Over the years, cryptocurrency investments such as Bitcoin and Ethereum have been popular. However, recent moves by the US Federal Reserve to raise interest rates, as well as global economic insecurity, have had a significant impact on several cryptos, including BTC and ETH.
Fortunately, a number of other cryptocurrencies have the potential to outperform Bitcoin and Ethereum by 2023, making them an excellent addition to your diverse portfolio.
Cardano
Avalanche
Ripple
Solana
Dogecoin
Cardano (ADA)
Cardano was designed to be a fully decentralized, open-source, and transparent blockchain. As a result, the cryptocurrency has the potential to overtake Ethereum by providing a flexible, sustainable, and scalable blockchain for running smart contracts.
The goal of using blockchain technology to solve real-world problems differs it from the competition. Cardano intends to stay true to its mission of providing financial opportunities to the unbanked by focusing on crypto adoption on the African continent. ADA focuses on deploying use cases in Africa in the domains of usability, identity, accessibility, and interoperability. It has also launched the Adverse accelerator program, which aims to provide resources to promising African startups developing socially impact Web3 solutions on Cardano’s blockchain. These factors make it valuable and compelling to invest in ADA for future profit.
Furthermore, following the successful launch of the Vasil hard fork, Hydra’s attempt to make Cardano the fastest blockchain network in the world is now on the verge of success. Hydra would improve scalability by introducing off-chain transactions, eventually increasing its adoption rate.
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Avalanche (AVAX)
Avalanche is a Proof-of-Stake decentralized blockchain with a cutting-edge network that enables the deployment of dApps and enterprise blockchain solutions in a secure and dependable environment. AVAX has been on investors’ radars since its inception, claiming to be the fastest smart contracts platform in the entire blockchain industry in terms of time-to-finality.
Although the price of AVAX fell during the 2022 market crash, it is one of the cryptos that could overtake Bitcoin and Ethereum in 2023. Avalanche was built from the ground up to be a secure and efficient payment system, trying to distinguish it from other cryptos with few useful uses.
KyberSwap partnered with Avalanche one year ago and is now hosting Phase 3 of Avalanche Rush, which offers up to $2 million in reward incentives to Avalanche liquidity providers. This will massively increase liquidity on the Avalanche network, making AVAX the best crypto even for passive income.
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Ripple (XRP)
Ripple is a currency exchange and money transfer network that enables cross-border transactions. It aims to replace SWIFT, the traditional international money transfer system. Because of its low fees, speed, and quick settlement, XRP has become a popular option for financial institutions and banks all over the world. Hundreds of banks and financial institutions have adopted XRP, and the number is increasing.
XRP is one of the cryptos that will surpass Bitcoin and Ethereum by 2023 because, despite the market crash and a pending lawsuit, Ripple managed to continue network development and expansion. Its ODL, or On-Demand-Liquidity, service enabled customers to transfer funds around the world without the need for correspondent banking relationships. RippleNet has expanded its ODL services through partnerships to countries such as Africa, Sweden, and France.
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Solana (SOL)
Solana is a public and open-source blockchain platform that can run decentralized applications. The crypto employs a one-of-a-kind consensus known as Proof-of-History, which eliminates the need for timestamps in blockchain block data. This will eventually free up storage space and boost throughput, enabling the network to handle more than 50,000 transactions per second (TPS).
When it comes to real-world adoption, SOL has huge potential. Its lightning-fast transaction times and low transaction fees make it a viable alternative to the lucrative payments industry. Solana Pay, one of Solana’s newest features, allows customers to check out with merchants using their phones and a QR code, with instant settlement and access to their funds.
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Dogecoin (DOGE)
Due to the market’s overall bear, Dogecoin has had a poor run since the beginning of 2022. However, the price of DOGE is slowly recovering, and the recent significant increase in its hashrate shows its growth. The widely spread speculation about DOGE being integrated into the social media platform Twitter following Elon Musk’s acquisition was a major driver of hashrate growth.
Another reason DOGE will surpass BTC and ETH in 2023 is its ongoing network development and addition of new use cases. Despite the crypto winter of 2022, the meme coin developers were able to complete two major releases, three core updates 1.14.7 and 1.21. According to the developers, these two updates will create the conditions for Dogecoin’s future, making DOGE the best buy right now.
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Disclaimer:
The information in this article is solely the author’s opinion and does not constitute investment advice; it is provided solely for educational purposes. By using this, you acknowledge that the information does not constitute investment or financial advice. Before making any investment decisions, do your own research and consult with financial advisors.