Leading businesses like FTX and Luna collapsed in 2022, drastically altering the crypto market industry. Numerous discussions concerning transparency and control in this quickly developing industry have been prompted by this new fallout of crypto giants.
It's no doubt that cryptocurrencies are here to stay despite market fluctuations. With rising popularity and applications of these crypto currencies in daily life many cryptocurrencies will still be excellent investments for 2023.
The crypto market has enjoyed a modest rally since the weekend, with Bitcoin price closing above $17k in two consecutive days. Most talked about altcoins like Ethereum (ETH), Cardano (ADA), and Solana (SOL) have led in recent gains. Following the FTX Fallout, the cryptocurrency market has recovered more over $88 billion in the most recent few days. The overall market capitalization of cryptocurrencies is currently estimated at $887 billion, according to market statistics published by Coingecko.
Here are three such altcoins that will be traded on exchanges in 2023 and could 10x this year based on their fundamental strengths: Algorand, Avalanche, and Chainlink.
The Algorand network is built on the Pure Proof of Stake consensus mechanism and is a decentralized. ALGO is a native token of the platform. The token acts as a payment gateway to pay for fees within the network. ALGO is listed by most of the biggest crypto exchanges such as Binance, Coinbase, Huobiglobal, okx-exchange.
Algorand network acts as a bridge between Decentralized and traditional finance. dApps on Algorand network have real time applications like supply chain management, digital identity, decentralized lending, trading, etc.
Algorand (ALGO) may be in dip right now, but experts predicts that the project has a great chance of succeeding in 2023 because of how well its community and structure function. Algorand recently partnered with many big names like FIFA, ICON, BTP, El Salvador, and Glitter. These new collaborations and the support from community might concentrate on strengthening the protocol as well as the user base. Coinpedia Analysts expect Algorand price prediction to reach a maximum price of $0.445 in Q1 of 2023.
The Avalanche network has garnered the interest and liking of the masses from the crypto space with its stout fundamentals. And lucrative perks such as lightning-fast transaction speeds, and scalability, amongst others.
The stout fundamentals, initiatives, and developments have been an imperative reason behind Avalanche being on the bucket list for many of the investors in 2023. It is safe to state that the FTX fallout effects that wiped out the value of significant coins like Bitcoin did not spare Top Layer-1 Protocol Avalanche (AVAX) also.
The new year comes with good news -
• AVAX’s price action showed signs of recovery in 2023, rising by about 5.42% during the previous 24 hours.
• AVAX witnessed growth in its GameFi ecosystem in 2022.
• AVAX on the list of the top 10 BNB projects in terms of social activity on 1 January.
• FIDE - governing body for the sport of chess, has announced partnership with Avalanche to innovate with Web3.
If the currency continues its developments and tie-ups in the coming days, there are chances, the Avalanche (AVAX) price may skyrocket to $17.542 as per coinpedia.
Data from whalestats revealed that LINK is one of the most extensively held token among leading Ethereum whales. This information is stemmed from the data gathered from the wallets of the top 5000 Ethereum whales. As for the long-term, we expect Chainlink (LINK) to increase steadily in price this year as Chainlink (LINK) only recently announced its staking services, which locks a big part of the circulating supply of tokens.
The major factors that will influence LINK's price in the entering years are certainly –
• Timely implementation of Staking update (This happened is December 2022 to achieve its Economics 2.0, this will help the company to scale more securely.)
• Increased Adoption of WEB 3.0
• Increase in data points delivered on-chain and developer activity (over 18,000+ public GitHub repos).
• Partnerships with established businesses.
However, being a transparent protocol, with usual buying and selling pressures, and above mentioned factors are implemented LINK could claim its average price at $10.516 according to Coinpedia. Experts project Chainlink price prediction for 2023 to be maximum of $12.653 on a bullish note.