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Top Cryptocurrencies to Watch in 2023 – Forbes Advisor Australia
As the cryptocurrency landscape evolves, some projects stand out for their innovative approach and potential for substantial growth.
Here are some cryptocurrencies to watch for 2024:
Immutable X (IMX)
Immutable X has rapidly gained traction in the blockchain gaming industry, an area that Baktyary considers “the most funded sector in the crypto space in both 2022 and 2023.” This significant funding underscores the industry’s vast potential and investor interest. Immutable X’s strategic partnership with Polygon, a former competitor, has been a game-changer. Together, they now dominate about 80% of the blockchain gaming market.
“Previously competitors, Polygon and Immutable X now hold a dominant position, with most crypto games developed within their combined ecosystem,” Baktyary notes.
This partnership has transformed Immutable X into a central hub for blockchain-based gaming, not just focusing on a single game but facilitating the development of over 200 games.
“They’re not just building a game; they’re becoming the hub for blockchain-based gaming. This broad approach increases the likelihood of significant success in the gaming industry,” Baktyary says.
Additionally, Immutable X has partnered with major industry players such as Amazon Web Services (AWS) and Ubisoft, and has games available on the Epic Games Store. These partnerships are a sign of the project’s strong business development and potential for widespread adoption.
Another key feature of Immutable X is its focus on zk-rollup technology, which improves scalability, security, and user experience. This places Immutable X at the forefront of technological innovation in the crypto space. “I’m one of the pioneers of zk technology,” Baktyary adds, “which opens the door to much more than the market currently sees.”
Polygon (MATIC/POL)
Polygon, partnering with Immutable X in gaming, stands out for its broader contributions to blockchain technology. Its widespread adoption of the Chain Development Kit (CDK), more colloquially known as the Polygon stack, demonstrates the robustness and versatility of its technology.
“The adoption of the Large Chain Development Kit marks Polygon’s significant presence in blockchain infrastructure,” says Baktyary.
Polygon’s introduction of Polygon 2.0 adds a multi-layered structure to its protocol, with one notable layer being the Staking Layer. This layer uses Polygon’s native token and allows validators to earn rewards, including transaction fees, from the chains they validate.
“Polygon (Staking Layer) offers validators the potential for additional revenue streams,” says Baktyary.
Additionally, Polygon is a leader in zero-knowledge technology, with its zkEVM already up and running. This technology improves privacy and scalability in blockchain transactions, making Polygon a forerunner in this space.
Polygon is also making strides in scalability, transforming its PoS chain into a Validium, including experiments in parallel execution. This move further improves the efficiency of the network.
“Polygon’s transition to becoming Validium demonstrates its commitment to advancing blockchain modularity and alignment with Ethereum,” Baktyary said. Its advancements in technology and strategic direction highlight Polygon’s role as a pioneer in the blockchain ecosystem.
Optimism (OP)
Optimism (OP) stands out as a major player in the blockchain space, with several key findings that underscore its importance in the evolving cryptocurrency landscape.
One of Optimism’s key successes is its success in stack adoption, where it ranks second only to Polygon. In the blockchain world, a “stack” refers to the layered structure of technology solutions and protocols that build on each other to create a complete system. In this context, Optimism’s stack refers to its core code base that is used to help launch other layer 2 blockchains within the Optimism ecosystem.
Baktyary says, “Optimism has the second-largest public stack adoption rate among Layer 2 stacks, after Polygon, including major customers like Coinbase, who are committed to maintaining the integrity of the stack.”
This high level of adoption signals confidence in Optimism’s technology and its potential for broad application and integration across multiple blockchain platforms.
Another significant step for Optimism is its partnership with Coinbase, one of the largest cryptocurrency exchanges. This partnership, with Coinbase using Optimism’s stack, is a testament to the project’s security and technological strength, Baktyary notes, and “is huge from a security perspective.” This relationship strengthens Optimism’s credibility and extends its reach to a wider audience, driving further adoption.
In terms of governance and community engagement, Optimism has made significant progress and has received applause from the crypto community. The success of Optimism’s governance model was even highlighted in a Stanford Articleindicating a mature and thoughtful approach to community involvement in decision-making processes.
