Since its inception in 2008, bitcoin has sparked an explosion of new cryptocurrencies. These ‘alternative’ cryptocurrencies are now more than 5000 in number. Check out the top 10 altcoins to watch out for in 2023.
What is an Altcoin?
Altcoins are made up of a wide range of projects, and they are not limited by category, consensus mechanism, or what they are meant to be used for. An altcoin is just another word for coin. Altcoins can, therefore, be any type of alternative to Bitcoin. In practice, this means that every cryptocurrency other than Bitcoin is called an “altcoin.”
The extended bear market in cryptocurrencies has made things more difficult for alternative coins, commonly known as altcoins, as their prices have stayed depressed for several months. In fact, in the past, the price of altcoins increased as a result of increased interest from retail investors. However, in recent times, the price of altcoins has not increased as the cryptocurrency market has been buffeted by events such as the failure of the FTX exchange and rising inflation.
Investors in cryptocurrencies, on the other hand, are keeping their fingers crossed that 2023 will bring good news and put the bear market of 2022 in the rearview mirror. Within this context, cryptocurrency trading expert Michal van de Poppe recommended key altcoins to keep an eye on in 2023 in a video that was uploaded to YouTube on January 1. The following is a list of alternative cryptocurrencies to be on the lookout for in 2023.
Top 10 altcoins to watch out for in 2023
Listed below are some of the most promising alternative cryptocurrencies available today, along with a brief explanation of why they’re worth your consideration. Here, we’ll get into the nitty-gritty by briefly reviewing the top 10 alternative cryptocurrencies to keep an eye on in 2023.
- FightOut
- Litecoin (LTC)
- Chainlink (LINK)
- Ether (ETH)
- Skale (SKL)
- Cardano (ADA)
- Solana (SOL)
- Bitcoin Cash (BCH)
- Dogecoin (DOGE)
- Monero (MXR)
FightOut
As a new high-potential crypto presale project, FightOut is our top option for the best altcoin. It has already earned more than $2.5 million during its presale, making it our top pick overall.
The FightOut fitness software and the project’s ambitious aspirations to establish real-world, Web3-integrated gyms all over the world are both supported by the FGHT token, which is presently available for purchase at a price of $0.0166.
Interest from financiers is high for the altcoin venture because of its practical applications and ambitious goals to dominate the M2E cryptocurrency market.
This altcoin, FightOut, will provide a comprehensive digital fitness profile by monitoring movement and key effort metrics, unlike other top M2E projects like STEPN, which has focused on steps and been criticized for its faulty rewards system.
This algorithm can also take into account the user’s eating and sleeping habits in order to provide a really personalized exercise plan. Workouts can be done at home or at a gym, and FightOut not only prioritizes physical but also emotional health.
The NFT avatars users earn for completing workouts and leveling up are soulbound, meaning they cannot be sold, but otherwise offer a high degree of personalization. Users of FightOut can compete against one another on a daily, weekly, or monthly basis in order to earn even more rewards.
Litecoin (LTC)
Litecoin was one of the first alternatives to bitcoin. It came out in 2011. It was made by Charlie Lee, an entrepreneur and computer scientist.
Like bitcoin, Litecoin is a “proof-of-work” cryptocurrency. This means that miners are rewarded with new coins for verifying and processing transactions on its blockchain
But because it uses a newer algorithm called Scrypt, Litecoin transactions are processed faster than bitcoin transactions.
One Litecoin was worth £63.26 in January 2023. In May 2021, when each altcoin was worth £326.41, the crypto reached its all-time high.
Chainlink (LINK)
Poppe says that Chainlink (LINK), like the market as a whole, is currently in an accumulation zone. He said that the token’s bottom is likely to be between $4 and $5 and that it will get a boost if the Federal Reserve slows down its monetary policy.
In the meantime, he said that the token is following a pattern similar to what was seen in 2019.
