As CoinShares shows in a new report, headwinds continue to blow in the cryptocurrency market. In this environment, let’s take a look at which projects crypto analysts expect activity in 2023.
Top 5 cryptocurrencies with ‘high potential’ in the new year
Bitcoin (BTC), the top pick of analyst Ajibola Akamo, has been in a downtrend for over a year and has just managed to reclaim $17,000. The leading crypto recently saw a surge following economic data from the US. However, the short-lived spike provided Bitcoin’s highest price point since December 20, 2022. Market participants’ attention is now focused on next week’s Consumer Price Index (CPI) data as a major potential catalyst for risky markets.
“Unemployment will rise in the coming months,” said crypto analyst Michaël van de Poppe. If the CPI is low, yields will fall off the cliff,” he says. Also, futures trader “Satoshi Flipper” explained that if CPI data show inflation falling faster than expected, that could provide fuel for a journey to multi-month highs of around $19,000.
Toncoin (TON)
Toncoin is a decentralized layer-1 Blockchain developed by encrypted messaging platform Telegram in 2018. As a result of the recent upgrade to the wallet bot, users of the Telegram app can now buy and sell cryptocurrencies without leaving the app. The bot initially allowed users to buy, sell, and trade Toncoins (TON) within the Telegram app, but a new update has added a fully functional cryptocurrency wallet to the app. An independent team of TON developers has created the wallet bot to simplify crypto transactions for Telegram users.
The TON Foundation’s new Telegram bot update could pave the way for a global cryptocurrency payment service. Also, as the app has over 500 million active users worldwide, it could act as a catalyst for further crypto adoption if the wallet bot proves popular. With all these potential use cases, Toncoin ranks second on the list.
Ethereum (ETH)
According to the data, Ethereum processed four times more transactions than Bitcoin in 2022. This shows that the network’s smart contract functionality proves to investors that a use case far beyond using cryptocurrencies as a means of payment is essential to the growth of any platform, a feat that Bitcoin cannot afford.
Beyond the number of transactions, Ethereum has the Shanghai update scheduled for March 2023. Shanghai is laying the groundwork for another rally, such as the network’s transition to a PoS mechanism in the third quarter of 2022. Thus, it will provide an opportunity for the growth of liquidity staking protocols. The management tokens of some of these protocols have jumped since the start of the new year as the excitement around them grew. Also, Ethereum’s staking space is still in its infancy and presents a market opportunity for these protocols to grow.
Dogecoin (DOGE)
Despite the Shiba Inu community actively working on L2 network, metaverse and Blockchain games, DOGE has far outperformed SHIB this year. Looking at the top 10 cryptos by market cap, according to Crypto Bubbles data, BTC, Ether, ADA, and MATIC have lost significantly more in the last 12 months, by 65.1%, 67.8%, 80.9%, and 68.8%, respectively. . DOGE is also well ahead of other big names in the top 20, such as Polkadot, Solana, Uniswap and Avalanche, which fell 84%, 93.8%, 70.3% and 89.9% respectively.
The strong performance comes despite no major news for the Dogecoin network or anything to justify the excitement going forward. Except for some recent speculation that DOGE could potentially, possibly one day, be integrated into Elon Musk’s Twitter.
XRP
Ripple continues to deal with the case with the SEC. In December 2020, the SEC accused Ripple of allegations that its executives had sold $1.3 billion worth of XRP in an unregistered security offering. Ripple disputed the allegations, saying that XRP should not be considered a security.
The case has been pending for almost two years, and with the latest news, the SEC has requested that the notorious Hinman Speech documents be sealed, claiming they were not related to the court’s summary judgment. The Proposal for Sealing the Summary Decision Document was submitted by the YSK on 22 December and demanded the sealing of various information and documents, especially the Hinman Speech documents. cryptocoin.com We have included the details in this article.
The Hinman documents refer to a speech by former SEC Corporation Finance Division Director William Hinman at the Yahoo Finance All Markets Summit in June 2018, where he reportedly stated that Ethereum is not a security. Ripple believes there is a vital piece of evidence to aid them in its lawsuit against the US regulator. As a result, Ripple seeks to prevail in the legal process that it represents the cryptocurrency market. The price movements he will show after a possible positive news help him to close the list in fifth place.
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