The next cryptos to explode in 2023 are those with great projects and teams behind them. There are many risks to consider before investing.
Which cryptocurrency will bring the biggest potential return? Recently, the crypto market has seen some of the most significant booms, which leaves most crypto experts wondering which are the cryptos with the best future.
Hopefully, we will see investors taking less risk with their crypto investment, as the market continues to mature and expand. Investors need to be selective if they want to ensure that their crypto holdings are solid over time. As we have entered 2023, arbitrage tokens and store-of-value play are not going to cut it. The winners will be found in the emerging tech trends and utilitarian plays; these tokens and coins will keep them above water.
In 2022, many investors were talking about the “crypto winter.” The cryptocurrency market has fallen by $2 trillion since its 2021 peak. Bitcoin is down by 75% from its November record of almost $69,000. Given the entire geopolitical context, the crypto market is also greatly affected. The warning signs of the 2023 recession have been visible for a while. Experts warn of a prolonged bearish market similar to the one in 2017-2018.
Unfortunately, the 2022 bear market has also been marked by several events. Multiple centralized crypto exchanges have collapsed, crypto investors have lost their deposits overnight, and governments and financial authorities are now looking for someone to blame. Regardless of the outcome of these multiple lawsuits, the industry has reacted to each one of them, and the shockwaves ravaged the market.
One major cryptocurrency crisis was started by the de-pegging of the TerraUSD (UST) algorithmic stablecoin from the U.S. dollar in May 2022. What followed was the complete collapse of the Terra ecosystem. Unfortunately, when Terra Luna collapsed, 98% of investors lost their life savings. Many companies that were exposed to UST stablecoin were affected. When LUNA, Terra’s native coin, went to zero, the market lost around $45 billion.
Other crypto companies that have gone bankrupt in 2022 are FTX, BlockFi, Three Arrows Capital, Voyager, and Celsius.
However, there is still hope. With the emergence of new crypto regulations and fiat inflation, new inventors are expected to join the growing crypto ecosystem and decentralized finance (DeFi) applications.
Which cryptocurrency will explode next? Look at some of the projects with the most optimistic crypto price predictions and important project developments.
How to spot the next cryptos to explode during 2023
It is important to understand why cryptocurrencies are so popular before you can determine which cryptos have the best future. Over the past few years, there has been a fundamental shift in the way digital assets are perceived. These assets are becoming important financial instruments and, for the first time ever, are easily accessible by anyone with an internet connection.
However, not all digital assets are equal, and the public’s attention will always focus on cryptocurrencies with the highest profit potential. The most important aspects to focus on when looking to spot the next cryptos to explode by the end of 2022 are:
- Market capitalization
- Price and volume
- Total supply
- Adoption and community
A crypto’s market cap offers insights into how much money has been invested in that network. By observing the evolution of a crypto’s market cap, the investor can measure the stability of the asset. However, it can also indicate the amount of growth potential. But crypto is all about timing and the trading market. To determine whether a cryptocurrency is in a bearish or bullish market, it's important to monitor the price.
High-volume cryptocurrencies indicate they have momentum and a sudden increase in popularity. While it is not possible to predict whether the momentum will continue, observing the volume is an effective way to see which cryptos are attracting the most investor attention for now.
Many cryptocurrencies have a limit on their maximum supply. No new tokens will ever be produced once the maximum supply is reached. The price of cryptocurrencies could rise if interest rates continue to rise while supply is stable. Before you invest, make sure to check the supply and current circulation of any cryptocurrency.
The community behind a crypto project plays a huge role in determining whether it has the potential to be adopted by more crypto investors. This could be a good start to investigate the project and try to identify if a cryptocurrency has an advantage over others and if is one of the next cryptos to explode in 2023.
How to Invest in Cryptocurrency – Quick Guide
If you are looking for a quickfire way of how to trade CFDs on cryptocurrencies with the potential to explode, follow the steps outlined below.
- Open an account with CAPEX: First, you will need to open an account with CAPEX – a regulated broker that allows you to trade CFDs on cryptocurrency on a spread-only basis.
