediction: slightly to moderately bullish
6. XRP (Ripple)
The XRP price in 2023 will be heavily influenced by the outcome of Ripple’s legal dispute with the American Securities and Exchange Commission. We have described the scenario in this article should Ripple lose in court. Anything is possible, from a massive surge to a complete implosion. It is one of the cryptocurrencies for which predicting the future is difficult.
Prediction: completely 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 greater role in cryptocurrency trading, especially on Binance.
Prediction: Still the number 3 stablecoin
8. Dogecoin (DOGE)
The first and most well-known meme coin is Dogecoin. The DOGE was able to stage a strong rally for a short time in the fourth quarter. The reason for this was Elon Musk’s takeover of Twitter. This has the potential to push the Dogecoin price beyond its range, particularly during bullish market phases.
Prediction: moderately bullish
9. Cardano (ADA)
Price-wise, 2022 was a particularly difficult year for Cardano’s ADA token. However, developer activity on the blockchain is rapidly increasing, and significant efforts are being made to improve scalability. The year 2023 may also see a slight price trend reversal.
Prediction: slightly bullish
10. Polygon (MATIC)
Polygon (MATIC) was one of the 2022 winners. Despite losses over the past year, the Matic coin has risen to the top ten cryptocurrencies. On the extremely scalable network, an increasing number of decentralized applications are being built. This momentum should carry over into the new year for Polygon.
Prediction: moderately bullish
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