Top 6 Altcoins to Watch Out for in 2023

Introduction 

The first crypto- Bitcoin was meant to be a store of value, and it served the purpose, but it needed programming functionalities that could introduce new applications in the market. This led to the rise of altcoins like Ethereum, Tron, etc. – that have smart contract capabilities, opening the door for DeFi, GameFi and several other use cases of blockchain and cryptos. Simply put, altcoins are cryptos other than original Bitcoin, and in this article we will explore top altcoins which you should watch out for in 2023.

Ethereum (ETH)

First, we have Altcoin King – Ethereum, the second largest crypto in market capitalization that has unlocked a treasure trove of DeFi applications with its smart contracts. It is an open source blockchain network, built and launched by Vitalik Bruitein back in July 2015. 

Ethereum is a thriving network that aims to bring several communities together, and enable people to do transactions and communicate with each other, with- no centralized authority to control, no personal data to share. In the latest, Ethereum underwent a major upgrade, Ethereum Shanghai Capella, enhancing its overall utility, scalability, and security.

Latest News

• Ethereum underwent the most anticipated Shanghai Capella upgrade on April 12, 2023, which aimed to enhance the network with better gas efficiency and reduced transaction fees, following this another upgrade Ethereum Cancun Deneb upgrade is expected to be released by the end of this year.

Hi Shapella 👋

Withdrawals have appeared! pic.twitter.com/POqeZwkZJ4

— Etherscan (@etherscan) April 12, 2023

ETH Price Prediction 

• ETH price overall has been bullish in 2023, with a gain of more than 75% and a YTD high of $2137 in the beginning of this year.
• ETH price recently had a breakdown from its close range nearly after trading for the four months, but bulls have managed to pull the price back to $1950, recovering around 18% of worth.
• ETH price recent support level is residing at $1750 and if the price rises above $2200 it might rally to $2500 in the upcoming times.

Binance Coin (BNB) 

Binance coin is the second largest altcoin with a market cap over 36 billion as of writing this article. It was launched by Binance exchange in July 2017, initially on Ethereum, to offer trading discounts and rewards, which later expanded to multiple use cases- payments, bookings, online shopping etc., and was shifted on the Binance Smart Chain (also known as BNB Chain). 

Presently, BNB coin powers the entire Binance ecosystem and sub-projects built on the BNB chain. It also has a burning mechanism in which Binance exchange repurchases some amount of tokens from the open market to permanently remove them from total supply of BNB coins and sustain its value. There is no doubt BNB chain has established itself as one of the blockchains for building DeFi projects and much more, its native token- BNB coin has captivated the imagination of crypto enthusiasts and investors alike, going from price of mere $4 in 2017 to $233 in 2023 -all amidst the challenging backdrop of a sluggish crypto market. 

Read More: Top Binance Smart Chain Projects

Latest News

• GrizzlyFi trading feature has been added to Binanace’s recently launched opBNB test net, layer 2 solution. This new layer will improve the network transaction throughput to 4000 transactions per second and lower average transaction costs to around $0.005.

Welcome to the opBNB testnet, @GrizzlyFi 🐻🤝 https://t.co/N3s61q6lRU

— BNB Chain (@BNBCHAIN) July 2, 2023

BNB Price Prediction

• BNB price showcased remarkable performance until the end of May, and it traded within a consolidated range of $304 to $350 for an extended period of over two months.
• Following a drop from this zone it lost more than 25%, but bulls have managed to diverge BNB price from the oversold region.
• There does not seem to be much strength in the market as of now but if BNB price strengthens, it can possibly witness a surge to $260 mark in upcoming times.

Ripple (XRP)

RippleNet is an open source protocol launched by Ripple Labs back in 2012 with the main objective of enabling fast and low cost payment transactions among individuals in a peer-to-peer way- removing the need for any third party in between. One key feature that enables Ripple to offer such a service is its consensus protocol which operates differently from that of Proof-of-work and Proof-of-Stake systems.

Ripple’s Consensus Ledger- XRPL, is a distributed network of nodes that crosscheck transactions and validate them, providing users with a fast confirmation time of 5-7 seconds at a cheap translation cost around 0.00001 XRP.

Latest News

• It’s been a year now since Ripple launched its CBDC solution for financial institutions and there are several banks that have partnered with Ripple to offer better payment services and security of users’ funds.

