Although the cryptocurrency market shrank 1.52% in the last 24 hours and lowered the total market cap to $923.12 billion, this may be seen as a good opportunity by investors. Therefore, here are 6 altcoins that are likely to 'explode' in 2023.
Ethereum (ETH)
Number 6 on the list is the second largest crypto which is ETH as well as being the largest altcoin by market cap.
Crypto investors have questioned whether ETH has lost its competitive edge in the market in the last 2 years, but the recent The Merge event should bring confidence to investors.
Polygon (MATIC)
At number 5 on the list is Polygon (MATIC), it is understood that the Layer-2 scale developed can speed up transaction times and reduce transaction costs on the ETH network.
Even MATIC will see a price increase as the ETH ecosystem grows in the coming months.
Ripple (XRP)
Ripple (XRP) is number 4 on the list for being an ISO 20022 compliant token that can be used in the banking space and potentially replace the current SWIFT* system.
*Messaging system used by financial institutions around the world to communicate instructions related to tens of millions of transactions every day
It is understood that the Ripple company is also in a legal battle with the SEC for 2 years.
Algorand (ALGO)
The third ranked token on the list is Algorand (ALGO) which is also ISO 20022 compliant and has the potential to integrate with the current SWIFT system.
ALGO is a scalable blockchain network that can be used to transact with various cryptocurrencies as well as ALGO tokens.
Cardano (ADA)
Cardano (ADA) is second on the list following the recent release of the Vasil hard fork update and its growth roadmap next year.
According to ADA development lab Ken Kodama, the company will invest over $200 million over the next 3 years to increase the growth of its ecosystem.
Chainlink (LINK)
At the very top of the list is blockchain oracle company Chainlink (LINK) whose ecosystem has grown to over 1,500 projects.
Meanwhile, SWIFT also recently announced its partnership with a blockchain data company.
