Some analysts think that the Bitcoin and altcoin market will rise in 2023. Specifically, analyst Stu L. has selected four altcoins focused on three distinct sectors and believes these will rise over the course of the new year. Here are the details…
The first altcoin that the analyst drew attention to: SAND
Stu L. thinks the metaverse will make a big comeback in 2023. But that may not happen right away. Still, the analyst thinks at the end of 2023 we can look back and say “oh, that was a good choice”. In parallel with this, the metaverse may be one of the recovering sectors. So what will users buy, given the metaverse will rise? At this point, the analyst points to The Sandbox, which he describes as the “undisputed leader” of the category. The analyst uses the following statements:
The 2 leading metaverses are undoubtedly Decentraland and The Sandbox. We like The Sandbox more. Decentraland had only 7057 users in the last 30 days. That’s a terrible number. The numbers are ridiculously low considering you have to be online to use the metaverse out there. The Sandbox is also in much better condition, albeit far below. In November alone, more than 35,000 tokens were transferred, valued at more than $350 million. There are many more people using The Sandbox and therefore it will heal faster.
Biggest cryptocurrency: Bitcoin
The analyst points to Bitcoin as the second cryptocurrency. The analyst says that BTC is the “undisputed leader”. In particular, he warns that if you’re not holding at least a little bit of BTC, you might be doing something wrong. According to Stu L., Bitcoin is a “last resort” asset. “Even after shitcoins like FTX sell their money, all the scammers use that money to buy Bitcoin. Why is that? Because it is the highest quality asset in the industry,” he says.
Also, the analyst thinks that the interest of governments issuing their own CBDCs (central bank digital currencies) will increase the popularity of Bitcoin. Because he points out that CBDCs are used as a method to control citizens. So, according to the analyst, after the bad experience with CBDC, more people will see the benefits of Bitcoin. In fact, the analyst said, “I think CBDCs are bullish for Bitcoin. At first it will look like competition but then people will see the difference.” says. Finally, the analyst uses the following statements:
Finally, Bitcoin is not just an asset of last resort. It is the most feared creature in the entire world. Seriously, it is. There are no governments trying to ban Ethereum, Cardano, Avalanche or even our beloved Polygon. Is not it? This is because they do not threaten governments.
Another altcoin on the list: AR
Web3 infrastructure is an area where growth is expected. Analysts point to Arweave (AR) as the altcoin choice in this space. “I like that Arweave works in several different areas of the Web3 infrastructure, not just file storage like Filecoin or Sia,” the analyst says. It also uses the following expressions:
Look at how fast their ecosystems are growing. There are currently more than 100 projects. Arweave enables decentralized websites without code when working with projects like Portrait. Arweave is a competitor to both Filecoin and IPFS, keeping your information censorship-proof forever.
In addition, the coin has dropped from its all-time high of $89 in November 2021 to $6-7. According to the analyst, this is also a tremendous value and an attractive price. On the other hand, Arweave stands out with the following items
- Identity
- Decentralized Web3 versions of Web2 products such as social media and the web. Instagram uses them for NFT file storage.
Last coin on the list: Polkadot (DOT)
Interoperability will continue to be a big theme in 2023. In this respect, especially Cosmos (ATOM) was one of the prominent projects. However, according to the analyst, there are several differences between them. Stu L. uses the following expressions:
The ecosystem of Cosmos is far ahead of Polkadot. This must be bad right? It must mean we chose Cosmos, right? But this means that we only know that Polkadot has room to grow to reach the ecosystem growth level of Cosmos. At just $5, the DOT has truly been beaten. Even equaling the ecosystem value of Cosmos would be a nice payoff before we get any big growth projections for the future.
Also, according to the analyst, the 2nd thing that DOT has and ATOM does not have is that more than ecosystem value accrues to the token. Thanks to crowd credits and the parachain auction system, there have been many obligatory DOT HODLers for a long time. The Parachain rental process is 96 weeks, which is less than 2 years. This locks up a large number of DOTs and is a clear sign of how growth in parachains equals growth in DOT. For Cosmos, ecosystem growth does not always translate into growth for ATOM, according to the analyst. This is one of the biggest problems the failed Prop 82 is trying to solve. Although the project aims to solve this problem in 2023, the analyst states that his heart is with Polkadot for now.
28956
