Bitcoin is acknowledged as the king of crypto but is far from the only choice. Altcoins, referring to any other crypto besides Bitcoin, sometimes do better than Bitcoin as they may offer smart contracts, solve a specific real-world problem, or ride the wave of viral trends.
In that sense, the selection of altcoins is vast—and finding the best altcoins can be tricky. This article aims to highlight nine of the best altcoins out now, from established heavyweights to fast-risers and undervalued newcomers.
Selected for their long-term potential, strong teams, and notable bullish developments, amongst other factors, these are the altcoins to watch in 2023. Ready? Let’s dive in.
List of the nine best altcoins in 2023
Memeinator: Leading the meme coin rebellion
Shiba Memu: The self-marketing meme marvel
Chancer: Betting your way on your terms
Ethereum: The backbone of the decentralized web
Polygon: The prime Ethereum layer-2
XRP: Revolutionizing global payments
Toncoin: Bringing crypto to the mainstream
Chainlink: The hidden powerhouse behind crypto
Litecoin: A reliable mainstay of crypto
Analyzing the best altcoins in 2023
As mentioned, the altcoin market is vast. CoinMarketCap currently lists 8,952 crypto projects, 8,951 of which are altcoins.
How did we determine which altcoins to buy? Those with a well-established presence were given priority. Some have impressive partnerships, competent development teams, and huge strides forward in user adoption.
However, there are some lesser-known projects here. These were selected for profit potential, undervalued pricing, and disruptive visions. While they may not offer the stability of established projects, they can provide higher potential rewards, especially in a bull market.
With that in mind, let’s examine the blockchain projects in this top altcoins list. Discover why they deserve a place here and the risks of investing.
1. Memeinator: Leading the meme coin rebellion
In a market overrun by meme coins, Memeinator is the symbol of revolution. Designed for those disillusioned by the memecoin copycat circus, Memeinator is on a mission. It aims to disrupt the meme coin market by eclipsing weak meme coins. Its initial aim is ambitious: reaching a $1 billion market cap.
Why is Memeinator one of the best altcoins of 2023?
Memeinator spearheads one of the most extraordinary resistance movements crypto has ever seen. Tipped as one of the top altcoins of 2023, it seamlessly merges ‘90s action cinema references with dynamic marketing, igniting a grassroots following that’s anticipated to boil over into the mainstream rapidly. With the potential to dramatically alter the crypto market for good, MMTR could soon be driven sky-high by a legion of loyal supporters.
The project will later develop a game called Meme Warfare to add an interactive layer where the Memeinator can destroy other meme coins in shoot-em-up carnage. Fueled by an AI-powered Memescanner that scans the Web, the game is refreshed with new meme coins based on their real-world attributes, creating an ever-evolving battlefield.
The project’s vision is compelling. After its presale launch on 27th September, Memeinator pulled in a phenomenal $695k in 3 weeks. Investors are lining up to get their hands on MMTR, not least for the huge competitions held during the presale. 7.5% of the token supply is earmarked for a competition pool, with the first prize being a trip into space aboard a Virgin Galactic flight!
All-in-all, Memeinator is shaping up to be something special. Meme coins now have a target on their backs, and early MMTR investors could reap enormous rewards as the project gains traction. That makes it one of the best altcoins to invest in 2023.
What are the risks?
The primary challenge for Memeinator is capturing enough attention to bring MMTR into the spotlight. However, given its grand vision and flawless branding, reaching that critical mass appears not just possible but probable.
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2. Shiba Memu: The self-marketing meme marvel
Of all the new altcoins 2023 has on offer, Shiba Memu is a notable outlier. It’s not just another meme coin; it’s a revolutionary crypto leveraging AI for self-marketing. While most meme coins rely on human-driven hype, Shiba Memu’s advanced AI autonomously crafts and deploys targeted marketing strategies.
Why is Shiba Memu one of the best altcoins of 2023?
Shiba Memu removes the error-prone human element from marketing. Instead, it harnesses the near-limitless power of AI to create and sustain hype. Shiba Memu can market itself around the clock, engaging with investors, crafting social media posts, and growing its web presence — essentially a 24/7 marketing machine.
