Updated on July 23, 2024
Cryptocurrency might have taken a few hits in 2022, but that hasn’t stopped people from believing in the bright future of digital assets. Consequently, investors have already begun speculating on the crypto boom in 2023: which coins will be the biggest winners?
Which coins will be the biggest winners?
Bitcoin (BTC)
This cryptocurrency was created in 2009 by the enigmatic Satoshi Nakamoto. Similar to other cryptocurrencies, it runs on a blockchain, or ledger, logging transactions distributed across a wide network of thousands of computers. Security concerns are put to rest because distributed ledgers must be verified by solving a cryptographic puzzle; this involves a complex process called proof of work.
Bitcoin has since become a household name despite its high volatility, reaching highs of over $65,000. At one point, the price of Bitcoin rallied so hard that more cautious investors warned of a possible dip in the near future. The predicted dip happened, and the losses burned many crypto enthusiasts, but not enough to get them to abandon the cryptocurrency completely. For this reason, Bitcoin remains on the list of profitable cryptocurrencies. Therefore it remains on the list of digital assets to watch.
Ethereum (ETH)
This is both a cryptocurrency and a blockchain platform. Ethereum is particularly loved by program developers who appreciate its potential applications, like the smart contracts that automatically execute when all conditions are met and non-fungible tokens (NFTs). For investors wondering which crypto will explode, the list would be incomplete without ETH.
The currency has experienced huge growth spurts- from April 2016 to early March 2022; its price rallied from roughly $11 to over $3000. That represents an increase of more than 27,000%. However, the recent market crash affected the cryptocurrency causing a dip to $1,091 by November 2022.
Tether (USDT)
This digital currency is somewhat unique in comparison to other forms of cryptocurrency. Tether is a stablecoin, which means that it is backed by traditional currencies like U.S. dollars and the Euro. Consequently, it maintains equal value with the underlying currencies. This has worked to Tether’s advantage as risk-averse investors prefer it because they believe it is a safer bet.
Binance Coin (BNB)
This is a form of cryptocurrency that can be used to trade and pay fees on Binance, cited as one of the world’s largest crypto exchanges.
Since its launch in 2017, Binance coin has grown beyond just facilitating trades on the exchange platform and is now applied to trading, payment processing, and even booking travel arrangements. It can also be traded for other cryptocurrencies, such as Ethereum or even Bitcoin, and therefore is part of our 2023 cryptocurrency list.
In 2017, BNB’s price stood at $0.10. However, by early March 2022, its price had rallied to $413- a 410,000% increase. Another astonishing fact is that despite the crypto market crash, Binance maintained roughly the same levels.
XRP (XRP)
This cryptocurrency can be used on the Ripple network to facilitate the trade of different types of currency, including fiat currencies and other major cryptocurrencies. In early 2017, the price of XRP stood at $0.006 and climbed 6,000% to $0.37 in Jan 2023.
Cardano (ADA)
This is a Proof of Stake (PoS) blockchain project created to solve the common scalability issues that affect most second-generation blockchains like Ethereum. Cardano is peer reviewed and built along rigorous scientific philosophy. Through its PoS methodology, Cardano increases transaction time and decreases energy usage and impact on the environment by eliminating the competitive, problem-solving aspect of transaction verification used on platforms like Bitcoin, thus joining the crypto boom.
Similar to Ethereum, this cryptocurrency enables smart contracts and decentralized applications powered by its native coin, ADA.
Solana (SOL)
This cryptocurrency was created to power decentralized finance (DeFi) and uses decentralized apps (DApps) as well as smart contracts. Solana is unique because it runs on a combination of proof-of-stake and proof-of-history mechanisms. This features ensures faster and more secure transaction processing. Solana is powered by its native token, SOL.
SOL launched in 2020 with an initial price of $0.77, and by March 2022, its price had gained 13,000%, landing at $101.
