Crypto can no longer just be defined as a couple of significant cryptocurrencies. Instead, the market is swarmed with different currencies and new pop up by the day. Some of the biggest ones have been around since the beginning, while others have exploded during the pandemic boom over the past few years.
After a significant dip in the market during 2022, many will be looking and hoping to rebound in 2023 to see some green numbers in their portfolios. While it’s still a rough market, and 2023 could be another red year, it’s essential to look forward and watch the right cryptocurrencies when the market decides to take a turn.
In 2023, there will be plenty of good coins to watch, but some could be more promising than others. We have picked out four cryptocurrency markets to keep an eye on in 2023 – all of which can be traded on BingX.
Let’s dive into it and give our take on the four best coins to look at for 2023.
It would feel weird not to start the list with the grandfather of crypto – Bitcoin (BTC). Even though BTC has been around for a long time and can feel a bit outdated in many aspects, it’s essential to always pay attention to it.
BTC is essentially the coin that “controls” the market, and looking at the direction of BTC usually gives you a good indicator of where the crypto market as a whole is headed.
Over the past year, BTC dropped by more than 40% in price after a massive boom in 2021. Both the 2021 boom and 2022 dip are good examples of how BTC moves the way the whole crypto market does. During 2021, almost everything in crypto saw an increase, and BTC led the way. The same happened in 2022, just the opposite way.
Now, the whole market has taken a dip together with BTC, and everyone is praying to see another upswing again as soon as possible. While this could take a while, keeping an eye on BTC could indicate when it starts.
BTC has recovered a bit since it was at its most recent low in late December of 2022. But there is still a long way to go before we reach the same heights as 2021. BTC likely won’t recover during 2023, but nothing is stopping it from rebounding further and finding a stable price point higher than it is today.
Trade BTC right now through BingX.
From the biggest cryptocurrency to the next biggest, and potentially the overall fan favorite when you look across the market – Ethereum (ETH).
ETH has been around since 2013 and was the first currency to seriously challenge BTC. While it still hasn’t surpassed BTC in market cap, it is almost just as important as BTC for the overall market.
Today, the ETH blockchain is huge, and many are building projects on it to this day because of its decentralized benefits, smart contracts, and tokenization. For a blockchain that is commonly used for projects, this is one that many in the industry rely on. Not just for all the personal investors buying into ETH but also the dApps that are built on it daily.
Like the rest of the market, ETH is trying to bounce back from 2023, but there’s a long way to go. ETH is still around 39% down over the past year and far from its peak in November 2021. It’s likely a coin that will follow the path of BTC, so expect them to move in the same path during 2023.
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With the two big cryptocurrencies covered, we can dive into some of the smaller ones that have seen a big boom more recently. Solana (SOL) is one of them, and likely one you have heard about if you are interested in non-fungible tokens (NFT).
Regarding the price, SOL has had a rough year, even compared to BTC and ETH. Over the past year, the coin has seen a drop of 75% which was plenty to send shockwaves through the community and all the platforms that build on SOL. At the same time, SOL had one of the biggest booms through 2021, so this fallback isn’t necessarily surprising.
SOL is a blockchain platform providing fast, secure, decentralized transaction processing. It’s one of the newer cryptocurrencies that has recently gained a lot of popularity due to its high scalability, low fees, and fast transaction times. The SOL token is used as the native cryptocurrency on the Solana network and is used for things such as paying transaction fees and for staking to earn rewards on the platform. During the pandemic, SOL was essentially the “new hot” blockchain that everyone wanted to get a piece of.
As of today, SOL is priced around the same point as in early 2021 and will have a long way back to its glory days. While it might never reach the same heights as in 2021, there’s a chance that SOL can bounce back and continue being a trusted and reliable coin.
Trade SOL right now through BingX.
Alongside SOL, MATIC is one of the newer cryptocurrencies and blockchains that created a big hype wave in 2021. Even though the biggest hype days are over, for now, MATIC is still an exciting currency with a lot of potential.
MATIC is also known as Polygon and is a cryptocurrency and blockchain that aims to provide a scalable and more efficient infrastructure for dApps.The Polygon network is built on top of the Ethereum blockchain, using a Layer 2 scaling solution known as “Plasma,” which allows for faster and cheaper transactions.
Polygon essentially aims to fix some of the limitations of the ETH network by battling high transaction fees and slow processing times. This is what shot MATIC and Polygon forward as a more “modern” alternative to all the ETH users.
Unlike the others on this list, MATIC has actually managed the recent bear market fairly well. It still dropped quite a bit from its peak in late 2021 but is only down around 18% in the past year. MATIC is one of those coins that had no real say in the market until early 2021, when it shot into the air. Since then, many projects and normal investors have harvested big gains on MATIC.
The current state of MATIC seems fairly solid, considering the market. If Polygon continues being a popular place for projects to build, MATIC might be one of the coins to enter the next bull market the strongest.
Trade MATIC right now through BingX.
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