Bitcoin (BTC) has maintained its position as the top digital asset since the inception of cryptocurrencies, achieving massive success in price growth and adoption despite phases of volatility. This success has led to other assets seeking to emulate the maiden crypto, with investors also on the lookout for the next big thing in the market.
In this regard, there are several cryptocurrencies that stand out as having strong potential for growth in the future. Therefore, here are five cryptocurrencies that could be poised for massive growth in 2023:
XRP
XRP has been gaining traction in recent weeks, and 2023 is considered one of the most monumental periods for the token on the grounds of adoption and regulatory development. The digital currency has seen a rise in adoption, with major financial institutions and banks starting to use the Ripple network for cross-border payments.
Meanwhile, the ongoing legal battle between Ripple and the Securities Exchange Commission (SEC) has been touted to define the future of XRP. If the case is ruled in favor of Ripple, the move is expected to be bullish for the token.
By press time, XRP was trading at $0.48, continuing its weeklong gains. On the daily chart, XRP is up over 3%, while the token is up almost 25% in the last seven days.
Cardano (ADA)
Cardano (ADA) is positioning itself as an ecosystem for the future, aiming to establish itself in the decentralized finance (DeFi) world and take on entities such as Ethereum (ETH). In this line, the asset has witnessed increased on-chain development that is projected to impact the price of ADA positively.
The significance of the development is highlighted by the number of GitHub activities involving Cardano. For instance, as of March 2, Cardano ranked as the second cryptocurrency with the highest development activity on GitHub. Some notable developments likely to elevate ADA to the status of Bitcoin include smart contracts and staking. At the same time, launching the Djed stablecoin on the network is considered a bullish element for Cardano. ADA is changing hands at $0.35 with daily losses of about 2%.
The Graph (GRT)
GRT is among the cryptocurrencies benefiting from the hype around artificial intelligence following the initial success of the chart-based tool ChatGPT. The interest has seen cryptocurrencies centered around the technology benefiting immensely with projections of continued gains as AI technology becomes engraved in daily life.
Besides building on the AI hype, GRT, which ranks among the top 100 cryptocurrencies by market cap, also offers a new approach to organizing and accessing blockchain data and can be leveraged for staking, payments, and earning fees for depositing it into a bonding curve and delegating to indexers.
The Graph network is also aiming to benefit from strategic partnerships such as the one established with Polygon (MATIC). Under the collaboration, The Graph integrated with Polygon’s ecosystem and selected it as the foundation for a new billing system.
The Graph is trading at $0.14 with weekly losses of about 10%.
Decentraland (MANA)
Decentraland (MANA) is among the metaverse cryptocurrencies that gained momentum at the start of 2023, with investors showing a keen interest in these assets. Indeed, metaverse cryptos are unique in that they are coupled with decentralized blockchain virtual realities, where users can shape the environment and control how things are done. This feature is highly attractive to investors, as it allows them to participate in a virtual world that is user-driven, with decentralized governance and control.
As the metaverse scene evolves, MANA, as a pioneer digital asset in the space, is positioned to gain having unique attributes such as an existing virtual community. This capability gives Decentraland an advantage over other digital companies seeking to benefit from the virtual world.
Currently, MANA is trading at $0.58, having lost its value by over 2% in the last 24 hours. On the weekly chart, MANA is down 7%, with a market capitalization of $1.07 billion.
Shiba Inu (SHIB)
The meme cryptocurrency has gained investor interest despite the initial criticism of lacking utility. SHIB’s potential lies in the fact that the community has rolled out initiatives aiming to make the token compete with established assets. One approach the Shiba Inu developers undertake is accelerating token burning and upgrading the network with a layer-2 scaling solution dubbed Shibarium, touted as a game-changer.
Shibarium’s innovative layer 2 solution has the potential to transform transaction processing by making it faster and more cost-effective. Once released, Shibarium is viewed to be a significant achievement for the Shiba Inu community and the broader cryptocurrency industry.
On the other hand, the network is recording use cases in payments, having received support from celebrities such as Tesla (NASDAQ: TSLA) CEO Elon Musk.
By press time, SHIB was trading at $0.00001072 with daily gains of over 1%.
Overall, the ability of the highlighted cryptocurrencies depends on other external factors, such as the general market movement and elements like regulations.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/the-next-bitcoin-5-cryptocurrencies-poised-for-massive-growth-in-2023/