Polkadot (DOT)
This cryptocurrency was founded in 2016 and is a unique blockchain interoperability protocol designed to connect various chains. It enables the exchange of data and processing transactions for parachains, also known as parallel blockchains, without affecting their security. Consequently, developers can create their own blockchains when using Polkadot security.
In May 2020, Polkatdot hit its price height of $6.30 and reached an all-time high of $55.11 in May 2021. The cryptocurrency’s price has reached $5.10 as of January 2023.
Litecoin (LTC)
This open-source blockchain project was launched in 2011 and created by Charlie Lee, a former crypto-exchange Coinbase software engineer. Litecoin is one of the initial Bitcoin copycats, although it boasts faster transaction confirmation time. It can be applied as a way to pay people worldwide without a mediator. LTC is playfully referred to as ‘silver to Bitcoin’s gold’ among the crypto community.
With a total supply of roughly 84 million tokens, LTE hit its all-time high of $413.47 before losing nearly 50% of its value. Currently, it is considered the 11th largest currency in the world.
Given the wide volatility in the crypto world, investors and learners alike wonder what factors are driving the 2023 crypto boom after the heavy fallout in 2022. Let’s explore this and what coins to look out for.
What is driving the crypto boom in 2023, and what coins to look out for?
Following the massive 2022 crypto crash, you would have expected investors to lay low and lick their wounds for a while, but that doesn’t seem to be in the cards for them this year. Many are watching cryptocurrency investment trends closely, hoping to catch a windfall. For many, the crypto winter is thought to be over.
After just a little over a month in 2023, we’ve experienced high-profile crypto lenders announcing massive layoffs. Major exchanges have also reported large withdrawals. In addition to all this drama, key players are being taken to court. These should technically be signs of a down market, but for crypto, these events signal the opposite.
Major cryptos such as Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) have all rallied nearly 20%. Smaller cryptocurrencies have performed even better, with Near (NEAR) up 32% so far, Solana (SOL) up 65%, XYO (XYO) up over 87%, and Lido DAO (LDO) up nearly 99%!
All this action registered within a little over a month is a huge signal for anyone who knows what they’re looking at.
To create context for the crypto newbies reading this, the crypto industry has experienced the worst luck in recent times: lawsuits, layoffs, and withdrawals, yet posts positive results in 2023. If you’re like most people who are dumbfounded by this, you’re asking the big question: why?
The short answer? Cryptocurrencies follow what has come to be known and recognized as the Crypto boo cycle. They basically do the same thing repeatedly: boom for a few years, bust for a year, and then boom again. This trend has formed the basis of many crypto 2023 predictions.
Therefore, to be a great crypto investor, you must buy just as the bust transforms into a boom. That’s the sweet spot where millions can be made.
The evidence
Crypto diehards have recognized this cycle over the previous years. Those who’ve realized there was a pattern to all the crypto movements have started to position themselves. During your typical bust, Bitcoin dips 80% over the course of 50 to 60 weeks. It then eventually bottoms out between 12 to 16 months before halving.
You might wonder if this time could be different. Again, the short answer? No. With the Fed’s recent policies, Bitcoin is sure to behave like it always has. Historically, Bitcoin has tracked U.S. money supply growth. Consequently, when the money supply is increasing, there’s more money in the economy to be invested in cryptos leading to soaring crypto prices and vice-versa.
Crypto predictions
Questions plaguing crypto investors include will crypto soar, plummet or tease investors along? Will Bitcoin follow through on its volatility? Will regulation greatly affect crypto trading? There are many cryptocurrency predictions for 2023; however, for the purpose of this article, we let’s focus on a few major ones.
Ethereum outpaces Bitcoin
The first cryptocurrency prediction is that Ethereum (ETH) will briefly outpace Bitcoin (BTC) by market value. Although these coins typically tend to be highly correlated, there is reason to believe 2023 will be different.