This idea has led to a tremendous response during the ongoing SHMU presale. Since July, the ICO has raised an outstanding $3.8m. Overwhelming demand prompted an extension of the presale by 60 days, with many investors wanting others to benefit from the presale’s daily price increases.
That’s right—Shiba Memu’s presale price grows daily by $0.000225, pushing it up by around 240% from start to finish. For those looking to buy altcoins, there’s still 11.96 % left for SHMU to climb before the presale concludes at the end of October.
What are the risks?
While its innovation is promising, like all meme coins, Shiba Memu has some risks. The volatile nature of meme coins is well-known, and it’s advisable not to invest more than you are prepared to lose.
3. Chancer: Betting your way on your terms
Chancer is a new project making waves for its vision of disrupting the centralized online betting industry with its peer-to-peer (P2P) social betting model. The visionary Kelbie brothers Paul and Adam created Chancer, built on the Binance Smart Chain. This innovative project allows users to wager on anything, from bets amongst friends to global events, in a fun, fair, and transparent environment.
Why is Chancer one of the best altcoins of 2023?
Chancer stands out for a few reasons. The first is its P2P model. This setup puts the power back into the hands of the bettor, allowing them to participate in all predictive markets, even on niche local events. If there’s a resolution source, it’s possible on Chancer.
Second, Chancer solves many common issues with centralized betting platforms, like high fees, slow transactions, and a need for more transparency. Chancer has built-in community features, so it’s easy to see why Chancer’s ongoing presale has been a hit with investors. Its ICO has already pulled in $2.7m, signaling strong confidence in the Kelbie brothers’ groundbreaking idea.
The brothers have driven the presale forward, engaging directly with investors and fans via social media and holding massive competitions. The top prizes? A chance to win $100k in CHANCER tokens and an all-expenses-paid trip to Las Vegas. It’s becoming hard to ignore Chancer’s disruptive potential, making it one of the best new altcoins in 2023.
What are the risks?
There are potential challenges for Chancer. Regulatory uncertainty around crypto and betting could pose a future risk. Being a social platform means Chancer’s success hinges on its ability to attract a thriving community. However, Chancer’s team seems well-equipped to deal with these obstacles.
4. Ethereum: The backbone of the decentralized web
Ethereum is a juggernaut in the decentralized world. Ranked as the second most valuable cryptocurrency before Bitcoin, Ethereum is a layer-1 network. It is the backbone for a massive ecosystem of decentralized apps (dApps), decentralized finance (DeFi), and non-fungible tokens (NFTs). It often ranks as one of the top 10 altcoins to buy for its vast developer base and proven track record of growth and reliability.
Why is Ethereum one of the best altcoins of 2023?
Many factors make Ethereum one of the best altcoins to buy, not least its dominance in powering the DeFi sector. It accounts for nearly 55% of the total value locked (TVL) in DeFi projects, with around $20.8 billion locked on-chain, as per DeFiLlama.
Moreover, the 2023 Merge upgrade transitioned Ethereum from Proof of Work (PoW) to Proof of Stake (PoS). This change vastly reduces energy consumption and allows for substantial scalability advancements. One of these future upgrades is sharding, which could take Ethereum’s transactions per second (TPS) up to an astounding 100,000. Overall, Ethereum’s position seems unshakeable, and it only looks set to grow from here.
What are the risks?
The current staking participation rate of 22% lags behind other PoS-based networks, like Solana and Cardano (Staking Rewards), signaling a possible future vulnerability. This means Ethereum faces stiff competition from other layer-1 projects that could threaten its dominance.
5. Polygon: The fundamental Ethereum building block
The idea of a “layer-2 scaling solution” may not ring as flashy as “DeFi” or “NFT,” but their importance is undeniable. Polygon, one of the best altcoins for 2023, is designed to supercharge the Ethereum network’s performance. It sits atop Ethereum’s layer-1 network, offering all the benefits but with faster transactions and lower fees. No wonder it has quickly become one of the preferred layer-2 choices for dApps, DeFi, and NFT projects.
Why is Polygon one of the best altcoins of 2023?