Baktyary adds that the Optimism team appears to be strongly aligned with the Ethereum ecosystem, which demonstrates their commitment to the blockchain’s core values, which resonate with a significant portion of the market.
Like Polygon and Immutable X, Optimism is also at the forefront of technological innovation with its advances in zero-knowledge (zk) technology.
“The Bedrock update to Optimism enables support for multiple run-level clients and a proof-of-concept abstraction, allowing a rollup on the OP stack to use a fail-safe or proof-of-concept system,” says Baktyary.
“This update is Optimism’s first step toward adopting zk technology.”
Own layer
Another project that is attracting attention for its pioneering technology is EigenLayer.
The project is enriched by the prospect of a reward system for users, a move that according to Baktyary aims to reward early adopters.
“EigenLayer doesn’t have a token yet, but its point system and the introduction of projects like EigenDA have led the market to assume that there could be an airdrop in the future,” he says.
At the heart of EigenLayer’s innovation is its revolutionary Actively Validated Services (AVS) technology.
This technology offers benefits to a wide range of applications, from data availability levels to Oracle networks, allowing them to take advantage of external validator sets, thus reducing the costs of securing and verifying networks.
“AVS is a huge new primitive that allows the security of a blockchain validator to be exported to a whole new set of software and use cases,” says Baktyary.
EigenLayer’s ability to export validator security can also help improve ecosystem interoperability. Previously siloed networks and ecosystems would need to start their own validator set, typically committing high token incentives to validators, and in the process running the risk of a somewhat centralized validator set. Now early-stage networks could simply extract their validator security from another network that has already solved those blockchain problems in the early stages.
To address critical issues in the Ethereum ecosystem, especially those related to staking providers, EigenLayer proposes a solution to bring balance and greater security.
“EigenLayer can help incentivize a cap system for staking providers with a majority stake of validators like Lido; a topic that has been a major topic of debate within the Ethereum ecosystem,” Baktyary says.
Additionally, EigenLayer’s advances could advance scalability solutions like Validiums and potentially extend the use of Ethereum validators to secure other blockchains, including Solana and Cosmos. This development represents a leap forward in blockchain scalability and security, which Baktyary notes is a crucial step for the broader application of Ethereum technology.
“EigenLayer can help enable Validiums with projects like EigenDA, and can theoretically have blockchains like Ethereum securing alternative layer 1 blockchains, like Solana,” he says.
Bitcoin AND Etherealalong with the rest of the top 10 cryptocurrencies by market cap, appear to be in hibernation on Thursday morning.
At the time of writing, the Bitcoin Price is still below $65,000 and 2.2% lower than it was this time yesterday, according to CoinGecko data. Things are worse for the Ethereum Pricewhich is 3.7% lower than 24 hours ago at $3,185.22. The drop in ETH’s price is identical to that of Lido Staked Ethereum (stETH), a liquid staking token for Ethereum.
In recent days, falling prices have led to the liquidation of derivative contracts worth $225 million, according to Coin glassAnd about half of that, about $100 million, was liquidated in the last 12 hours.
When a trader is liquidated, it means that their position in the market has been forcibly closed by an exchange or brokerage due to a margin call or insufficient collateral. Margin is especially important when it comes to leveraged positions, which allow traders to control a multiple of their deposit, such as opening a $10,000 position with only $1,000 in their account.
Now that Bitcoin has been in the red for three days in a row, there is a chance that the world’s oldest and largest cryptocurrency could sink even further, BRN analyst Valentin Fournier said in a note shared with Decrypt.
“Bitcoin has closed in the red for three days in a row, with one-way trading showing limited resistance from bulls. Ethereum had a slightly positive Monday with strong resistance from bears who have won the last two days,” he wrote. “This momentum could take BTC to the $62,500 resistance or even the $58,000 territories.”
Looking ahead, Fournier said BRN’s strategy will be to “reduce exposure to Bitcoin and Ethereum and find a better entry point after the dip.”
This is despite Federal Reserve Chairman Jerome Powell’s comments yesterday on interest rates being widely regarded as accommodating and indicative of FOMC rate cuts in September.