Most digital currencies have typically moved in lockstep with Bitcoin. Still, with U.S. stocks in a bear market and a potential recession looming, we could see the first individualized movement of digital currencies.
Although Bitcoin has always been at the head of the pack with its perception of scarcity, 21 million token cap, and other unique features, its utility raises questions about the coin’s future. The average number of Bitcoin transactions daily has primarily remained the same over the past few years. Compare this with Ethereum’s growth from 40,000 daily transactions in 2016 to roughly 700,000 in early 2019. Ethereum’s performance has been improving yearly, with over one million daily transactions for the past two years.
In addition, Ethereum’s utility as a decentralized application (dAPP) development has been emphasized over and over. In terms of dAPP protocol revenue, the coin beats every other project with a whopping $3.8 billion in revenue over a 12-month period.
Meme coins to dip
Two of the most loved meme coins- Shiba Inu (SHIB) and Dogecoin (DOGE) will lose nearly 50% of their value. A few investors might reminisce of a time when Shiba Inu and Dogecoin were the darlings of the dance. Dogecoin gained an excess of a 20,000% rally. At the same time, Shiba Inu created an out-of-this-world gain of 121,000% on midnight Jan 1, 2021.
However, despite these sterling performances, both coins have dropped over 90% of their value which is expected to continue in 2023. The reason for this prediction is that aside from the hype surrounding the founders of these coins (wink Elon), they are nothing more than payment coins. There is inherently no distinguishing factor between these and the millions of other coins that can also be used to pay for goods and services.
In addition, payment coins have historically been known to skyrocket for a time and then drop unexpectedly, with the exception of Bitcoin.
Death of another crypto exchange
After FTX, one of the largest digital currency exchanges by trading volume filed for bankruptcy; the FTC token became utterly worthless. In less than 48 hours, the company went from tweeting about its new offices in Miami to seeking over $9 billion in funding to prevent bankruptcy. In the end, even the company’s liquid assets were insufficient to cover its liabilities.
Although there are yet to be clear signals of which crypto exchange could be the next in line, the FTX saga might not have been a one-time thing. For instance, recently, Mazars announced its decision to pause working with cryptocurrencies. Aside from Coinbase Global, no other digital currency is required to publish its audited accounts, making it difficult to detect red flags in this crypto market.
With this background, crypto enthusiasts can expect a sudden rally in 2023 in certain coins and a dip in others; overall, the market looks like it’s on an upward trajectory. For those wise enough to heed the tip, you should prepare your positions by keeping an eye on the best cryptos for the future.
Here are the next cryptocurrencies to watch
- 1inch
- Ethereum
- Aave
- SushiSwap
- Monero
- Storj
- Basic Attention Token
- XRP
- MEMAG
- Fight Out
- C+Charge
- Robotera
- Calvaria
- Lucky Block
- Tamadoge
- Ethereum
Top 5 cryptocurrencies that will explode in 2023
Here’s a breakdown of the top 5 cryptos for long-term investment that we expect will do massive returns in 2023.
Meta Masters Guild (MEMAG)
This is one of the hottest cryptocurrencies to keep a close eye on and is a perfect long-term cryptocurrency investment. MEMAG has recently started its widely anticipated pre-sale campaign, which is excepted to be a huge hit. Meta Masters Guide was built to revolutionize the play-to-earn gaming industry through its native, blockchain-based ecosystem.
Its unique selling point is that it will offer decentralized games with real-life benefits to the mobile gaming market. As one of the fastest-growing industries, MEMAG is perfectly positioned for a huge win in the coming years. At the moment, MEMAG tokens are in the first stage of their pre-sale campaign-trading at roughly $0.007. Following this stage, the pre-sale price will be increased to $0.01, representing an instant 40% gain.
Fight Out
The other crypto to purchase in 2023 is Fight Out as it could be the next big cryptocurrency. This highly innovative project introduces crypto and blockchain to the fitness and exercise industries. The concept is loosely known as move-to-earn and is expected to become widely popular in the coming years.