In 2023 alone, Polygon made an array of ground-breaking developments. For instance, it launched Polygon ID Release 4, part of Polygon’s platform for hosting decentralized identities. Another achievement was zkEVM, a transformative off-chain transaction processing solution.
According to Token Terminal, the total number of MATIC holders has surged from 26.4 million to 43.9 million this year and is up 131% year-to-date. More impressive are the partnerships it has secured. These include Mastercard, Securitize, and Warner Music Group, adding to the list of names like Nike, Adidas, Reddit, Mercedes-Benz, and Meta. All these factors combine to make it one of the top altcoins to watch in 2023.
What are the risks?
It’s crucial to note that Polygon’s close relationship with Ethereum exposes it to any issues in the layer-1 chain. Direct competitors like Arbitrum and Optimism also present challenges, having shown tremendous growth recently, and could threaten Polygon’s current dominance.
6. XRP: Revolutionizing global payments
XRP is one of crypto’s oldest projects, created even before Ethereum. Emerging in 2012, it captured attention as one of the best crypto use cases. The aim to revolutionize cross-border transactions and replace the traditional SWIFT banking system attracted everyone. It uses a unique consensus mechanism that allows global transactions to be completed cheaply and in seconds.
Why is XRP one of the best altcoins of 2023?
XRP is seen as one of the most potent disruptors in crypto and is frequently cited as one of the best altcoins to invest in. While XRP is just a digital currency, it’s part of an expansive institution-ready ecosystem. RippleNet, for example, is a global payments network that connects these institutions and acts as a decentralized SWIFT network, only with superior transparency, cost-effectiveness, and speed.
Ripple has been embroiled in a legal battle with the US Securities and Exchange Commission (SEC) since 2020, which has dampened investor sentiment. Recently, the company secured a landmark court victory that sent XRP soaring for a short time.
Endorsements by financial giants like MoneyGram, Santander, and American Express testify to XRP’s position as one of the most promising altcoins 2023 offers. Its potential to transform traditional finance can’t be understated.
What are the risks?
While XRP looks like one of the best altcoins to invest in in 2023, some critics point to the outstanding legal cases against Ripple’s executives as a reason to be wary. Centralization concerns have also come to the fore. Transactions are processed by only a few validators, opening up potential vulnerabilities.
7. Toncoin: Bringing crypto to the mainstream
Toncoin, or TON, has recently surged in the crypto world. Initially launched as part of Telegram’s blockchain vision, Toncoin has developed into the native currency of the layer-1 Open Network chain.
TON was initially designed to complete ultra-fast, low-fee transactions—supposedly able to handle up to 1 million TPS. But it’s now the foundation for an entire ecosystem, including decentralized storage, a domain name service, an NFT marketplace, and more.
Why is Toncoin one of the best altcoins of 2023?
When discussing new altcoins in 2023, Toncoin stands out for several compelling reasons. For one, its growth metrics, seen on TonStat, are incredible. On-chain active wallets have exploded from around 364,000 to nearly 820,000 from October 2022 to October 2023, while new wallets grow by around 1,392 daily. Over 500 million TON, worth upward of $1 billion at the time of writing, is now staked across 349 validators in 25 countries.
This year, Toncoin integrated with Telegram, a platform boasting over 800 million users. It also launched Wallet Pay on Telegram, allowing users to send crypto in-app easily. Over the next 3-5 years, Toncoin aims to onboard 30% of users! With a massive strategic partnership with Tencent Cloud, Toncoin is poised for global reach. As new altcoins go, it doesn’t get much better than Toncoin.
What are the risks?
Despite the buzz, Toncoin has risks. It faced initial regulatory scrutiny from the SEC, which hints at possible future action. Moreover, much of its future hinges on Telegram’s ability to continue attracting users and promote TON adoption.
8. Chainlink: The hidden powerhouse behind crypto
Established in 2017, Chainlink is a decentralized oracle network that bridges smart contracts and real-world data. It’s a crucial and sometimes understated player in the crypto world, powering over 700 DeFi projects alone. It holds an effective monopoly on decentralized oracles and has made significant strides to protect its dominance in recent years, positioning it as one of the top altcoins 2023 presents.
Why is Chainlink one of the best altcoins of 2023?
