Here’s the top 6 cryptocurrency for 2023, as 2023 came to a close it has brought in decent gains for the cryptocurrency space, now here’s what everyone in cryptocurrency will be looking at in 2023.
1. Cardano (ADA)
There are many things I like about the blockchain platform Cardano (ADA). But one of its biggest attributes is the way it’s being built out. Cardano has laid out a roadmap of five stages that will lead to the ultimate goal: to become a truly self-sustained decentralized system. The platform launched smart contracts this year. And now, work is focused on the last two stages of development. Part of the plan involves relying on peer review before launching any updates. This entire approach means we can expect quality from Cardano — and that gives me confidence in Cardano’s ability to stand out in the long term.
2. Solana (SOL)
Solana (SOL) had stunning gains in 2023. Its SOL token skyrocketed more than 10,000%, thanks to a combination of speculative momentum and the network’s rise as a launching ground for blockchain-based applications. Like Ethereum, Solana’s blockchain serves as a foundation for things such as non-fungible tokens (NFTs) and decentralized finance (DeFi) applications.
Solana is a direct competitor to Ethereum and has a notable advantage: rapid transaction-processing capacity. While Ethereum’s blockchain can process transactions at a rate of about 13 per second, the Solana network can handle as many as 50,000 per second. Solana’s potential has pushed the market capitalization for its token to roughly $54 billion — making it the fifth-biggest cryptocurrency — although its value still is dwarfed by that of Ethereum and Bitcoin.
If demand for DeFi applications continues to grow, Solana’s transaction-processing capabilities could help it attract users and push its token price significantly above current levels. With its much smaller size and fast-growing application network, Solana could be primed to again significantly outperform Bitcoin in 2023.
3. Algorand (ALGO)
Algorand (ALGO) is a champion when it comes to transaction speed. The blockchain has already demonstrated that it can process more than 1,000 transactions per second — and complete those transactions in less than five seconds. Eventually, the platform will be able to process 3,000 per second. And the next goal is more than 45,000. By comparison, credit card Visa says it can handle 24,000 transactions per second. Algorand’s protocol structure is the reason for the platform’s efficiency. Ordinary smart contracts and other operations take place on a base layer. More complicated smart contracts and decentralized application development happen on a second layer. This efficiency may attract more and more users and investors to Algorand.
4. Polkadot (DOT)
Polkadot‘s (DOT) big strength? Communication. This cryptocurrency allows for the exchange of data across various blockchains. One of the big problems for cryptocurrencies has been that each operates on its own — without this ability to share information or transfer coins from one to another. Polkadot involves a main network — the relay chain — and parachains that run alongside it. Through bridges, these parachains connect to other blockchains like Ethereum (ETH), for example. And speaking of Ethereum, one of its co-founders went on to create Polkadot. When looking to invest in a company, I look for experienced management. The same goes for crypto. Polkadot’s leadership and its ability to connect blockchains may help it stay at the front of the pack as the crypto industry evolves.
5. RARI Governance Token (RGT)
Decentralized finance has been getting bigger. The top 100 decentralized finance coins already have a market capitalization of $169 million. As the cryptocurrency world gets bigger with wider adoption, decentralized finance is likely to be a challenge for traditional investments.
RGT has been among the top performers with returns of over 12,000% in the last 12-months. However, I believe that the coin value is moving toward three digits. One reason is limited supply. RGT coin has a maximum supply of just 12.5 million.
As an overview, Rari is a decentralized non-custodial DeFi robo-advisor that autonomously earns users yield. In simple words, users can deposit crypto and instantly begin earning the highest yields.
Additionally, Rari has also launched “Market” which is a flagship interface for interacting with Fuse (FUSE) on Polygon (MATIC) Network. The objective of Rari Governance is to provide all investors with financial technologies that were accessible only to the elite.
6. Decentraland (MANA)
MANA has been trending in the recent past. It’s not surprising considering the fact that the token has surged by over 4,000% in the last 12-months.
It’s worth noting that Decentraland allows creation of applications, games, gambling and dynamic 3D scenes. The Marketplace therefore seems attractive when it comes to users buying digital assets.
In terms of functionality, the MANA token will be used to purchase land, goods and services on the virtual platform. The token also incentivizes content creation, which has a direct impact on user growth. Overall, MANA token seems positioned for further rally as the virtual world gets bigger.