- Upload Documents: Like all regulated crypto brokers, you will need to provide a copy of your government-issued ID and a proof-of-residence
- Deposit: You can deposit funds instantly with Visa, MasterCard, Skrill, Neteller, and many others.
- Start Trading: Finally, search for the cryptocurrency you want to trade, enter your stake, and confirm the transaction.
And that is it – you have just opened a position on cryptocurrency via CFDs at CAPEX! The digital coins will now appear in your portfolio. At any given time, you can close your position and cash out.
Alternatively, you can get exposure to the crypto market without trading cryptocurrencies through cryptocurrency stocks and crypto ETFs.
>> Learn more about Cryptocurrency trading
Which Cryptocurrencies Will Explode in 2023?
So now that you’re ready to start buying cryptocurrency, the question is: Which crypto will bring the biggest potential return? Although Bitcoin might be the obvious choice, it’s not necessarily the best cryptocurrency to invest in for 2023. Your chances of having a big payoff might be better with a smaller coin that hasn’t already been pumped up by institutional investors the way Bitcoin has.
With that said, what cryptos are looking to lead the pack of winners through the next year? Consider this grip of the digital currency plays, taking into consideration the average maximum price target released by the top 5 forecasting websites:
- Yearn.Finance (YFI/USD) +289%
- Compound (COMP/USD) +274%
- Dash (DASH/USD) +228%
- Eos (EOS/USD) +200%
- Tezos (XTZ/USD) +182%
The cryptocurrencies highlighted on this list are sourced from industry analysts and forecasting agencies, but they may not be a perfect fit for your portfolio. Before you decide to purchase or trade any of these cryptos listed based on the maximum price target for 2023 (average consensus), do plenty of research to ensure they are aligned with your financial goals and risk tolerance.
#1 Next Crypto to explode - Yearn.finance (YFI)
- Market Cap: $431,921,648
- Closing Price 2022: $5,088
- Average Maximum Price Forecast 2023: $19,823 (289%)
Yearn.finance (YFI) is an Ethereum token that governs the Yearn.finance platform. It is a yield optimizer that moves funds within the decentralized finance ecosystem in order to maximize returns. Yearn was officially launched as a "profit-switching" lender on July 17, 2020.
YFI allows users to earn interest on crypto assets using smart contract platforms such as Ethereum.
YFI didn't provide funds for investors, its founding team, or members of the community when it was launched. Instead, the platform distributed its initial 30,000 tokens equally between liquidity providers and platform users.
The price of YFI rose 35,000% in a single week and reached a peak of $3,125 in July 2020. Yearn Finance, which had $4 billion of liquidity, became the sixth largest crypto lending protocol.
To get the best interest rates, the aggregator automatically transfers funds between decentralized exchanges and lending protocols like AAVE and Compound. Experts consider YFI to be one of the cryptos with the best potential to explode in 2023 as the DeFi market is continually expanding.
Related: How to buy Yearn.finance
Why Yearn.finance (YFI) is one of the cryptocurrencies with the best potential to explode in 2023
- Yearn.finance platform simplifies the use of DeFi services and provides a variety of use cases for traders and investors.
- The Yearn.finance fees are lower than with other protocols.
- The Yearn.finance protocol is secure and fully decentralized.
Why Yearn.finance (YFI) may not be one of the cryptocurrencies to explode in 2023
- The protocol lacks documentation, which has many questioning its legitimacy.
- Yearn.finance has faced many security concerns in the past.
- The YFI coin is entirely speculative.
What is the maximum price target for 2023
- WalletInvestor: $18,337
- DigitalCoin: $24,242
- CryptoPredictions: $12,139
- Long Forecast: $24,514
- Price Prediction: $19,885
#2 Next Crypto to explode: Compound (COMP)
- Market Cap: $245,774,662
- Closing Price 2022: $31.2
- Average Maximum Price Forecast 2023: $116.80 (+274%)
Compound (COMP) is the native coin of the Compound DeFi protocol. Compound hosts lending pools that allow users to earn interest on various cryptocurrencies. These pools enable token holders to lend their tokens to other token holders at algorithmically determining interest rates. These actions are based on supply/demand.
Compound (COMP) is an Ethereum token that allows community governance of Compound protocol. The protocol is a network of decentralized interest rate markets that allows users to borrow and lend Ethereum tokens at variable rates.
