Top 10 altcoins eligible for purchase in January 2023, based on analysis by analysts.
Top 10 altcoins shared by analysts
The cryptocurrency industry is going through one of the worst years in its history, with the overall market cap falling by 65%.
An in-depth market analysis has been carried out so that investors in this field can find cryptocurrencies to watch out for in the opening month of the next year.
Bitcoin (BTC)
Bitcoin has been heavily impacted by the crisis in the broader crypto market, which has caused it to drop to $16,600, down nearly 65% since the start of 2022. According to many leading crypto analysts, Bitcoin (BTC) still offers a good investment opportunity.
So, its price is currently at its lowest levels. However, some industry experts point out that it will probably not stay that low with the possibility of a rise in the first half. They also believe that January may be their last chance to buy it.
Cardano (ADA)
Price challenges aside, Cardano (ADA) continued to see record growth in its network throughout 2022, including a 192% increase in native token count on the platform alongside Plutus smart contracts, which increased 394% compared to 2021.
On top of that, transactions on the network increased by 139%. It also made the potential ‘Ethereum killer’ a worthwhile investment in January 2023, even though its price is currently $0.25, which is 80% lower than in December 2021.
Ethereum (ETH)
Speaking of the Merge upgrade Ethereum (ETH), which switched the network from Proof-of-Work (PoW) to the Proof-of-Stake (PoS) verification algorithm, it failed to push the asset to any significant upward movement under the influence of broader macro factors.
However, as more institutions adopt the asset, Ethereum may reach its true potential as early as 2023. It is also said to have a strong positive effect on its price. This compensates for losses incurred in 2022. It also drops the second-largest crypto by market cap to $1,198.
ApeCoin (APE)
A newcomer to the crypto scene, ApeCoin (APE), launched by the BAYC ecosystem in March 2022, has faltered in recent months. But lately it has become very popular with whales. However, on December 12, the staking mechanism was introduced. Then the first APE awards were accrued.
The purpose of the staking mechanism is to minimize the selling pressure from the NFT holders of the ecosystem, where 15% of the APE supply is allocated at launch. The effects of this will be evident in early 2023 with the potential to increase the current price of the asset by $3.64.
XRP
XRP mined by Ripple Labs has long been implicated in a widely publicized lawsuit in which the SEC sued the blockchain company for allegedly illegally selling the token it considers a security.
Considering Ripple’s compelling progress in this situation, chances of winning are on its side. If it wins, this could lead to a strong bullish rally of XRP in 2023. This means that January could be the last chance to get it. Its instant price is as low as $0.345.
Toncoin (TON)
Open Network’s Toncoin is commonly known by the symbol TON. This cryptocurrency is used to support transactions such as network verification and staking incentives. Toncoin launched on August 26, 2021 at a price of $0.41. It experienced steady growth in its first few months, making its biggest debut to date. cryptocoin.com As we mentioned earlier, the Altcoin price reached an all-time high of $5.84 on November 12, 2021.
On December 19, 2022, the price of a TON was approximately $2.65. It had a market cap of just under $3.3 billion, making it the 20th largest cryptocurrency by this criterion. Although TON has been outperforming the market recently, it is unclear whether this trend will continue.
STEPN (GMT)
The popularity of STEPN, the win-win game that emerged in early 2022, seems to have waned as the Solana-native gaming program continues to dwindle in its user base and experience a decline in GMT token prices. The bear market of 2022 and the increasing competition in the win-win sector have removed STEPN’s GMT token from its list of the 100 most valuable cryptocurrencies. It fell to its lowest level since launch.
In November 2022, the Solana blockchain-based cryptocurrencies, which are affiliated with the now-defunct FTX crypto exchange, increased the selling pressure. GMT is trading 90% below its all-time high of $4.11. STEPN sought to reverse its decline by expanding the Solana blockchain to Binance’s BNB Chain and Ethereum’s network. The altcoin has a valuation of $1.6 billion despite massive price increases. It also doesn’t appear that $400,000 daily token unlocks in 2023 will benefit the project.
DYDX (DYDX)
dYdX DEX is just one of the many decentralized exchanges currently available. Also, the fact that dYdX offers its members options other than bitcoin trading could potentially set it apart from other DEXs that offer a variety of trading options to crypto investors. There are a total of one billion DYDX tokens planned to be distributed one way or another over the next five years. Antonio Juliano, a former engineer at Coinbase, founded and launched the dYdX platform in 2017, with the DYDX token circulating in 2021.
The token’s recent performance has been positive, but future market performance will have a significant impact on its value. DYDX must provide token incentives for several years to attract market tokens. In addition, only 7% of the current supply has been opened. Worse still, $25 million of investor tokens will be unlocked in February 2023.
1inch (1INCH)
So far, 2022 has been a terrible year for crypto in general and 1inch in particular. The token rose to $2.07 on April 1. However, the drop to $1.19 after Russia’s invasion of Ukraine turned out to be the lowest point. However, a series of market crashes brought the price down to a record low of $0.5178 on June 18. It turned out to be an April Fool’s Fool.
The token has been affected by the downward market movements this year. It’s hard to see how it will rally or stand out in a crowded DEX market. On February 6, 2023, $100 million worth of tokens will be issued despite continued poor performance. Investors should not take the token entry as a positive indicator.
Optimism (OP)
Despite being launched at the end of May 2022, Optimism (OP) has managed to attract investors by making transactions faster and cheaper on the Ethereum blockchain. The altcoin, which failed to reach the peak of $4 on the day it was released, is currently worth around $1.
Optimism is one of the existing Layer-2 scaling strategies. According to the data, as of December 2022, more than 234 million altcoins were in circulation, out of a total supply of 4 billion. In May, more than $100 million tokens will be issued. This is bad news for OP investors.
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