Cryptocurrency has come a long way since its inception, and the market is now experiencing another bullish run projected to happen this year. Many investors are now looking for alternative coins, also known as altcoins, to invest in, hoping to make huge returns in the future. Altcoins have been gaining popularity over the years, providing investors with an opportunity to diversify their cryptocurrency portfolio.
At ChangeNOW, we are committed to helping our users navigate the rapidly evolving cryptocurrency market and make informed investment decisions. In this article, we will be discussing the top 3 altcoins likely to explode in the upcoming 2023 bull run. Read on to learn more and make the most of this exciting opportunity!
Introduction to the 2023 Crypto Bull Run
The 2023 crypto bull run is expected to be unlike anything that has been seen before. This is largely due to the current economic situation globally, with many countries experiencing high inflation rates, unstable economies, and low-interest rates. Due to this, many investors are now exploring cryptocurrency as not only a potential investment opportunity, but also as a viable alternative for everyday use. The current bullish trend is also driven by increased institutional adoption, with more companies and financial institutions investing in cryptocurrency than ever before.
Another contributing factor to the current crypto bull run is the anticipated benefits of the latest Ethereum Shanghai Upgrade. The upgrade is expected to increase the efficiency and scalability of the Ethereum network, which could attract more users and developers to the platform. Additionally, the upgrade will introduce a new consensus mechanism, which could reduce energy consumption and transaction fees. This expected improvement in the Ethereum network has generated optimism among investors and analysts, contributing to the current bullish trend in the crypto market.
The cryptocurrency market is highly volatile, and prices can fluctuate rapidly, making it difficult to predict future prices accurately. Despite this, the market is expected to continue growing in the coming years, with more people adopting cryptocurrencies as a form of payment and investment.
Altcoins vs. Bitcoin: Which to Invest In?
Altcoins are cryptocurrencies that are alternatives to Bitcoin, the first and most popular cryptocurrency. While Bitcoin is still the most dominant cryptocurrency, many investors are turning to altcoins for their potential to provide higher returns on investment. Altcoins are usually cheaper to invest in than Bitcoin and they can offer lower transaction fees, making them more accessible to new investors.
Investors should do their research when deciding which altcoin to invest in. Some altcoins have a higher growth potential than others, while some are more stable and less risky. It is essential to look at the project's fundamentals, the team behind it, and the market demand before investing in any altcoin.
Top 3 Altcoins Likely to Explode in the Bull Run
Here are the top 3 altcoins likely to explode in the upcoming bull run:
Arbitrum (ARB): Analysis and Growth Potential
- Market cap: $2 billion
Arbitrum is a Layer 2 scaling solution that enables developers to build scalable and decentralized applications on the Ethereum blockchain. It uses a unique rollup technology that allows for faster and cheaper transactions without compromising security. Arbitrum has been gaining popularity in recent months, with more developers building on the platform.
Arbitrum has a proficient team behind it, with many experienced developers and advisors in the blockchain industry. In addition to having a talented team, Arbitrum has already developed infrastructure for plethora of various protocols from any spheres that might migrate from any EVM compatible blockchains. The project has already secured funding from top investors, including Sequoia Capital and Coinbase Ventures. The market demand for Layer 2 scaling solutions is also increasing, making Arbitrum a potentially lucrative investment.
Dogecoin (DOGE): Analysis and Growth Potential
- Market cap: $12.5 billion
Dogecoin is a popular cryptocurrency that has been in circulation since 2013. Its user base has grown exponentially in recent times, fueled in part by endorsements from influential personalities such as Elon Musk. The cryptocurrency has a robust community of supporters who are committed to holding onto their coins for the long term.
Dogecoin has a strong growth potential, with more merchants accepting it as a form of payment. The project is also working on improving its technology, making it more efficient and secure. While Dogecoin is a high-risk investment, its strong community and growth potential make it an attractive investment opportunity, and it could also become a viable instrument for making payments in the future, especially given that the coin's famous supporter, Elon Musk, now owns Twitter.
Cosmos (ATOM): Analysis and Growth Potential
- Market cap: $3.4 billion
Cosmos is a decentralized network that aims to solve the scalability and interoperability issues faced by many blockchain networks by utilizing its unique Inter-Blockchain Communication (IBC) protocols. It allows for the creation of independent blockchain networks that can communicate with each other, providing a more efficient and interconnected blockchain ecosystem.
Cosmos has been gaining popularity in recent months, with more projects building on its network. It has a strong growth potential, with more investors looking for alternative blockchain solutions. Cosmos is also working on improving its technology, making it more efficient and secure.
Investing in Altcoins: Tips and Strategies
To approach altcoin investments thoughtfully, investors should conduct thorough research beforehand, as investing in altcoins can be a high-risk endeavor. Here are some tips and strategies for investing in altcoins:
- DYOR: Look at the project's fundamentals, the team behind it, and the market demand before investing in any altcoin.
- Diversify your portfolio: Invest in multiple altcoins and various spheres to reduce your risk exposure.
- Set a stop-loss: Set a stop-loss order to limit your losses in case the market turns against you.
- Have a long-term strategy: Investing in altcoins requires patience, and investors should have a long-term strategy to reap the rewards of their investments. There are many strategies for investing out there, and it’s up to you which one is preferable for building your portfolio. One of the most well-known strategies is called Dollar-Cost Averaging (DCA). By regularly investing a fixed amount of money over an extended period, investors can potentially minimize the impact of market volatility and accumulate more altcoins over time.
Conclusion: Is Investing in Altcoins the Right Choice for You?
Investing in altcoins can be a lucrative investment opportunity, but it is essential to do your research before investing. The top 3 altcoins likely to explode in the upcoming 2023 bull run are Arbitrum, Dogecoin, and Cosmos. Investors should also consider Bitcoin as a solid investment option.
Investors can use ChangeNOW to exchange altcoins, making it easier to diversify their cryptocurrency portfolio. However, it is crucial to remember that altcoin investments come with risks, such as high volatility and lack of regulation. Therefore, with the right research, strategy, and patience, investing in altcoins can be a great way to make huge returns on investment.