The digital currency market experienced strange ups and downs in 2023, among the most important of which we can mention the collapse of the FTX exchange and the SEC complaint against the Binance exchange and its CEO.
Despite the negative events of this year, investors believe that the price of digital currencies will experience a significant increase in the fourth quarter of this year. Therefore, the minds of most investors are engaged in choosing cryptocurrencies for which a better future can be imagined as the next bitcoin halving approaches.
At the time of writing this article, we are about 6 months away from the next bitcoin halving. It is safe to say that now is the ideal time to invest. It is better to check the top coins of the market and add them to your asset portfolio before the entry of institutional capital accelerates.
Analysts predict that the last quarter of this year will lead to major developments, including the next Bitcoin halving and Ethereum’s full transition to proof-of-stake, which could re-energize the market. Therefore, the end of 2023 will most likely be an important turning point for the cryptocurrency market.
In this article from Bitmate digital currency exchange, we are going to introduce among hundreds of digital currencies which have the greatest growth potential in 2023 based on investment attractiveness, developer support and capabilities.
Experts believe that the XRP cryptocurrency will experience a sharp price increase during the next bull market. Because, according to crypto traders, Ripple’s back-to-back victories against the US Securities and Exchange Commission have yet to be accurately priced in, as these successes were achieved in a bear market when the crypto market was facing a severe liquidity crisis. And it is!
When Judge Analisa Torres ruled in favor of Ripple and declared that the sale of Ripple tokens by RippleLabs in exchange exchanges is not a violation of the securities law, the price of Ripple reached $0.85. However, Ripple’s inability to even retest the $1 price tag leaves significant room for explosive growth in the future.
The price of XRP recently rebounded after Judge Torres dismissed the SEC’s appeal, gaining 3.8%.
Although Ripple has yet to recover the $1 price, this regulatory transparency created for Ripple has paved the way for large financial institutions to enter into long-term partnerships with Ripple Labs to leverage Ripple’s cross-border payment technology.
Currently, Ripple has entered into cooperation with huge institutions such as Bank of America, PNC Bank, Santander Bank, Standard Chartered Bank and other organizations.
Ripple’s final trial will be held on April 23, 2024. Before that, on April 16, 2024 (April 28, 1403), the lawyers of the parties must appear in a final pre-trial conference.
Due to Hydra’s innovative staking features and adaptive supply model as an emerging proof-of-stake blockchain, Hydra has great potential for growth. Here are the reasons why Hydra could be a promising long-term investment:
High yield of staking – Hydra blockchain staking annual profit (APY) is more than 40%. The high rewards of this network are a strong incentive to secure it.
If you are interested in learning more about staking and making passive income through it, read this article.
The possibility of staking using a mobile phone – According to Tech Times, a leading technology news platform, the new Hydra Mobile Staking feature allows users to easily and directly earn staking rewards using their mobile wallet; No need to implement and run the node! This expands the reach.
Adaptive Supply – The Hydra cryptocurrency supply model is a unique combination of inflation and deflation mechanism. This supply model has made the amount of supply determine the actual acceptance and avoid oversupply.
Global distribution of nodes – Hydra has more than 750 nodes worldwide and in this way has been able to create a very strong geographic decentralization.
Subscription fee – 50% of Hydra transaction fee is awarded to developers and projects with high transaction volume. This fee model greatly motivates the Hydra developer community and helps grow its ecosystem.
Predictable Fees – Hydra’s fixed transaction fee makes predicting fees easy to use. On the other hand, all the fees of this network are burned, which creates downward pressure on the supply.
Scalability – The processing capacity of nearly 2,000 transactions per second (TPS) by the Hydra blockchain has provided a good space for the growth of adoption and increased transactions of this cryptocurrency.
Due to attractive staking rewards, an active community of operator nodes, as well as innovative solutions to address blockchain challenges, Hydra digital currency has shown significant potential for explosive growth. As real-world applications of this cryptocurrency increase, Hydra is attracting more and more people’s attention.
Bitcoin, which was released for the first time in 2009, with the highest market value (market cap), is the most well-known cryptocurrency in the market and the best option for long-term investment. For several years, large organizations have been trying to protect their capital against inflation by buying Bitcoin as a means of storing value, and they consider Bitcoin to be the most promising digital currency.
Bitcoin is the first decentralized digital currency using blockchain technology. The security of the transactions made in the Bitcoin network is ensured by using the proof-of-work mechanism. Bitcoin blockchain miners are rewarded with BTC for validating transactions, which is halved every four years. The supply cap of Bitcoin is limited to 21 million units and there are currently around 19 million Bitcoins in circulation.
We remind you that digital currencies are still considered a nascent industry, and investing in it is associated with risks and risks due to the absence of regulatory frameworks and regulated laws. But if you still want to enter this market but want to reduce investment risks, Bitcoin is the best choice for you.
Despite its high volatility, Bitcoin has shown significant price flexibility, which reinforces BTC’s role as a store of value and a hedge against inflation. Bitcoin, as the first digital currency with a market value of more than 500 billion dollars, should always be considered as one of the components of the investment portfolio of long-term investors (holders).
Ethereum has the highest market capitalization after Bitcoin. As the second largest digital currency in the market, according to some blockchain experts and engineers, the Ethereum cryptocurrency will replace Bitcoin in the near future.
Ethereum blockchain has made it possible to build decentralized applications (DApps) and smart contracts and introduce its network to the world as a practical ecosystem and not just a platform for financial exchanges. The market cap of ETH, the native token of this blockchain, is nearly 200 billion dollars.
After the launch of Ethereum ETFs in Europe and exit from the Falling Wedge pattern, ETH price increased by 10% to reach $1,750. However, Ethereum failed to maintain its upward momentum and has now retreated below the $1,600 support level.
• The Ethereum platform is a pioneer in the development of decentralized applications and smart contracts that are supported by a large community of developers.
• A wide range of DApps, DeFi protocols, and NFT projects are built on the Ethereum blockchain.
• Upcoming upgrades are coming to increase the scalability, security and stability of Ethereum. It is interesting to know that in 2022 Ethereum changed its algorithm from Proof of Work (PoW) to Proof of Stake (PoS) in order to reduce energy consumption and enable the processing of more transactions per second.
• Very reliable and reliable development team managed and led by Vitalik Buterin.
• Large institutional investors including JPMorgan, Goldman Sachs and other institutional giants, which increases optimism about the future of Ethereum.
Ethereum has the potential for high price growth in the future as its technological capabilities continue to grow and develop. For investors looking for assets that fuel innovation in the Web3 space, buying Ethereum is a smart choice.