Singapore-based cryptocurrency trading firm QCP Capital said the rally in stocks, which sent the S&P 500 up 1.6% from Wednesday’s close, was not felt in cryptocurrency markets.
“Cryptocurrencies have seen a broad sell-off overnight and into this morning,” the firm wrote in a trading note. “The market remains poised as traders pay close attention to daily ETH ETF outflows and further supply pressure from Mt Gox and the US government.”
Meanwhile, the other top-ranking coins are showing mixed performance.
Solana (SOL) is down 7.2% since yesterday to $169.13. Things are even worse for its most popular meme coins. In the past 24 hours, the most popular meme coins Dogwifhat (WIF) are down 12% and BONK (BONK) is down 9%, according to CoinGecko data.
Their dog-themed competitor, Ethereum OG Dogecoin (DOGE), the only meme coin in Coingecko’s top 10, is down nearly 4% since yesterday and is currently trading at $0.1205.
XRP (XRP) dropped to $0.608, which is 7% lower than it was at this time yesterday.
Binance’s BNB Coin (BNB) has kept pace with BTC and is currently trading at $571, down 2.4% from yesterday. Toncoin (TON), the native token of The Open Network, is down just 0.4% over the past day.
This leaves the stablecoins USDC (USDC) and Tether (USDT), both of which are stable as they maintain their 1:1 ratio with the US dollar.
The Securities and Exchange Commission (SEC) will hold another closed-door meeting with Ripple on Thursday, as the market hopes for a possible resolution to the legal battle between the two entities.
However, the cryptocurrency market remains relatively bearish, with the price and trading volume of XRP down in the last 24 hours.
Ripple holders take no risk
At press time, XRP is trading at $0.60. The altcoin’s price has dropped 6% over the past 24 hours. During that time, trading volume was $27 million, down 27%.
The SEC met before with the digital payment company on July 25. While the outcome of that meeting remains unknown, the Sunshine Act Notice for Thursday’s meeting includes one additional topic of discussion from the July 25 closed meeting: the instituting and resolving injunctive relief. That has market participants speculating whether a settlement is imminent.
In an exclusive interview with BeinCrypto, Ryan Lee, Lead Analyst at Bitget Research, noted that:
“This meeting will discuss possible resolution options for the Ripple Lawsuit. The founder of Ripple Labs said that a legal settlement could be announced soon. If an official settlement plan is released, it could positively impact XRP’s price movement.”
However, an assessment of XRP’s price movements on a 4-hour chart shows a spike in bearish bias as the market awaits the outcome of this crucial meeting. Its Moving Average Convergence/Divergence (MACD) indicator readings show that its MACD line (blue) has crossed below its signal line (orange).
XRP 4 Hours Analysis. Source: Trading View
Traders use this indicator to gauge price trends, momentum, and potential buying and selling opportunities in the market. When an asset’s MACD is set this way, it is a bearish signal that suggests selling activity is outweighing buying momentum.
Additionally, the altcoin relative strength index (RSI), at 46.08, is currently below its neutral 50 line and in a downtrend. This indicator measures overbought and oversold market conditions for an asset.
To know more: How to Buy XRP and Everything You Need to Know
XRP 4 Hours Analysis. Source: Trading View
At 43.83 at the time of writing, XRP’s RSI suggests a growing preference among the market participants for tokin distribution.
XRP Price Prediction: Derivatives Traders Exit Market
The XRP derivatives market has also seen a decline in trading activity over the past 24 hours. According to Coinglass, derivatives trading volume has plummeted 18% and open interest has dropped 10% during that period.
Open interest refers to the total number of outstanding derivative contracts, such as options or futurethat have not yet been resolved. When it drops, traders close their positions without opening new ones. This is a bearish signal that reflects a lack of confidence in any potential positive price movement.
According to Lee, the outcome of the meeting with the SEC “would have a significant impact on the price movement of the token.” If the outcome is favorable, the price of the token could rise towards $0.75 in August.
To know more: Ripple (XRP) Price Prediction 2024/2025/2030
XRP 4 Hours Analysis. Source: Trading View
On the other hand, if no favorable resolutions are reached, the price could plummet to $0.50.