Since the DeFi market is expected to grow exponentially in the future, experts consider COMP to be one of the cryptos with the best potential to explode in 2023.
Related: How to buy Compound
Why Compound is one of the cryptocurrencies with the best potential to explode in 2023
- The Compound platform offers higher Interest rates in comparison with traditional banking.
- Compound is a Decentralized Autonomous Organization that is governed by the community.
- No KYC is required to use the platform, which gives the users a liberating experience.
Why Compound may not be one of the cryptocurrencies to explode in 2023
- There are suspicions about its decentralization, as 46% of COMP is held by three groups.
- The DeFi market is highly unregulated.
- The Compound protocol has strong competition, such as Aave and Yiern.finance.
What is the maximum price target for 2023?
- WalletInvestor: $4.708
- DigitalCoin: $80.28
- Trading Beasts: $58.708
- Long Forecast: $47.4
- Price Prediction: $84.43
#3 Next Crypto to explode: Dash (DASH)
- Market Cap: $0.5B
- Closing price 2022: $42
- Average Maximum Price Forecast 2023: $138 (228%)
Dash (DASH) was first launched in 2014. Originally known as Xcoin, it was rebranded to Darkcoi in 2014 and adopted its current name, Dash, soon afterward.
After its 2014 launch, Dash would continue to differentiate its technology by adding new features that make transactions more like traditional online payment methods.
InstantSend allows users to send DASH instantly without having to wait for transactions to be verified on the Dash blockchain. Instead, users could send cryptocurrency directly to Masternodes, which would then lock the funds and record them in an upcoming block.
PrivateSend, another Dash feature, allowed users to send transactions via a built-in mix service. Masternodes would allow users to send DASH to Masternodes. This would combine the transactions with other transactions, hiding the trace of the original transaction.
This commitment to constantly adding new features to the network makes Dash one of the cryptos with the best potential to explode in 2023.
Related: How to buy Dash
Why Dash is one of the cryptocurrencies with the best potential to explode in 2023
- Dash has a great team behind the project, comprised of tech-savvy members who continuously develop software upgrades.
- Dash has a feature called PrivateSend, which allows users to send anonymous transactions.
- The Dash protocol comprises a dual network mining and maintenance system that enables great security and flexibility.
Why Dash may not be one of the cryptocurrencies to explode in 2023
- There is strong speculation among the Dash community that most of the masternodes are run by the development team of the protocol, which is a threat to the protocol’s decentralization.
- DASH is just a fraction of the amount of money transacted by its competitors.
- The privacy feature is called “mixing”. Some say that’s nothing more than a coin tumble, and that it could be reversed or traced if someone controls the masternodes that the transaction passes through.
What is the maximum price target for 2023?
- Wallet Investor: $171.63
- DigitalCoin: $150.02
- CryptoPredictions: $97.77
- Long Forecast: $146.40
- Price Prediction: $123.68
#4 Next Crypto to explode: EOS (EOS)
- Market cap: $974,367,806
- Closing Price 2022: 0.86
- Average Maximum Price Forecast 2023: $2.59 (+200%)
EOS (EOS) is a blockchain-based decentralized platform that can be used to host and develop business applications or dApps.
Its technology aims to address historical problems in using blockchains to run dApps. Popular applications have even been clogged up on blockchains such as Ethereum. This has resulted in performance issues for all users. Due to EOS’s design choices, the blockchain can confirm more transactions per minute while eliminating transaction fees.
Also, EOS is most well-known for holding the largest-ever initial coin offering (ICO), which raised over $4 billion through the sale of 1 billion EOS in a year-long sale. According to the latest price estimations, EOS is one of the cryptos with the best potential to explode in 2023.
Related: How to buy EOS
Why EOS is one of the cryptocurrencies with the best potential to explode in 2023
- EOS is a highly scalable blockchain as it uses a delegated proof of stake (DPOS) consensus. (it can handle up to 10,000 TPS)
- EOS is likely to support Bitcoin integration in the future.
- The EOS network upgrades each time there is a software upgrade, instead of performing a hard fork.
