Clearly, it is hard to predict with precision which cryptocurrency will see the next boom. Nevertheless, we can identify potential contenders that are capitalizing on current developments, such as decentralized finance and digital payment solutions.
The cryptocurrency market started 2023 with the prolonged unfavorable conditions that have characterized the industry over the past year continuing in place.
Yet, despite the gloomy economic environment, a number of digital assets stand out as having the ability to make impressive gains.
Here are the top five cryptocurrencies that could experience a substantial bull run:
1. Ethereum (ETH)
Despite the fact that Ethereum has likely passed the threshold where it can increase by 5,000%, it still has significant potential for expansion. It was the first blockchain to feature smart contracts, which can be used by developers to build decentralized applications (dApps).
ETH has been unable to perform well over the previous several months and has been controlled by bears. However, as we usher in 2023, we may witness significant changes in the Ethereum blockchain and its network, which will likely have a beneficial impact on ETH values.
In September 2022, Ethereum completed its long-awaited Merge to a proof-of-stake mechanism, dramatically boosting its energy efficiency. The improvement could be a crucial component in improving Ethereum’s value this year and drawing in additional investors.
2. XRP
Since its inception, the XRP ecosystem has always been dynamic. XRP began trading at $0.00268621 on May 22, 2014 and has increased by a whopping 12727% over the past eight years.
XRP is trading at $0.3444 as of this writing, down 1.8% in the past week, according to data from CoinMarketCap.
Based on the current price movement of the currency, several analysts have cautioned that if XRP fails to surpass the $0.40 level of resistance, the asset might likely decline further.
But, XRP has demonstrated positive sentiments following minor victories in the ongoing litigation between Ripple and the Securities and Exchange Commission.
3. SushiSwap (SUSHI)
In 2021, automated market makers, which are decentralized exchanges based on smart contracts, expanded significantly. Although there are other AMMs available, SushiSwap (SUSHI) may be the one best positioned for a significant breakout.
SushiSwap is preferable to other AMMs such as Uniswap (UNI) and PancakeSwap (CAKE) because the SUSHI app offers perhaps the most user-friendly experience, while having a fraction of the market capitalization of its two top rivals.
Coingecko data reveals that SUSHI is currently trading at $0.9678, up 4.0% over the past seven days.
According to some analysts, SUSHI is predicted to surpass an average price level of $1.43 in 2023, while its expected minimum price value by the end of this year is $1.38.
Crypto total market cap at $766 billion on the daily chart | Chart: TradingView.com
4. Bitcoin (BTC)
The leading cryptocurrency is still consolidating, having declined by more than 70% from its all-time high of nearly $69,000. Although price forecasts show that BTC will continue to correct this month and trade around $15,500, it is likely that the price will continue to decline.
In addition, there are indications that Bitcoin may be poised for a further rebound, as numbers show that despite BTC’s contraction, the asset has registered a speedier recovery post-FTX fiasco than it did following past deflation episodes.
According to Coingecko, BTC is currently trading at $16,728, a decrease of 0.7% in the last seven days.
5. Shiba Inu (SHIB)
Even though Dogecoin was the first meme coin to join the cryptocurrency market, it now faces significant competition. In this light, Shiba Inu is likely one of the top cryptocurrencies for people looking to diversify their portfolio with other meme coins.
The history of the Shiba Inu is nothing less than remarkable. Even though the project was only introduced in April 2020, it has already evolved into a crypto asset with a huge market capitalization. In addition, early investors have seen returns of several million percentage points since then.
According to statistics from CoinMarketCap, SHIB is trading at $0.00000824, a gain of 2.3% over the past 24 hours.
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Featured image: Futurist Speaker
Source: https://bitcoinist.com/top-5-crypto-to-watch-this-week/