Major Cryptocurrencies That Are Set To Grow Extremely Profitable By The End Of 2023
As the year 2022 began, the entire crypto market was down and it was not able to recover at all. Throughout the year, the cryptocurrencies kept struggling and they were not able to achieve any strong rallies or buying momentum. However, the situation has changed for cryptocurrencies with the start of 2023. Due to the strong momentum, Bitcoin, which had fallen to $15,600 in late 2022, has surged past $28,000 mark.
If you are willing to invest in cryptocurrencies in the year 2023, then I suggest you go for the ones that promise strong gains throughout the year. Let us have a look at cryptocurrencies and what their situation is going to be in the future.
Bitcoin (BTC)
Bitcoin has been performing really well since the start of the year 2023. It was the first-ever cryptocurrency that was launched in the crypto-verse.
When the year 2023 began, the trading price of BTC was in bearish territory. However, the bulls were driven by a new resolve that worked out well in favor of the asset.
The bulls had the determination of pushing the trading price of BTC higher and higher. The bulls kept pouring in more and more money into Bitcoin, pushing its price higher than the lower levels from 2022.
When the New Year began, Bitcoin’s trading value was at a low of $16,000 but the price of BTC soon pumped over the $20,000 mark. From the start of the year until now, the value of BTC has been pumped by 68.26%, which is a great jump for the asset.
At the time of writing, the value of the token is $28,081.77. The market capitalization of BTC has surged by over $542 billion due to recent developments.
Future of Bitcoin
Due to the recent developments, analysts have started to share positive forecasts for the asset. Many community members did share their concerns about the potential downfall in the trading price of BTC.
However, the majority of the investors have made positive predictions about the asset. From the looks of it, the asset’s price may continue experiencing a stronger push in the upcoming days.
This is because the adoption level for the token is set to rise across the globe in 2023. The first country endorsing Bitcoin with very high determination is El Salvador (ES). The country legalized the adoption of Bitcoin back in September 2021 and it has continued promoting it since then.
Other countries such as Venezuela, Russia, Argentina, Switzerland, and many more, are also thinking about legalizing Bitcoin.
The adoption of Bitcoin as a mode of payment has been rising as well. One of the major announcements made recently in favor of Bitcoin was Amazon accepting the token as a mode of payment.
So far, Bitcoin has become the largest growing asset of the year 2023, which has been covered by Goldman Sachs, a major investment firm based in the US. The firm has predicted that Bitcoin’s trading may hit and cross $100,000 as the year 2023 reaches its conclusion.
Ethereum has been demonstrating a performance similar to the likes of Bitcoin. Its trading value has recorded huge gains from the start of 2023. The value of the token has surged by 46.44% as the year 2023 has begun.
At the time of writing, ETH’s trading price has surged to $1,762.24 and according to analysts, the price may continue rising. The market valuation of ETH now stands at $215 billion and its dominance is also rising in the entire crypto-verse.
ETH’s Adoption
The most prominent thing about Ethereum is that it is the largest blockchain network in the entire crypto market. It hosts the highest number of cryptocurrency projects and different kinds of virtual projects.
So far, hundreds of cryptocurrencies and ERC-20 tokens have been launched through the network. It also hosts several marketplaces for non-fungible tokens and is home to several virtual-world projects. Just like Bitcoin, Amazon has adopted ETH as a mode of payment on its platform.
ETH’s Expansion
The Ethereum blockchain has been increasing its prominence by expanding more within the crypto-verse. Back in September 2022, Ethereum launched “The Merge”, completely changing its orientation from PoW protocol to PoS protocol.
The network has not stopped there because it has recently announced another major upgrade to its protocol, which is the “Shanghai Upgrade”.
The Ethereum blockchain is expected to make its network more compatible with other blockchain networks. This is eventually going to increase the utility of the blockchain among more users, eventually bringing more adoption to the ETH token.
ETH may demonstrate a strong performance in the year 2023 as well so it is a good pick for investment.
Ripple (XRP)
Ripple is also among the top-performing assets. From year to date, the trading value of XRP has increased significantly. The market data shows that the asset’s value has risen by 15.58% from YTD.
At the time of writing, XRP is trading at a high of $0.3924 and it is expected to record stronger gains in the upcoming days.
While the entire crypto market was dragged down by the macroeconomic downtrends in the year 2022, XRP was facing another major problem. Surprisingly, the price of XRP is still facing a downtrend and that is because of the legal battle being fought between the US SEC and Ripple Labs, the company behind the issuance of the cryptocurrency.
Despite the legal battle, XRP has survived and it has continued performing well enough to be counted among the top 10 cryptocurrencies by market valuation.
There are reports that Ripple Labs may soon win the case against the US SEC and when that happens, XRP’s price will experience strong rallies. This is going to be very helpful for the asset, pushing its price to higher levels throughout the year 2023.
Conclusion The cryptocurrency industry is witnessing the induction of many cryptocurrencies almost on a daily basis. It is constantly growing larger with time and at times, the newly introduced cryptocurrencies demonstrate very high gains. However, the gains of such cryptocurrencies are limited and most of the time, their values plummet after a short period of the rally. Whereas, the major cryptocurrencies demonstrate strong performances throughout the year so it is better to invest in these assets rather than investing in newly-introduced ones.
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