Why EOS may not be one of the cryptocurrencies to explode in 2023
- Block.one is the largest single holder of EOS tokens, which poses a threat to the decentralized feature of the network.
- EOS faces competition from networks such as Ethereum and NEO.
- Block.one, the company developing EOS has been involved in an SEC settlement, as they were accused of selling unregistered securities.
What is the maximum price target for 2023?
- WalletInvestor: $3.76
- DigitalCoin: $2.74
- Crypto Predictions: $1.94
- Long Forecast: $2.27
- Price Prediction: $2.27
#5 Next Crypto to explode: Tezos (XTZ)
- Market Cap: $1B
- Closing Price 2022: 0.717
- Average Maximum Price Forecast 2023: $2.02 (+182%)
Tezos (XTZ) is a blockchain network that is linked to a digital token known as a "tez" or "tezzie". Tezos does not use mining to generate the token. Instead, token holders get a reward for participating in the Proof-of-Stake (PoS) consensus mechanism.
Tezos, essentially, run tiny bits of self-executing code called smart contracts. Many features that are common to other cryptocurrencies are used within the Tezos blockchain.
Its software can be used by developers to create new programs (decentralized apps) or run custom programming logic (smart contracts) that replicate products and services.
While other blockchains can be decentralized, Tezos has a mechanism that allows for collective decision-making. Tezos token owners are entitled to vote on any pending protocol developments.
Related: How to buy Tezos
Why Tezos is one of the cryptocurrencies with the best potential to explode in 2023
- Tezos’ PoS consensus is inexpensive compared to other blockchains (low gas fees).
- Tezos blockchain allows any stakeholder to participate in the consensus mechanism and rewards for contributing to the security and stability of the network.
- Tezos claims to provide safety and code correctness for high-value use cases.
Why Tezos may not be one of the cryptocurrencies to explode in 2023
- There is a delay in token issuance, causing some users to miss out on their rewards without being informed.
- Blockchain developers consider Tezos to be an immature network. It is difficult to predict what its transaction fees and speeds will be once the platform becomes more widespread.
- There is a lack of commercial support with Tezos.
What is the maximum price target for 2023?
- WalletInvestor: $2.19
- DigitalCoin: $2.48
- Crypto Predictions: $1.58
- Long Forecast: $1.83
- Price Prediction: $2.04
Are these the next cryptos to explode by the end of 2023?
We only listed a few of the top cryptos with the potentially best future estimations, but there are other projects that will probably perform well before the end of 2023. The crypto space and blockchain ledgers are still heavily developing and the projects with the most utility and solid team of developers will probably gain the most exposure and earn the trust of future investors.
However, before choosing to invest in new coins, each investor should take serious steps to research the project and the team behind the crypto. As with anything regarding cryptocurrencies, extreme caution is advisable. Sometimes, the next cryptos to explode aren’t the best existing projects out there and their fame can be short-lived.
What will be the next cryptocurrency to explode?
According to the average crypto price predictions from top forecasters, Yearn.finance is one of the cryptos to explode by the end of 2023. However, investors should carefully research all projects before investing.
What are the hottest cryptocurrencies in 2023?
According to Forbes, these are the hottest Cryptocurrencies in 2023 – 1. Bitcoin (BTC) 2. Ethereum (ETH) 3. Tether (USDT) 4. UD Dollar Coin (USDC) 5. Binance Coin (BNB)
What will be the Next Cryptocurrencies to Explode by 2023?
According to Yahoo Finance, the next Cryptocurrency to Explode in 2023-2024 are 1. MANA (Decentraland) · 2. MATIC (Polygon) · 3. XRP (Ripple)
What are the top 10 Cryptocurrencies to Explode Between 2023 and 2025?
According to analyticinsights.com, these are the 10 cryptocurrencies to explode between 2023 and 2025: Solana, Gala, ApeCoin, Cardano, Ripple, Shiba Inu, Ethereum, Tron, Dogecoin.
What are the emerging cryptocurrencies with potential to explode in 2023?
According to Nasdaq.com, Decentraland (MANA), Polygon (MATIC) and Ripple (XRP) are the top 3 emerging cryptocurrencies with the potential to explode in 2023.
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