2021 was an extremely bullish year for the cryptocurrency market but as 2022 commenced, it witnessed a downfall. Almost all coins were touching new lows, but still, investors remained positive and still are – as the new year is around the corner.
As 2022 passed, most cryptocurrencies saw a strong temporary rally, which investors expect to continue in the coming year. Crypto market analysts also expect a correction of 85% in the falling crypto prices by the end of 2022. The most popular cryptocurrencies, like Bitcoin and Ethereum, have multiple resistance levels, making it possible for the cryptocurrencies to reverse in the upward direction in the coming year.
Our article will discuss the cryptocurrencies to focus on in 2023.
Top 5 cryptocurrencies to focus on in 2023
1. Bitcoin
Bitcoin (BTC) is the most expensive and widely traded cryptocurrency in the crypto market, which also works as a strong indicator of the overall market. It has the largest market cap of $316.84 billion and has reaped investors some strong gains over the last ten years.
However, the last two years for Bitcoin have been turbulent as it went from selling for $68,000 in 2021 to crashing below $20,000 in 2022. With the surging inflation across the globe, the recessionary pressures and increasing interest rates – Bitcoin has lost over 2/3rd its initial value. However, investors are positive that it has not bottomed out yet and has strong potential to rise again due to its multiple resistance levels and limitless popularity amongst investors.
It is one of the most volatile cryptocurrencies in the market, which is why analysts are still recommending to buy Bitcoin, as it has a bright future in 2023. Investors believe that Bitcoin is going to hit $100,000 in the long term, and its historical price movements back this fact. After all, Bitcoin is now a legally accepted mode of payment in many companies and has managed to provide over 230% returns in the last decade as of March 2021. If you invest in it today at $16,885, it is expected to trade at around $85,000 in 2023-2024.
2. Dogecoin
Dogecoin (DOGE) has a market cap of $12.5 billion and is one of the largest cryptocurrencies in terms of trading value. As of now, the coin is valued at $0.10 and is expected to increase to $1 in 2022. Moving forward from that, analysts also predict the coin to jump to as much as $3, at least, with a bullish market prediction in the next few years.
The last ten years for Dogecoin have been less turbulent when compared to some other big names like Bitcoin and Ethereum. It has grown in value by almost 216% and is backed by the billionaire entrepreneur Elon Musk.
Even though most crypto experts expect an overall bearish momentum for Dogecoin in 2023 at around $0.13, they suggest that this is a great time to invest in the coin due to its expected long-term bullish reversal that could take the coin anywhere near $5 to $7.
3. Ethereum
With a market cap of $155.01 billion, Ethereum (ETH) is the second largest cryptocurrency to exist in the crypto market – according to market cap, valuation and traded volume. It is also the second-best measure of the overall crypto market. This coin has extensively grown since its launch in 2015, from $0.311 to $4,800 in 2021.
Ethereum’s valuation in 2022 started to decrease as all others, and it traded at around $1,781 as of January 2022. The price continued to decline, and it is currently trading at $1,264, but crypto analysts suggest that 2023 witnesses a strong potential for Ethereum to climb back up in valuation.
Analysts are positive about Ethereum being the right choice to invest in, in 2023, due to its latest update in which it has transitioned into a less energy-intensive technology, known as ‘the merge’. This upgrade ensures that networks are cheaper, faster and more efficient to use – ensuring sustainability. It is expected that Ethereum can trade anywhere near $2,154 in 2023 if it lives up to its promises that come with the massive update.
4. Decentraland
Decentraland (MANA) is one of the oldest and most popular crypto coins in the metaverse project. It is one of those coins that performed extremely well in 2021 when it rose by 100% and touched its all-time high of $5.90. It was launched in 2015 at $0.02 and has reaped investors significant profits since.
It is backed by big names like Samsung, Coca-Cola, Morgan Stanley Bank and more who already have purchased virtual lands on Decentraland. Its growing ecosystem and user base for web3 programs prove the coin to be in-demand crypto in 2023, which is expected to range anywhere between $5.60 to $6.44.
Since it is one of the first metaverse-dependent coins, its market trend is directly linked to the NFT market performance. Any positive impact that happens in the NFT or metaverse space is going to impact the coin similarly. And with the growth outlook for both metaverse and NFT, especially after the renaming of Facebook to Meta, Decentraland’s future in 2023 looks optimistic.
5. Solana
Solana (SOL) is one of the fastest-growing tokens in the cryptocurrency market. In November 2021, it appreciated by over 130,000% and shocked all crypto investors. The prices corrected themselves as 2022 started, but there is a bullish expectation for the coin in 2023.
The platform is constantly integrating emerging crypto technologies like dapps, web3, defi, metaverse, NFTs and more – which is going to take the coin to greater heights in the coming years. It was launched in 2018 at the price of $0.04 and touched a high of $243 in December 2021. Currently, it is valued at $13.40 but is expected to rise anywhere around $24.75, at least in 2023. This makes Solana a good opportunity for investors to buy right now and hold in 2023.
Invest in crypto today and enjoy the gains in 2023
Start investing in the top five cryptocurrencies discussed above to benefit from the bullish expectations in 2023. You can start trading with our platform and trade crypto through CFDs and open positions in both rising and falling crypto markets.
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