The adoption of #CBDCs continues to grow, with many of the world’s largest central banks planning to pilot and launch their own digital currencies to complement existing fiat currencies.

Some examples include… ⬇️ (1/5)

— Ripple (@Ripple) June 22, 2023

XRP Price Prediction 

• XRP price traded in a close range at the beginning of the year and had a breakout in March, surging over 50%, making a YTD high of $0.5804.
• XRP price is currently trading near its 50-day moving average at $0.4811 with resistance residing at $0.50.
• ADX indicates a slight bearish movement in the market for the upcoming time, but if the XRP price continues the same way, it might reach $0.55.

Cardano (ADA)

Next, we have the third-gen crypto- Cardano, often considered as the most developed crypto project after Bitcoin and Ethereum (second-gen) blockchain, that was built with the aim to make web3 space more transparent, more secure and fair for individuals and innovators. 

Cardano can process a million transactions per second thanks to its two-layer blockchain system- Cadano Settlement layer, where nodes validate and confirm all transactions based on Ouroboros, a kind of Proof of Stake consensus mechanism. And second layer- Cardano Computing layer, handles smart contract operations of projects and applications running on the network. Its native crypto ADA, named after 19th-century famous mathematician- Ada Lovelace, powers Cardano ecosystem and its governance. 

Additional read: Top Web3 Tokens by Market Cap

Latest News

• Cardanao is working on a CIP-1694 (Cardnano improvement proposal) to enable ADA holders to become members of its governance and establish the Cardano community as a decentralized autonomous organization (DAO).

Just the Upstream team putting together the final elements of the London #Cardano CIP-1694 workshop, happening this weekend..

If you’re London(ish) based and want your say on the future of Cardanos on-chain governance – this is the place for you (RSVP)⤵️ https://t.co/mUHnhWV66r pic.twitter.com/vVMqMyFKg2

— Upstream, a Cardano Stake Pool (UPSTR) (@Upstream_ada) June 30, 2023

ADA Price Prediction 

• ADA price today is running at $0.2953 with a rise of 1.31% in the past 24-hours. ADA price trading volume in 24-hour is at $186 million and market cap is standing at $10 billion.
• ADA price has formed a death crossover of 200 and 50 days moving averages in June following rejection from resistance at $0.38.
• ADA price has diverged from the oversold region as per RSI indicator and if the bulls manage to sustain ADA price it might soon rise to $0.34.

TRON (TRX)

Tron is another open source blockchain network ruled by a decentralized autonomous organisation- TRON Foundation with the objective to transform the internet to a safer and privacy first place by removing centralized intermediaries. It is based on delegated Proof of Stake consensus and has a Turing complete virtual machine (TRON VM) with smart contract ability to build and run a variety of decentralized applications and projects.

Tron’s native token TRX enables users to cast their votes and help the community shape the future of the project, it is also used for utility purposes within the Tron ecosystem such as transaction fees and rewards etc. TRON became a widely known project quickly with the largest number of stablecoins circulating in the market.

Latest News

• Following TRON DAO 5 year anniversary, Tron network has recently surpassed 170 million total users. Tron is continually working to make the internet a secure, transparent and efficient place for all.

The total accounts on the #TRONNetwork have now surpassed 170 Million! 🎉

As one of the fastest-evolving blockchains globally, our commitment to transparency, security, and efficiency has led to an all-time high in daily activity.

We’re #BUIDLing a better future together. 🤝 pic.twitter.com/l4n0hEQOqI

— TRON DAO (@trondao) July 2, 2023

TRX Price Prediction 

• TRX price has been in an overall bullish journey since the beginning of the year, it reached a YTD high of $0.085.
• It could not sustain longer on the level and dropped to $0.069, but bulls are pulling its price back and it is currently trading at $0.076
• The near resistance of TRX price is at $0.078 and if it rises above this, there is a possibility it might make new highs again.

Conclusion

These were some of the best performing altcoins of this year, but one should always do their own research and assess risk profile before investing in cryptos, as the crypto market tends to be highly volatile and are dependent on various circumstances. 

How to invest in Top Altcoins 2023

You can now invest in Top Altcoins easily, securely and safely with the CoinDCX app. All you have to do is download the CoinDCX app from playstore and follow below steps to start your crypto investing journey:

• Once you have downloaded the app, Enter your details to register
• Complete KYC and verify mobile & email
• After Verification, add funds to your wallet
• Buy any ETH, BNB, XRP, ADA, or TRX