According to data from CoinMarketCap, the value of the global crypto market has dropped by 1.52% in the last 24 hours. Accordingly, the total market value of cryptos showed itself as $923.12 billion today. So does this signal a buying opportunity for traders and investors? Which altcoin projects are promising in the bear market where prices are extremely low? The analyst replied.
“These 6 altcoins are the best investments of 2023”
The analyst studied the current bear market and leading altcoins. As a result, he shared 6 altcoins that he thought offered a buying opportunity. According to him, these cryptocurrencies have the potential to double their price in 2023.
Ethereum (ETH)
Ethereum, currently the largest altcoin in the market, will make huge gains, according to the analyst. According to him, ETH is a coin to watch, especially given its dominant presence in the crypto market. Over the past 2 years, investors in the crypto space have kept asking if ETH is losing its competitive edge in the market. However, the Merge upgrade that took place on September 15 seems to have finally fixed the shortcomings in investor confidence.
Polygon (MATIC)
Number 5 on the analyst’s list is Polygon (MATIC). As Cryptokoin.com reported, MATIC is a layer-2 scaling solution developed to speed up transaction times and reduce transaction costs in the ETH network. According to the analyst, Polygon will rise especially in conjunction with ETH’s Merge event. According to him, the altcoin will multiply in price as the ETH ecosystem expands in the next few months.
Ripple (XRP)
XRP ranks 4th on the list as it is an ISO 20022 compliant token. This means that XRP could potentially be used in the banking space to replace the existing SWIFT system. However, Ripple, the company behind XRP, is in a 2-year litigation process with the SEC. This lawsuit has led to the altcoin price performing poorly in recent years. However, recent developments in the case show that the tide is turning in favor of Ripple.
Algorand (ALGO)
The next altcoin on the list is Algorand (ALGO). ALGO is an ISO 20022 compliant token that can integrate with the existing SWIFT system, similar to XRP. However, Algorand operates as a scalable Blockchain network that can be used to transact with various cryptocurrencies. In light of the recent developments, the analyst predicts that the ALGO price could rise in 2023.
Cardano (ADA)
Cardano (ADA) has just launched the Vasil hard fork update and revealed its growth roadmap for next year. That’s why the analyst puts it second on his list. By the way, the developments on the Cardano side are not limited to this. Ken Kodama, the founder of Emurgo, the network’s development lab, made key statements in a recent interview. Kodama announced that Emurgo will invest more than $200 million over the next 3 years to support the altcoin project.
Chainlink (LINK)
At the top of the analyst’s list is Chainlink (LINK), whose ecosystem hosts more than 1,500 projects. For those who don’t know, Chainlink is a Blockchain oracle company. This company has signed some important partnerships recently. These include his recently announced collaboration with SWIFT. In light of all these developments, the altcoin is extremely bullish for 2023, according to the analyst.
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