5 Cryptocurrencies That Can Make You Rich In 2023

The crypto market entered into a strong recovery in mid-October as market participants showed notable excitement about the potential approval of the first Bitcoin spot ETF. This recovery continued in November and has recorded massive growth in a majority of major cryptocurrencies.

As the US SCe is nearing the actual decision of approval, the crypto market is likely to witness a significant inflow of buying pressure. This positive sentiment will also trigger a bull run in altcoins, offering the best opportunity to enter a long position.

Also Read: Why Bitcoin ETF Is Such A Big Deal? Is it Possible, Though?

Bitcoin: Global In/Out of the Money

Source- Intotheblock

The Bitcoin addresses’ In/Out of the Money status reveals a significant leaning towards profitability among BTC holders. Specifically, data shows that 41.05 million Bitcoin addresses, accounting for 81.67% of all holders, are currently ‘in the money,’ meaning they have unrealized gains on their holdings. Conversely, only 7.75 million addresses, representing 15.41% of holders, are ‘out of the money,’ experiencing unrealized losses.

Such a large majority of holders being in profit suggests that the overall market confidence is high.

Given below are some of the top coins that can witness massive growth amid the anticipated rally.

Polygon (MATIC)

Source- Tradingview

For nearly two years, the Polygon coin price has oscillated within a symmetrical triangle pattern, marked by two converging trendlines. The price has rebounded four times from the lower trendline and twice from the upper, highlighting its significant influence on market participants. 

In early November, a substantial inflow led to a decisive breakout above the upper trendline. If the MATIC price sustains above $0.69 and the breached trendline, it could solidify buyer support, enhancing recovery prospects. 

The post-breakout retest has plunged the MATIC price to $0.783. However, with continued buying pressure, the altcoin market value could potentially double, targeting the February high of $1.56.

XRP(Xrp)

Source- Tradingview

Amid a general downturn, the XRP price experienced a notable correction from a peak of $0.73, dropping by 22.5% to $0.57. However, this correction forms a bullish flag pattern on the daily chart, a common indicator in an uptrend. 

On November 22nd, the coin buyers broke out from this pattern’s upper trendline, indicating the buyers were ready to take their next leap. Currently trading at $0.62, the price is anticipated to climb 35%, aiming for the resistance trendline of a longer-term triangle pattern. 

A breakout here could signal a robust bullish trend ahead.

Enjin coin(ENJ)

Source- Tradingview

A look at the Daily time frame chart shows the Enjin coin price is resonating within a falling wedge pattern. The converging nature of this chart setup reflects an exhausting bearish momentum as it is often spotted at the maturity of a downtrend.

A recent reversal from the upper trendline on November 7th led to a 20% correction, with the price at $0.27. According to this pattern, a further correction of 25% could occur before reaching the lower trendline. 

If we play by the book, the wedge pattern commonly results in a bullish breakout which sets the potential targets where the price retests the resistance trend line. Thus, a potential breakout from the upper trend line should set the ENJ price on a recovery to $0.567 followed by $0.747.

The Graph (GRT)

Source- Tradingview

Over the past seven months, the Graph price has been consistent with an inverted head-and-shoulders pattern, commonly seen at market bottoms. By the price time, the GRT price trades at $0.15 and is shaping the right shoulder portion of the pattern. 

The coin price shows an intraday gain of 10% and is heading to breakout from neckline resistance around $0.166. This breakout should trigger a rally for $2.05, registering 63.5% growth from the current price. 

In addition, this anticipated rally would surpass the last swing high of $0.23, indicating a sign of trend reversal as per Dow theory.

Apecoin(APE)

Source- Tradingview

For about a month, Apecoin price has been trading sideways, oscillating between $1.56 and $1.28. This consolidation appears to be forming the handle of a bullish cup-and-handle pattern, a pattern spotted at market bottoms. 

With a 2.25% intraday gain, the price is inching toward the pattern’s neckline resistance at $1.56. A breakout supported by positive market sentiment could propel APE price to $2.10, a 36% increase, in line with the pattern’s theoretical projections.

BTC vs MATIC vs XRP vs ENJ Performance

Source: Coingape

A year-long comparative analysis between Bitcoin (BTC), MATIC (Polygon), XRP, and (Enjin Coin)ENJ reveals distinct patterns in their market performance.

Both MATIC and ENJ have predominantly experienced a downtrend over the past year. However, a notable change has been observed recently, with both tokens picking up momentum in November.

However, Bitcoin price has demonstrated a more stable and sustainable growth pattern over the years. This consistent performance reflects its position as a leading and more established cryptocurrency.

Furthermore, the XRP price behavior has been on an overall uptrend like Bitcoin, but it is marked by sharp volatility. This erratic price movement may not be suitable for investors with a low tolerance for risk.