Investing in or trading cryptocurrency can be lucrative. In early 2021, the price for altcoins was indeed spectacular but the bulls are not evergreen.
Still, we could not ignore the fact that more institutions and retail traders are jumping into the crypto bandwagon even in late 2022. In fact, the explosion of NFT, Play-to-earn, decentralized finance (DeFi), and the use of smart contracts give rise to some of the altcoins’ value.
According to some crypto analysts, the best altcoins include TRACE METAVERSE, VITA INU (VINU), ADA, DOT, and MATIC. But, there are also other alternative coins worth looking into.
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In this guide, we highlight some of the prospects of these altcoins and help you better evaluate an altcoin before investing in it.
What Is An Altcoin?
Altcoins or “alternative coins” refers to cryptocurrencies other than Bitcoin. In other words, any cryptocurrency that is an alternative to Bitcoin is classified as Altcoins. That includes Ethereum’s Ether and Ripple’s XRP. Altcoin deviates from the monopolization of Bitcoin and offers a cheaper alternative for digital transactions.
Bitcoin remains one of the largest digital assets with over 48% of the total market capitalization but altcoins are growing corresponding to the rising demand of DeFi, including NFTs and DApps development.
A Retrospective Look: Altcoin Growth and Projections
The first rally of altcoins was in 2017, which along with the popularization of the Initial Coin Offering (ICO) model, saw many startups issue their ERC-20 tokens of coins based on different standards blockchains.
Recently, altcoins and Bitcoin have seen a boost from a broad pool of investors. Many traditional banking and investment institutions have started acquiring extensive holdings of cryptocurrency. For example, Grayscale Investments, one of the world’s largest digital currency management firms, has crypto holdings worth USD 28 billion. Among the investment, over USD 7 billion are in altcoins like ETH, ETC, LTC, and more.
Analysis of past performance, current growth trajectory, and future projections reveal that the altcoin market cap is in full-blown breakout mode in early 2021. However, in the present, digital currencies, including Bitcoin and altcoins, the downtrend continues amid inflation fears.
But the price on its own tells us very little information. There are plenty of other metrics to access the information and evaluate the true potential of an asset.
We have made it simple for you.
Here are the of top 10 best cryptocurrencies to invest in for 2023:
Trace Metaverse (TRC) Token: Trace Geo metaverse is currently the best upcoming crypto game in the world. USD TRC is the native token of Trace Metaverse, Trace is a geolocation-based metaverse with AR technology for smartphones. It is a virtual copy of the world's map, where your avatar moves according to your geolocation.
Trace will soon make its limited NFT sales, you may love to buy some rare NFTs so that you can be eligible to buy the token at their token pre-sale. You can join the Discord community, Twitter Page, or Telegram community of Trace Geometaverse to stay updated.
The main achievements of Trace Metaverse include:
A. Attracted USD 3,000,000 of investments and closed Seed and Private rounds
B. Gathered more than 100,000 members in our local community
C. Trace has developed our own geolocation platform for 4 years
D. Made an NFT Pre-sale and gathered USD 500,000
E. More than 1000 people have become NFT-holders, who will get access to alpha testing
F. Announced partnership with Bitmart crypto exchange and the most famous blockchain Polygon to build the game on.
Trace Metaverse has a clear future. Until the end of 2022, the USD TRC token goes to crypto exchanges and the game goes to the App Store / Google Play, then new mechanics and new functions will be added to it. It would raise doubts about whether it would be possible to keep the development team and continue developing the application if Trace had not gathered a loyal community that bought NFT cars for half a million dollars and did not attract USD 3 million in investments. So the future of Trace is clear). We have no doubt that they will bring the plans to the end.
VITA INU TOKEN (VINU):A governance token of the VINU ecosystem, Vita Inu Coin (VINA) is a fast and feeless meme coin. The currency’s purpose is to help people make friends and learn about cryptocurrencies. This makes it ideal for people investing in cryptocurrencies for the first time.