Since the analyst expects LINK to experience additional adjustment, he argues that token holders interested in decentralized finance may choose to consider purchasing LINK (DeFi). He predicted that 2024 or 2025 would be a good time to buy LINK because that’s when the asset’s value would skyrocket.
As of the time of publication, this altcoin LINK has dropped to $5.60, down 0.4% in the previous 24 hours. Poppe said that LINK will encounter resistance at $7.80, and that a break above that level might trigger a further continuation with a target of $16.85.
Ether (ETH)
Ether is the cryptocurrency native to Ethereum, the global software platform that runs applications including smart contracts, games, and financial transactions through blockchain technology, as well as minting and storing NFTs (non-fungible tokens).
It was launched in 2015 and has accrued a market capitalization of over £126 billion, as of January 2023. Each Ether token is worth £1,034. The altcoin saw its all-time high of £3,815.79 in August 2021.
Skale (SKL)
Poppe, a trading expert, said that the interoperable, multichain network Skale (SKL) has a chance to go up because it has a strong base. He said that if SKL breaks through the $0.025 level of resistance, it will take the previous highs and start a rally to the $0.20 area. At the moment, SKL is worth $0.02.
Even though the analyst said that SKL’s foundation was a key reason for the rally, TradingView’s technical analysis summary for the token says “sell” at 16. At 14, moving averages indicate a “strong sell,” while oscillators indicate a “buy.”
Cardano (ADA)
Charles Hoskinson, who helped start Ethereum, made Cardano in 2017. It is the native cryptocurrency of the Cardano blockchain platform. Instead of proof-of-work, transactions are verified and processed using proof-of-stake.
Proof-of-stake blockchains use a lot less energy than proof-of-work blockchains because an algorithm picks just one device in the decentralized network to verify each block of transactions instead of having every device compete every time.
One Cardano is worth 22 pence as of January 2023. In September 2021, it reached its all-time high of £2.45.
Solana (SOL)
The Solana blockchain platform was made to host decentralized applications, just like Ethereum and Avalanche. Both the platform and its cryptocurrency were launched in 2020.
Solana’s low transaction fees, which are much lower than those of its competitors, are one of its best features. The new “proof-of-history” process is a big reason why the platform can handle up to 65,000 transactions per second.
This way of processing adds a “time-stamp” to each block. This makes a permanent record of the order in which transactions occurred.
Solana is worth £11.52 in January 2023.
Bitcoin Cash (BCH)
In 2017, a group of users wanted to make the blocks in the blockchain bigger so they could hold more transactions. This caused Bitcoin Cash to split off from the original bitcoin.
Other than this change, Bitcoin Cash works just like bitcoin. It uses the same proof-of-work system to process transactions and limits the number of coins in circulation to 21 million.
One Bitcoin Cash token is worth £83.93 in January 2023.
Dogecoin (DOGE)
What started out as a joke currency quickly turned into a crypto asset.
Dogecoin was made at the end of 2013 using Litecoin’s blockchain technology and a Shiba Inu dog as its logo. The coin is known for its funny history and the fact that it can be made in any amount. This has made it a good way for new investors to get into crypto.
In 2022, the price of Dogecoin reached an all-time high of 58p. This was partly due to Elon Musk’s tweet about being able to buy Tesla products with Dogecoin.
The price of Dogecoin has dropped to about 7p as of January 2023.
Monero (MXR)
Monero is a digital currency that is known for how private it is.
The altcoin came out in 2014 and uses something called an “opaque blockchain.” This type of blockchain keeps the transactions it records private by hiding things like users’ addresses and even the amount that was transferred.
Because the coin is so focused on privacy, it doesn’t follow the rules for keeping money from being laundered.
As of January 2023, Monero is worth about £125. In May 2021, the coin was worth £409.86, which was its highest value ever.
Summary
Quite obviously, the value of Altcoins is rising by the day. Listed above are Altcoins you really should watch out for in 2023, and not just “watch” but make a move towards increasing your financial base. Invest in them today!