The first point to note is that Chainlink is exceptionally versatile. Its tamper-proof solutions are used across many industries, from finance and insurance to real estate and healthcare. On the enterprise front, Chainlink has collaborated with some globally recognized names: Associated Press, Intel, Oracle, and Google BigQuery, to name a few.
In 2023, Chainlink launched the Cross-Chain Interoperability Protocol (CCIP), which it says is the “global standard for cross-chain communication”. CCIP focuses on asset tokenization, linking financial institutions to blockchains. Most notably, the US Depository Trust and Clearing Corporation (DTCC) and Australia’s largest bank, ANZ, collaborated with Chainlink to explore CCIP’s use cases.
What are the risks?
While LINK is a solid contender for one of the best altcoins to invest in for 2023, there are risks. Chainlink runs atop Ethereum, which makes it dependent on the layer-1 network’s performance and uptime.
9. Litecoin: A reliable mainstay of crypto
Litecoin, born in 2011, has matured like fine digital wine and is often referred to as the silver to Bitcoin’s gold. Litecoin was designed to be a faster, more efficient sibling to the original cryptocurrency, and its sole purpose was to become an everyday transaction medium. While it may not be the most advanced project on this list of altcoins, it’s remarkably resilient. It is the 15th most valuable cryptocurrency, with a market cap of almost $5 billion.
Why is Litecoin one of the best altcoins of 2023?
Litecoin’s age and reliability make it a firm choice in the volatile altcoin market. Litecoin has fended off attacks for over a decade and maintained its security—a testament to its iron-clad engineering. Alongside Bitcoin, it’s one of the most frequently used cryptocurrencies for transactions: BitPay says it was used across over 34% of all its transactions in July 2023, up from 23% in March.
Litecoin’s simplicity, affordable fees, and fast processing times may seem unremarkable today. However, something must be said for consistency and reliability in a rapidly changing market. Most recently, Litecoin underwent its third halving event, cutting its block reward to 6.25 LTC. Restricting new coin supply could serve as a future price catalyst, placing LTC as one of the best altcoins of 2023.
What are the risks?
Litecoin does face challenges. It needs to catch up in development compared to newer projects. Its simple technology also means it can’t ride growing trends like DeFi and NFTs.
How we determined the best altcoins for 2023
In searching for the best altcoins for 2023, we used a multifaceted approach that accounted for several key factors. Here are our primary factors:
Availability: How accessible is the altcoin on major exchanges? Limited availability can hinder growth potential.
Market Capitalization: A higher market cap often signifies a more stable asset, though smaller caps may offer greater rewards—and risks.
Long-Term Utility: Does the project offer real-world applications that could sustain its value in the long run?
Underrated Prices: Some altcoins are undervalued compared to their intrinsic worth, offering excellent entry points.
Team and Developers: A skilled, transparent team can be a crucial indicator of the project’s credibility and potential for long-term success.
What to know before investing in altcoins
While these top altcoins are a cut above the rest, critical factors could affect your investment strategy and outcomes.
Your Budget: Know how much you can afford to invest without affecting your financial stability.
Risk Tolerance: Assess your willingness to endure market volatility and potential losses.
Coin Use Cases: Understand the real-world applications of the altcoins you’re considering.
Security and Regulation: Ensure the project complies with relevant laws and employs strong security measures.
Market Timing: Consider the current market cycle and how it aligns with your investment timeline.
Diversification: Don’t put all your eggs in one basket; diversifying can help spread risk.
Could these projects be the top altcoins of 2023?
Overall, each of these projects holds immense potential. Our team pored over mountains of data, evaluated market trends, and weighed up many factors to bring you this specially curated list. They promise the chance for short-term gains and long-term growth with features that set them apart from the crowd.
It’s always worth doing your due diligence if anything catches your eye. While we’ve highlighted their most notable aspects, the nuances of each project offer additional layers of value that we couldn’t fully explore here.
Wondering which altcoins to buy in 2023? Possibly start with a deep dive into these lesser-known three:
- Memeinator
- Shiba Memu
- Chancer
The post Grinding Through 2023 — The 9 Best Altcoins Out Now appeared first on Analytics Insight.
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