What Cryptocurrencies Will Start Growing First After the End of the Crypto Winter?
The recent crypto winter was harsh to the extent that many specialists forecasted it would kill the cryptocurrency market. 2022 was marked by the crashes of major players in the crypto market such as FTX, Celsius, 3AC, and some more. Every time, a crash was accompanied by another plummeting of all crypto assets and more scrutiny from regulators.
But now, the crypto winter is over, and most projects survived. So, you may be wondering what projects may start growing in value rapidly and thus, are worth your attention. Here is a list of the most promising crypto projects to watch in 2023.
Ethereum
Ethereum, like other crypto projects, plunged during the crypto winter. But one major factor helped it to stay in a better condition than the rest of the coins - the transition to the proof-of-stake mechanism.
Another event that pushed the ETH price up was Shapella, the last network upgrade that enabled stakers to withdraw their coins from staking.
Perspectives for the future?
This has always been the major blockchain used for smart contracts, dApps, DeFi, and it looks like after the mentioned upgrades, Ethereum will preserve its dominance.
Bitcoin
The oldest and the most successful cryptocurrency has already started its growth. There is no doubt that some plunges will be but still, we all believe that the BTC growth will be continuous. And indeed, when it was launched it had no value at all, nobody was selling or buying it. Now, its price is above $30,000, and it is not even a half from its all-time high of above $60,000.
Bitcoin utilizes the proof-of-work consensus mechanism and is used solely as a store of value.
Cardano
Cardano crashed in late 2022, just like any other coin out there. The blockchain uses the proof-of-stake consensus mechanism to verify transactions and add new blocks. This environmentally sustainable blockchain uses its layer-2 scaling solutions known as Hydra and can process over 1 mln transactions per second.
Avalanche
Avalanche is a blockchain that allows developers to create smart contracts and dApps, and it is Solidity-compatible. But its main difference from Ethereum is the speed of transactions (incomparably faster), and almost zero costs. It makes the Avalanche blockchain increasingly popular, and it is not surprising that the price of AVAX, its native token, started growing as soon as the market conditions improved.
Polkadot
Polkadot is one of the most popular blockchains. Like all other crypto projects, it plunged in 2022, especially after the FTX collapse. But soon, the DOT price recovered, and now, it is growing, even though the growth is still unstable.
It utilizes special blockchains called parachains to solve one of the most urgent problems of the majority of blockchains - scalability and cross-chain communication.
Conclusion
There are many promising projects in the crypto market. However, some of them have managed to establish themselves as those that have important use cases and solve the existing problems efficiently. These projects will survive any conditions.