Trending Tokens: Cryptocurrencies that are making noise as 2023 dawns on us!
Although the cryptocurrency prices are up from a week ago, the market, in general, has not shown great price trends and the Fear and Greed Index has been ranging from 25 – 29 over the past month. Relative to established asset classes like equities and bonds, cryptocurrency is still a comparatively new asset type. Almost every day, new and fascinating projects are launched with the aim of taking market share away from popular currencies like Bitcoin and Ethereum. Crypto investors thus must make sure that any prospective investment opportunity is adequate for their portfolio in terms of risk level and diversity Cryptocurrencies are incredibly risky & volatile. Having said that, in this article, we will have a look at some of the top cryptocurrencies and upcoming projects which are capturing crypto fanatics’ eyeballs for the next year.
Top 5 cryptocurrencies as per market cap
Bitcoin
The original cryptocurrency, Bitcoin, which has a market cap of $326 billion, is the most tried-and-true and a favorite. It is regarded as a kind of digital gold and treasured as a commodity that cannot be influenced by any federal government. There will only ever be 21 million Bitcoins, of which 92% are already in existence and the rate of new Bitcoin generation is believed to be declining. As it has gained popularity, Bitcoin’s price has soared between 2016 and 2022.
Ether
Because of its potential applications, including smart contracts that automatically execute when certain conditions are met, Ethereum is one of the favorites among coders. One of the most widely used blockchains in the world, Ethereum supports a wide range of non-fungible tokens (NFT), games, smart contracts, and DeFi lending capabilities. Ethereum has also grown incredibly fast. Its cost increased from around $11 to more than $3,000 between 2016 and the start of 2022. With a current market valuation of $150 billion and the most recent Ethereum Merge update, which changed the chain’s consensus algorithm from Proof of Work to Proof of Stake, ETH is undoubtedly one of the cryptocurrencies to keep an eye on.
Binance Coin
The native token of the cryptocurrency exchange Binance, BNB, is comparable in size to Bitcoin or Ethereum. BNB is not only the third-largest cryptocurrency with a market cap of around $45 billion. Since its launch in 2017, Binance Coin now performs more functions than only allowing transactions on Binance’s exchange platform. Now, it can be utilized for multiple payments. While the FTX exchange abruptly collapsed in November, Binance is now without a doubt the most important cryptocurrency exchange in the world. Binance Coin stands apart from other cryptocurrencies because it has a hard cap on its supply and plans to gradually decrease it by “burning” a percentage of its BNB.
XRP
The valuation of XRP is more than $19 billion. It was developed by some of the same founders as Ripple, a digital technology and payment processing company. XRP is a cryptocurrency that may be used to facilitate exchanges of many other types of currency including fiat and another key crypto.
Cardano
Cardano stands out for adopting proof-of-stake validation early on. This strategy minimizes energy usage, boosts transaction speed, and has less of an adverse environmental impact by doing away with the competitive, problem-solving aspect of transaction verification. Similar to Ethereum, Cardano uses ADA, its native coin, to power smart contracts and decentralized applications. Cardano’s ADA token, which has a market worth of slightly over $10 billion, has grown very slowly when compared to other significant crypto coins.
Polygon
Polygon has a market cap of about $8 billion. With support from Coinbase and Binance, Polygon is a wager on the sustainability and success of Ethereum, helping to increase the platform’s scalability and eventually enabling the running of an almost infinite number of decentralized applications. The coin has more than doubled from its lows in June, even after the general crypto drop in November.
Top 3 new cryptocurrency projects:
Dash 2 Trade
A cryptocurrency initiative called Dash 2 Trade (D2T) intends to give traders and investors the resources they need to succeed in the cryptocurrency market. The project’s native D2T ERC-20 coin has taken over the market. Within just 24 hours, the D2T token managed to draw in $500,000 in investment, and it hasn’t shown any signs of slowing down. The Dash 2 Trade project’s D2T coin is the true star of the show, despite the platform’s abundance of helpful crypto tools (more on that later). It appears likely that D2T will be in high demand once Dash 2 Trade is fully available. D2T is used to pay for subscriptions to the Dash 2 Trade platform and resource-intensive activities like strategy backtesting. Dash 2 Trade will provide a range of on-chain data, trading signals, buyer sentiment/social mentions measurement, and gives customers high-end trading tools. To assist users in trading more consistently, it also provides automated trading APIs, a back-testing tool, and other social trading tools.
RobotEra
RobotEra is an additional well-liked new cryptocurrency project to invest in. $TARO is for sale during the first presale round. Taro, the broken planet, must be rebuilt by players in RobotEra using robot NFT avatars. Players can add structures, infrastructure, and in-game items to increase the worth of the land they buy. Additionally, the game awards $TARO tokens to players for participating in concerts, mining minerals, and even hosting events. Additionally, players can construct monetizable billboards that display adverts. Robot NFT pals may be customized and made unique utilizing in-game tools, and players are also awarded for making them.
IMPT
The IMPT cryptocurrency project, which aims to address one of the main problems of the twenty-first century, climate change, attracted a lot of interest during its presale and raised $14.5 million. With just one week left for investors to purchase at presale rates before the token’s debut exchange offering on Uniswap on December 14, 2022, due to the success of its presale, the token is currently on track. In contrast to many new cryptocurrency projects, IMPT has partnered with over 10,000 businesses and organizations to address the climate catastrophe, including Samsung, LEGO, and Microsoft. By giving shoppers climate tokens, it will do that. By supporting various eco-projects that have been reviewed and approved by outside parties, the credits from the project can subsequently be utilized to offset a carbon footprint. Additionally, the credits can be purchased, sold, and retained for their intrinsic value or retired in exchange for one-of-a-kind NFTs or to earn points on a leaderboard that IMPT will set up to track how people and businesses are doing.
Investors today are always looking for the next great cryptocurrency project. As a result, this guide’s analysis of 8 crypto coins for investment. To distribute risk, it is a good idea to have a broad portfolio. We will be bringing more in this space on existing and upcoming crypto projects. Keep an eye out and do let us know what would you like to know more about.