While bitcoin may have dips and downtrends, if you zoom out, the value has only gone up. Bitcoin was first released in 2008 and since then has seen exponential growth. One bitcoin will cost you more than $15,000 at today’s prices (as of 4th January 2023), but only three years ago, the price was as low as sub $3,000. That kind of growth is unprecedented and though bitcoin can continue to grow and see new heights, we’re curious what the next bitcoin will be. What crypto is about to explode in 2023?
TON was developed in 2018 by the creators of the popular instant messaging app, Telegram. First named TON, the project is now named Toncoin and run by a community that revived the project after it was dropped by Telegram in 2020. The TON in Toncoin stands for The Open Network and it is a proof of stake blockchain that has a number of web 3.0 services including anonymous web browsing, decentralized storage, and instant payments. Toncoin is also capable of bridging between blockchains and has a searchable registry of decentralized apps and services. TONCOIN is Toncoin’s native crypto and can be used for payments within decentralized apps built on the Toncoin network. For example, TONCOIN can be used to pay for storage or for a blockchain-based domain. With Toncoin’s ambitions to be one of the top web 3.0 blockchains and its endorsement from the Telegram team, we think Toncoin could definitely be one of the next altcoins to explode. It’s available on Kucoin and Gate.io.
Axie Infinity (AXS)
The metaverse is just getting started and one of the metaverse projects that caught the world’s eye in 2021 was the game Axie Infinity. With Axie Infinity, players can buy creatures called axis and complete quests with them to earn tokens. Players can also battle their axis against each other for more tokens and also breed them and sell them in the marketplace. Axie Infinity is a play-to-earn game that is becoming more and more popular. Players can play their favourite games and earn crypto in return. Axie Infinity saw massive growth in 2021 but dropped in 2022 with all crypto industry. However, we think that growth will continue into 2023 as more and more people discover and play the game. That’s why we think Axie Infinity is one of the next altcoins to explode.
Check our guide on how and where to buy AXS in Canada here.
The next crypto to explode is surely Polygon’s MATIC. Since Ethereum 2.0 is not on the horizon just yet, we need solutions for scaling the Ethereum network. Enter Polygon. Polygon is a side-chain that is compatible with the Ethereum network. Developers can build on Polygon instead of Ethereum itself and take advantage of cheaper network fees. Polygon announced it will use zero-knowledge rollups in future, which is an even more advanced technology. It takes transactions, bundles them together, and processes them as a single transaction. This will allow even more transactions per second. Polygon has many partnerships and decentralized apps built on it already, so we think more will be built on it in 2023. Ethereum needs to be scaled and Polygon is the most popular solution.
Check our guide on how and where to buy Polygon’s MATIC here.
Ethereum’s Ether (ETH) is the second-most valuable cryptocurrency. Ethereum facilitates smart contracts and allows developers to build decentralized apps on its blockchain. While the Ethereum network is plagued by high network fees due to congestion, Ethereum is moving to a proof-of-stake consensus mechanism in 2023 as part of its upgrade to Ethereum 2.0. The upgrade, once complete, will allow Ethereum to process thousands of transactions per second, cheaply. Until then, we have to deal with the high fees, but Ethereum isn’t going anywhere. It was the first blockchain created that facilitates smart contracts so it has the first-move advantage. It remains the most popular blockchain for building decentralized applications and we think Ethereum will continue to grow in 2023.
Check our “Best Crypto Exchanges in 2023” article to see the best option to buy Etherium in 2023.
Crypto.com is a crypto exchange that has seen a lot of growth recently thanks to their marketing efforts. Crypto.com bought naming rights to the Staples Centre in Los Angeles for the next 20 years. They also have an upcoming Superbowl commercial and have had other commercials featuring high-profile faces. Crypto.com is a crypto exchange that is targeting the average consumer, not just those already involved in crypto. We think this is a bullish sign and crypto.com seems to have no plans of slowing down. Binance Coin is in the top 3 cryptos and we think crypto.com might be eyeing that spot for themselves.
The next coin to blow up could be Tezos. Tezos is an energy-efficient proof of stake blockchain that has been quietly making a number of partnerships. In 2021, Tezos partnered with Formula1 teams McLaren and RedBull to release collectible F1 NFTs on its platform. Tezos also partnered with game developer Ubisoft who is using the Tezos blockchain to create in-game NFTs. Most recently, Tezos partnered with Team Vitality, an esports giant. Tezos has a number of other partnerships as well. It also offers staking, governance, super-low transaction fees, and a solid team. We think Tezos will continue to build their partnerships in 2023.
If you didn’t know, it’s expensive for internet companies to provide high-quality streaming content. With the rise of 4K and live streaming and the demand for streaming growing, the cost is getting higher and higher. As a result, streaming quality suffers. Netflix has even said that they are “slowing down” their service in Europe due to this. Theta is a project that allows people to share their unused bandwidth to other people watching the same content and get rewarded with crypto. Theta already has a number of high-profile partners and investors including Google, Samsung, and Sony. It has advisors from Twitch and YouTube, with YouTube’s CEO endorsing Theta. Streaming is a space that’s continuing to grow, especially live streaming, so a solution to poor quality streaming needs to be fixed. Theta would allow people to share resources and earn crypto in return. Theta saw a lot of growth in 2021 and drops in 2022 but we think it will continue to grow in 2023.
Ripple’s XRP is a cryptocurrency with a specific use. It aims to be the cross-border currency for financial institutions worldwide. Transactions take just 3-4 seconds and costs almost nothing, which is why XRP is a coin that is perfect for international payments. Unfortunately, Ripple has faced lawsuits from the SEC for the past year. The SEC claims that XRP is a security and has therefore been trading illegally. Over the past year, many crypto exchanges have delisted XRP as the lawuist continues. The legal action against XRP seems to be losing its support and as such we think XRP will win the case. After all, bitcoin and Ethereum have already been deemed not securities by the SEC. If Ripple does win, we think the price of XRP may shoot up as exchanges relist it.
Check our article on how and where to buy XRP (Ripple).