As the name suggests, this coin rewards people for ‘moving’. Simply put, steps completed through movement such as walking, jogging, or running are tracked and rewarded. Within the Fight Out Metaverse, users can enter competitions to increase their earnings and connect with like-minded individuals.
Fight Out crypto is currently in the pre-sale stage with a price point of $0.0166. After the target $5 million is raised, the price increase to $0.0333. Since it’s built on the Ethereum blockchain, the ERC-20 token this crypto accepts both ETH and USDT during its pre-sale stage. This might be the best time to invest in the ERC-20 utility token.
C+Charge
This is one of the best cryptocurrency investments in the green energy space. This project aims to democratize the carbon credit industry using charging stations. Carbon credits permit businesses to emit higher levels of carbon and other harmful gasses into the atmosphere. Consequently, carbon credits have a real-life monetary value.
At the moment, carbon credits are not owned by the owners of E.V.s but instead by the car manufacturers and charging stations. With C+Charge, EV owners can earn credits every time they charge or drive their cars.
Another exciting feature of C+Charge is its reflection program that will enable token holders to earn carbon credits passively. Basically, 1% of all C+Charge transactions will be automatically allocated to the direct purchase of carbon credits and distributed to token holders accordingly. With the global move towards sustainable energy and E.V.s, these are coins which will explode in the future.
Robotera
Another unique cryptocurrency to invest in is Robotera. This project aims to build its own unique metaverse, and its entire ecosystem is also built around robots. Each virtual robot will be as unique as its real-life owner. The basic concept is that players will use their virtual robot to acquire resources in the entire Robotera metaverse.
Here, users can buy virtual plots of land. This is a fascinating feature since the idea of virtual real estate is catching traction at a rapid pace. Having bought their virtual piece of land, players can develop it in any way they like. Robotera is backed by TARO, a token that can be used to buy and sell virtual items on a peer-to-peer basis.
Calvaria
This project aims to bring traditional battle card games to web 3.0 using blockchain technology and crypto. Calvaria- Duels of eternity makes it possible for players to explore virtual realities with the purpose of collecting battle cards- which are backed by NFTs.
Players will own the battle cards they collect and trade with each other via the blockchain protocol. Calvaria’s native crypto token is RIA- a digital currency that enables players to win rewards via battle card games and duels.
How to invest wisely in cryptocurrency and make a profit
Understand what you’re investing in
As you would with every other type of investment, it’s essential to understand what you’re investing in. For example, if you’re planning to invest in stocks, you should regularly read the reports issued by the SEC to help analyse the companies thoroughly. Similarly, you need to gain an in-depth understanding of cryptocurrencies if you want to know how to invest in cryptocurrency safely.
Most cryptocurrencies aren’t backed by anything, which increases the inherent risk associated with investing in them. Additionally, most cryptocurrencies are established by private companies, which means there are not obligated to share audited books of accounts. This makes it easy to create the appearance of success that doesn’t actually exist. Therefore, to avoid making huge losses, make sure you do your due diligence to gain an understanding of how cryptocurrencies are valued and traded. This will help you select the best crypto for your portfolio.
Forget the past
In the financial world, it is common to extrapolate and predict future prices based on past results. However, cryptocurrency sometimes aligns differently with past performance. In your search for the next big cryptocurrency, remember cryptos have been known to be highly volatile. Additionally, because new digital currencies are springing up daily in a largely unregulated market, it is nearly impossible to accurately predict what the market will do.
As a crypto investor, you should do your best to forget the past and trade with the expectation that your investment will gain, not dip. This also helps eliminate the fear that could interrupt your ability to make bold moves in the market.