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Bitcoin is now the dominant force in the cryptocurrency market, surpassing 53% of the total cryptocurrency market, a stronger share than it has been in the past three years.
Bitcoin’s market cap now stands at $1.27 trillion, second according to CoinGecko data. In contrast, the total cryptocurrency market cap is $2.43 trillion, with Ethereum occupying 15.9% of the market, worth $389 billion.
Bitcoin’s rise to dominance this year is unusual, as altcoins typically do better than Bitcoin in a bull market. While meme coins made a strong comeback during Bitcoin’s rally to all-time highs earlier this year, the so-called “wealth effect” It has not been appreciated as much by mid-range coins, such as Ethereum and Cardano.
“ETF flows fundamentally alter market dynamics,” he wrote Meltem Demirors, former chief strategy officer at CoinShares, tweeted Wednesday: “BTC gains no longer translate to alts and the longer tail of crypto.”
Bitcoin’s takeover has continued even as the market cap of Tether (USDT) continues to grow, the world’s largest stablecoin and the third-largest cryptocurrency after BTC and ETH. Stablecoins are backed by fiat currencies and are excluded from some measures of Bitcoin dominance due to fundamentally different value models.
The surge continued to pace even after the launch of Ethereum spot ETFs last week, which ironically culminated in a news sell-off event, and net outflows from new investment products since they were launched. This went against the predictions of K33 Search so far, which predicted that ETFs would catalyze ETH’s growth over the next five months.
Despite the poorer performance of the alts, there is reason to believe that they are ready to bounce back very soon.
CryptoQuant CEO Ki Young Ju said Tuesday that whales are “preparing for the next altcoin rally,” as limit buy orders for assets other than BTC and ETH are on the rise.
The executive shared a chart showing how the “cumulative difference between purchase volume and sales volume” has increased in recent months.
“The indicator measures the difference between buy and sell orders over a year,” CryptoQuant told Decrypt. A buy/sell order is a pre-set request to buy or sell a cryptocurrency if it hits a certain price level, which creates resistance and support levels.
“If the trend is up, it means that more people are placing buy orders, showing strong interest in buying,” CryptoQuant said.
By Ryan-Ozawa.
After Monday’s crash, in which BTC fell by several thousand dollars, the scenario has repeated itself once again in the last 12 hours, with the asset falling to a 2-week low of $63,300.
Alt coins followed suit, with most of the market in the red today. SOL and XRP lead the way from the higher cap alts.
BTC Drops To $63.3K
After a violent Thursday last week, when BTC crashed to $63,400, the asset went on the offensive over the weekend and surged above $69,000 on Saturday, as the community prepared for Donald Trump’s appearance at the 2024 Bitcoin Conference in Nashville.
His speech was followed by more volatility before the cryptocurrency settled around $67,500 on Sunday. Monday started off rather optimistically for the bulls as bitcoin hit a 7-week high of $70,000.
However, he failed to maintain his run and conquer that level decisively. On the contrary, he was rejected bad and dropped to $66,400 by the end of Monday. Tuesday and Wednesday were less eventful as BTC remained still around $66,500.
The last 12 hours or so have brought another crash. Bears have pushed the leading digital asset down hard, which has fallen to a 2-week low of $63,300 (on Bitstamp), leaving over $200 million in liquidations.
Despite the current rebound to $64,500, BTC’s market cap has fallen to $1.270 trillion, but its dominance over alts is recovering and has reached 52.6%.
Bitcoin/Price/Chart 01.08.2024. Source: TradingView
The Alts are back in red
Ripple’s native token has been at the forefront of the market challenge in recent days as pumped up to a multi-month high of over $0.66. However, its run was also interrupted and XPR fell by more than 6% in the last day to $0.6.
The other big loser among the larger-cap alternatives is SOL, which has lost 8% of its value and is now struggling to get below $170.
The rest of this altcoin cohort is also in the red, with ETH, DOGE, BNB, AVAX, ADA, SHIB, and LINK all seeing drops between 2 and 5%.
The total cryptocurrency market cap lost another $70 billion overnight, falling below $2.4 trillion today on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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