- The total crypto market cap dropped 1.52% over the last 24 hours.
- Number 6 on the list of altcoins set to explode in 2023 is ETH.
- The list also includes ADA, MATIC, ALGO and XRP.
The global crypto market cap has dropped 1.52% over the last 24 hours to bring down the total market cap to $923.12 billion according to the crypto market tracking website, CoinMarketCap. This may be a buying opportunity for traders and investors. As such, here are 6 altcoins that are set to explode in 2023.
Ethereum (ETH)
Number 6 on the list is the second largest crypto by market cap and the biggest altcoin by market cap, Ethereum (ETH). The altcoin is a coin to watch given its dominant presence in the crypto market.
The last 2 years have seen investors in the crypto space question whether ETH was losing its competitive edge in the market, but the recent Merge event should bring any lack in investor confidence to rest.
At number 5 on the list is Polygon (MATIC), which is a Layer-2 scaling solution developed to speed up transaction times and decrease transaction costs on the ETH network. Given ETH’s Merge event, MATIC will see its price rise as the ETH ecosystem expands over the next couple of months.
XRP (XRP) is at number 4 on the list for being an ISO 20022 compliant token. This means that XRP can be used in the banking space to potentially replace or integrate with the current SWIFT system. The company behind this remittance token, Ripple, has been in a 2-year legal battle with the SEC, but the latest developments in the lawsuit see the tides turning in favor of Ripple.
The next token on the list is Algorand (ALGO), occupying the third spot. Similar to XRP, ALGO is also an ISO 20022 compliant token that can potentially replace or integrate with the current SWIFT system. The Algorand blockchain is a scalable blockchain network that can be used to transact with a variety of cryptocurrencies, including the platform’s native crypto token, ALGO.
Cardano (ADA)
Cardano (ADA) occupies the second spot on the list following the recent launch of the Vasil hard fork update, and its growth roadmap for next year. In addition, the founder of Emurgo, which is Cardano’s development lab, Ken Kodama, said in a recent interview that the company would invest more than $200 million over the next 3 years to boost the ecosystem’s growth.
At the top of the list is the blockchain oracle company, Chainlink (LINK), whose ecosystem has expanded to 1,500+ projects. In addition, SWIFT recently announced its partnership with the blockchain data company.
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