Introduction:
2021 was a record year for cryptocurrencies, with Bitcoin and Ethereum reaching all-time highs. However, 2022 saw a decline in prominent cryptocurrencies, with values falling by half and trading volume decreasing overall. Stablecoins like TerraUSD and Luna also failed, contributing to the negative gains in the market, and the collapse of FTX in November shook the market. Nonetheless, crypto has bounced back before, and the industry may be at the later stages of the bear market, making it the best time to kickstart your portfolio. Here are the top 5 cryptocurrencies to keep an eye on.
- Cardano (ADA):
Cardano is a decentralized public blockchain based on proof-of-stake, founded by Charles Hoskinson, co-founder of Ethereum, and released in 2017. With a market capitalization of $17.11 billion and a trading volume of $284.4 million, Cardano ranks as the seventh largest cryptocurrency in the world. The recent release of its network stablecoin, Djed, and an increase in developer activity suggest an upward growth of the cryptocurrency. ADA started the year at $0.23 and has since hit the $0.40 mark twice. The coin survived the dip at the start of February and can continue to grow past the $0.40 mark.
- Bitcoin (BTC):
Bitcoin is the first-born cryptocurrency, publicly announced in 2009 and launched by an anonymous developer or group of developers. It has become the most well-known cryptocurrency in the world, secured by proof-of-work consensus. The price of Bitcoin is currently hovering between $19,000 to $20,000 after losing 65% of its market value of $64,978 in November last year. However, the ability to suddenly increase has been a thing for Bitcoin, and it can be a real possibility in the coming times.
- Stacks (STX):
Stacks, associated with Bitcoin by building on top of it, is a layer-1 blockchain that allows the execution of smart contracts secured by the original blockchain network. Muneeb Ali and Ryan Shea developed it and launched the public version in 2017. In January, the TVL of Stacks has grown by a whopping 180% to $40 million. The chain processed more than 3.3 million transactions, with a 223% increase from the network’s 1.1 million transactions last month. STX has recorded an increase of 55.16% over the past week, a whopping 209% during the month, and a more than 333% increase since the start of the year, making it one of the best choices for 2023.
- Singularity Net (AGIX):
Singularity Net is a blockchain-based platform that enables users to create, share, and monetize AI services. Founded by Dr. Ben Goertzel, it was announced in 2017. Beta’s test launch of the project’s Cardano staking portal, expected in March, is one of the factors affecting its growth. The current price of AGIX is $0.41, with significant growth of more than 130% in February and an impressive overall increase of around 795% since the start of the year, making it a good choice.
- Litecoin (LTC):
Litecoin, widely known as Digital Silver, is a lighter version of Bitcoin’s open-source code with specific enhancements. It was founded in October 2011 by Charlie Lee, a former Googler and Coinbase Engineering Director. Litecoin has proven multiple times that it is a good investment. After the FTX scam, when most currencies were falling
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/03/21/watch-out-for-these-5-cryptocurrencies-in-march-2023/