The crypto market was highly volatile in 2022, some cryptocurrencies were even wiped out from the market. However, there are still some cryptocurrencies that are expected to explode in 2023.
1. Dogecoin
Dogecoin was created as a joke but has become significantly popular over recent years. The meme coin is now in the top 10 largest cryptocurrencies by market cap and also in the list of cryptocurrencies that are likely to triple in value by 2023.
The price of Dogecoin once rose to an all-time high of $0.75, then dropped to $0.08, yet it still caught the eye of many investors. Elon Musk is an important factor affecting the price of DOGE, Elon even called himself “Dogefather” in a tweet.
2. Matic
Matic is an Ethereum-based altcoin that empowers the Polygon network (originally called the Matic Network). It aims to provide a sustainable scaling solution to problems such as high transaction fees and slow speeds. Since the Ethereum blockchain experiences high transaction volumes, it becomes congested, resulting in reduced performance and increased transaction fees. Thus, Polygon Matic aims to improve user experience by providing a Layer 2 scaling solution for the Ethereum blockchain.
After The Merge, it is expected that billions of new users will access web3. Ethereum dominates the blockchain gaming and metaverse, Polygon is expected to take advantage of this to attract more Web3 initiatives.
3. AVAX
Avalanche (AVAX) is a smart contract enabled layer 1 blockchain platform that aims to improve network efficiency, speed, and cost-effectiveness. The project aims to become a global assets exchange that allows anyone to launch or trade any type of asset and control it in a decentralized way by using smart contracts and advanced technologies. Avalanche now adopts Snowman consensus to improve security.
As more people join DeFi projects, AVAX is likely to see a spike in new transactions. Avalanche’s transaction volume hit a record high on August 8, 2022, more than the total volume of Ethereum and other Layer 2 scaling solutions. This could be a strong positive signal for Avalanche in 2023.
4. QTUM
Qtum builds on Bitcoin’s UTXO (Unspent Transaction Output) model but still allows the creation and execution of smart contracts on the Ethereum Virtual Machine. Qtum is decentralized, which means no permissions are required to validate transactions. Anyone can run a node, needing only a device and internet connection. Qtum uses a Mutualized Proof of Stake consensus mechanism to prevent junk contract attacks. Qtum market volatility has been relatively low, which indicates that the current price trend is likely to continue in the near future.