3 Cryptos To Watch in 2023
Today, we’re predicting 3 cryptos that might stage a comeback in 2023 after what has been a 2022 to forget! After that, we’ll outline this week’s hottest trading events for your calendar this week.
2022: A year to forget
Okay, let’s cover a bit of background first. 2022, especially the second half which has not been kind to crypto investors. Over the last 12 months, over half of the total market cap has been wiped off the table, going from around $2.2 trillion in January, to just $856 billion at the time of writing.
Source: Coinmarketcap
There are a few reasons why this has happened, including:
● Global economic uncertainty — as the recession looms, investors of all flavours are rethinking their positions, or simply choosing to cash out entirely.
● Rising household costs — this mean there’s less money left over at the end of the month for buying speculative assets like crypto, so reduced trading volumes.
● Highly-controversial news prompting mass sell-offs and plummeting prices — FTX anyone?
● Fears of subsequent heavy clamp downs on exchanges and trading from tax authorities, particularly in the US.
Each one of those is an article in itself, of course. But today, we’re putting our rose-tinted glasses on and looking at what lies ahead for crypto, should it bounce back. Looking at it that way, a downturn in the market may be seen by some investors as the perfect opportunity to jump in.
Top cryptos to keep your eye on
Here are our picks and why we chose them. For argument’s sake, we’ve avoided the regulars like Bitcoin and Ethereum and focused on some more niche tokens.
#1 Cardano (ADA)
Price 01.01.2022: $1.31 USD
Price 11.12.2022: $0.31 USD
% change YTD: -76.3%
Source: Coinmarketcap
Oh, Cardano. It’s been a rocky year for ADA, the proof-of-stake blockchain token. Yet, it continues to be one of the most popular cryptos due to its flexible network and super-fast transactions. Blockchain developer, IOHK, also claims that it’s more environmentally-friendly than other currencies.
The true strength in Cardano lies in the real-world uses of its blockchain, which may well fuel a mighty comeback in 2023. From farm supply chains to fighting retail plagiarism, Cardano has genuine value and its scalability is one of it’s top selling points for investors.
The recent Vasil network upgrade has enabled the facility to build smart contracts on its network, further expanding its almost limitless utility.
2023 might be a good year for ADA.
#2 Uniswap (UNI)
Price 01.01.2022: $17.1 USD
Price 11.12.2022: $6.04 USD
% change YTD: -64.67%
Source: Coinmarketcap
Uniswap is a fairly popular decentralised trading protocol, which became well-known for its role in facilitating automated trading of decentralised finance (Defi) tokens.
The whole Defi thing caused a pretty hefty surge in token trading this year, and investors will be hoping that continues. UNI has shown a promising ability to fight against the tide in 2022, as you can see with numerous peaks on the chart above, despite the market crumbling.
Will Defi continue to defy the odds in 2023, or will the whole market back it? And if so, will UNI rise from the ashes?
#3 Solana (SOL)
Price 01.01.2022: $170 USD
Price 11.12.2022: $13.65 USD
% change YTD: -91.97%
Source: Coinmarketcap
Few cryptos took such a tumble this year, but this one is interesting and definitely worth a watch.
Solana and its token SOL are cut from the same cloth as Etherum and Cardano. Solana is also a public blockchain for smart contracts where third-parties can build decentralised apps. But here’s the rub: it’s just as fast at processing transactions as Ethereum, but, crucially, it’s cheaper at doing so.
If it’s so good, then why the massive crash when Ethereum has stayed relatively stable in the last few months, you ask? Well, the answer lies in the question, “…the last few months”. Unlike Ethereum, Solana has a very close connection with disgraced founder and CEO of FTX, Sam Bankman-Fried. That relationship caused a mass sell-off of SOL tokens, which hugely impacted the token’s price.
However, that event had nothing to do with the Solana blockchain and was not a negative reflection on the technology nor its scalability. If you’re into crypto and smart contract blockchains, you can’t afford to ignore SOL in 2023.
Have your say!
What are your top crypto picks for 2023? Do you think the market will bounce back? We’d love to know! Tweet us at @_contentworks.
Top fundamental events week commencing 12.12.22
A super busy week lies ahead. This is everything you need to know.
Monday
● GBP — GDP 3-Month Avg (OCT); GDP YoY (OCT)
Tuesday
● EUR — German Inflation Rate YoY Final (NOV); ZEW Economic Sentiment Index (DEC)
● GBP — Employment Change (SEP)
● CNY — New Yuan Loans (NOV)
● USD — Core Inflation Rate YoY (NOV); Inflation Rate YoY (NOV)
Wednesday
● GBP — Core Inflation Rate YoY (NOV); Inflation Rate YoY (NOV)
● USD — FOMC Economic Projections; Fed Interest Rate Decision; Fed Press Conference
● AUD — GDP Growth Rate YoY (Q3)
Thursday
● AUD — Employment Change (NOV); Unemployment Rate (NOV)
● EUR — ECB Interest Rate Decision
● GBP — BoE Interest Rate Decision
● USD — Retail Sales MoM (NOV)
Friday
● GBP — GfK Consumer Confidence (DEC)
● EUR — Core Inflation Rate YoY Final (NOV)
Here at Contentworks we closely follow market movements and prep content that we think your traders would love to read. Let’s get you started right here.
Speak soon!
The Contentworks team