Another reason Vita Inu (USD VINU) is pulling investors is due to its developing Vinuverse metaverse, which will be a VR world with NFTs, staking, rewards and merchandise. Even though the crypto market is currently suffering, the perks Vita Inu (VINU) offers such as no fees, speedy transactions, and an educational community, are perhaps why Vita Inu (VINU) is doing better than other cryptocurrencies. We can say it's the best meme token in the market right now. With a strong following on social media, including the backing of social media influencers Gino Assereto (@GinoAssereto) and Abraham Abraham (@abrfps), this emerging cryptocurrency has the groundwork to survive the crypto winter successfully. You can buy VINU tokens at Bybit, the world’s best cryptocurrency exchange. It is also available in other cryptocurrency exchanges.
Polygon (MATIC): Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development.
Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). The MATIC token will continue to exist and will play an increasingly important role, in securing the system and enabling governance. Now users can buy Polygon without any trading fee at the fastest-growing crypto exchange of India, Bybit which is also the third most-visited exchange in the world. Recently they announced partnerships with Disney, Instagram, Facebook, and many more. If you are a fan of Layer 2, Matic can be your steady bet.
Ethereum (ETH): A decentralized software platform called Ethereum (ETH) makes it possible to create and manage smart contracts and decentralized apps (dApps) without the need for a third party’s oversight, control, or interference. You can buy Ethereum at the best exchange in India, Bybit. Ethereum aims to build a decentralized ecosystem of financial services that anybody in the world can use freely, regardless of their country of origin, race, or religion.
Cardano (ADA): An "Ouroboros proof-of-stake" cryptocurrency called Cardano (ADA) was developed using a research-based methodology by engineers, mathematicians, and cryptography professionals. Charles Hoskinson, one of the original five founding members of Ethereum, co-founded the project. It has the 8th largest volume and can be your medium-risk bet as well.
Hello Fans (HF): Hello Fans is the world’s first upcoming and most awaited decentralized social metaverse where creators, fans, influencers, and other users converge to create, engage, exhibit, trade, and earn in the metaverse. This decentralized social metaverse creates a safe space for innovators of the online world, where creators get access to multiple pathways of income for their creation and products that they will completely own in the digital space. It's a perfect solution that combines the solution of content duplicity issues, brings web3 experience, and provides the best creator economy worldwide, Hellofans.io is led by Niharika Dolui (CEO and Co-Founder) she is also among the best evolving CEOs in India, and won multiple awards by Global Business Line and others. Somaditya and Neeraj are among the other co-founders who are deeply committed to the project. With the power of NFT and their distinguishable codes, art has a further outspoken approach; this solution understands the time and dedication required to pull out an artist’s ninth symphony. Creators get a ton of features to monetize their content with brand collaboration, NFT Royalty bidding, NFT unlocking and engagement with fans to earn better, and several others. The support of EPO/EPS gets the creators more focused on their goals and more importantly holding their hands to walk through the journey. This patent filed Solution offers digital innovators to use their single platform which predominantly omits the hassle of using multiple spaces for different usages. This research wants the creators to have a transparent and fulfilling time and provide opportunities to earn with engagement, EPO, EPS, and also by participating in reselling. For now, the users are considered an invaluable asset and a revenue source to push billions of dollars worth of ads through the platforms.
Rocki (ROCKI): ROCKI is the utility token that powers the ROCKI music crypto ecosystem. Its allocation and release aim to trade off the following objectives incentivizing creators and audience, the meaningful utility of the platform, etc.
Polkadot (DOT): Polkadot is a network protocol to allow arbitrary data to be transferred across the blockchain. It aims to improve communication between private and public blockchains without compromising scalability. Its native coin (DOT) helps to maintain and operate the blockchain on the network.
BITDAO (BIT): BitDAO is poised to be a major player and influencer in the decentralized tokenized economy. The flexibility and transparency of DAO governance allow BIT token holders to “build their own adventure”. BITDAO (BIT) is supported by Bybit as well. BitDAO allows for multiple independent teams to coordinate proposals, negotiate partnerships, and develop products for BitDAO governance approval. There can be hundreds of developers and partnership coordinators contributing to the BitDAO mission. BIT token holders can pick and choose the best ideas. If you like DAO, BIT can be your ideal bet.
“Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.”
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