Watch the volatility
As has already been explained, cryptos are the most volatile assets on the market. They can drop in seconds, only to gain an hour later, and all of this is based on mere rumours. This can be an excellent space for sophisticated investors to execute trades quickly and make huge wins. For a beginner, this can spell trouble and strike fear in the hearts of even the most daring. Therefore, for investors starting out, it might be wise to begin by practicing on simulations and watching the market volatility for a period of time before investing.
Manage your risk
For short-term trades, you must manage your risk to avoid the potential for huge losses. As a newbie to crypto, you must strive to understand and plan how to manage risk and develop a strategy to mitigate losses in the event of a market dip.
Newbie investors might consider the potential of setting aside a certain amount of trading money and then only utilizing a portion of it at first. With this strategy, in case a position moves against them, they’ll still have money reserved for later trades.
Don’t invest more than you can afford to lose
Finally, and probably the most important piece of advice on this list is that you should only invest what you can afford to lose. This might seem obvious to some, but it’s not. Highly volatile assets inspire speculation, and like gambling, speculation can quickly become addictive. In an effort to make back what has been lost, many investors end up losing it all and, therefore, completely ruining themselves.
Whether you’re saving for a house or a huge upcoming purchase, money that you might need in the coming years must be kept in safe accounts to be available when you need it. With this, you will be able to trade in peace without fear of what a potential loss could do to you and your family financially.
Tips for making smart decisions when investing in cryptocurrencies
For those interested in investing in cryptocurrencies, here are a few important factors to consider when investing in cryptos.
Market capitalization
This simply refers to the fact that you should aim to buy a cryptocurrency with a high market capitalization. This is because it signals a high trading volume, which is a good sign. It also means that more people are keen to trade the token in exchanges.
Typically, a high-value cryptocurrency will hold a higher market cap position in the coin charts. However, this shouldn’t be taken to mean that the coins in the lower position are necessarily bad investments. This should be used as a guide for beginner crypto investors as they learn how to spot options better.
Check liquidity level
The level of a currency’s liquidity shows how quickly its tokens can be exchanged for real-world cash. In most cases, coins with a high trading volume also enjoy a high level of liquidity. Additionally, newbies to cryptocurrency investing should aim to trade when the market is highly liquid. This will result in improved prices for all players.
Historical information
As has already been explained, cryptocurrencies are the most volatile assets and therefore deserve a closer look. This is the result of high levels of speculation, hype, and ease of driving prices up and down in the absence of proper regulation. This can create a somewhat intimidating situation for new investors, but analysing a particular currency’s historical price information can decrease your uncertainty level.
Frequency of fluctuations
Although cryptocurrency prices fluctuate widely, some have been known to be more volatile than others. For instance, the price of Bitcoin would swing so widely, at times rising as high as $20,000, only to drop to $900 within a couple of days. For a new investor, it is extremely important to take a closer look at the historical price information before settling on an investment.
Trusted currencies
Many investors who are new to the cryptocurrency game dream of making the windfalls made by early investors in huge currencies like Bitcoin. Although it is admirable to courageously back new and untested currencies, it might prove a detrimental investment strategy for beginners. A wiser approach might be to stick to cryptocurrencies with a long successful history. Alternatively, choose those that are trusted by a wide community of experienced traders.
Final thoughts
This year could spell big success for cryptocurrency investors. This article titled ‘The Crypto Boom in 2023: Which Coins Will be the Biggest Winners?’ is a layman’s guide to navigating the complex crypto space. Whether you stick to the older currencies like Bitcoin and Ethereum or venture into the new, untested waters of currencies like Fight Out and Calvaria, analysts predict a pretty win for you this year.
Which coins will be 2023 the biggest winners?
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Binance Coin (BNB)
- XRP (XRP)
- Cardano (ADA)
- Solana (SOL)
- Polkadot (DOT)
- Litecoin (LTC)
Top 5 cryptocurrencies that will explode in 2023
- Meta Masters Guild (MEMAG)
- Fight Out
- C+Charge
- Robotera
- Calvaria
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