2023 has been a tough market for investors, with Bitcoin and major altcoins failing to rally significantly since they picked up at the start of the year. Many factors are directly and indirectly responsible for crypto’s mixed fortunes this year. Still, despite the relative stagnancy, a few crypto projects have caught the eye of investors. Here are six of the hottest crypto projects for 2023:
1. The Memeinator (MMTR)
MMTR is a new meme coin in the mould of popular tokens like Shiba Inu and Dogecoin. According to the project’s official website, “The new meme coin Memeinator is here to enact judgement and rid the world of sub-par memes. With powerful marketing, innovative product launches, and the ultimate action game”. At the heart of the Memeinator project is the MMTR token.
The crypto’s total supply is 1 billion tokens, with 62.50% of the supply available for purchase at presale. The remaining supply is split across its competition pool, exchange liquidity provision, project development and CEX listings. MMTR is currently in stage 4 of its presale, with market speculation driving up its reputation in what promises to be a successful crypto launch.
Read More: CryptoMarketCap’s Cutting-Edge Cryptocurrency Data Platform
2. Theta Network (THETA)
The Theta Network is not a new blockchain project, having launched in 2022. With its Metachain mainnet launching recently to enable greater reliability, scalability, and transaction volume, THETA is poised for a major breakthrough in 2023. The blockchain is a Web3 blockchain infrastructure for video, media, and entertainment.
Essentially, Theta Network is a decentralised content delivery network that uses blockchain technology to build a vast web of shared content. In doing so, it reduces the costs of traditional media delivery and distribution networks. This particular innovation is THETA’s unique selling proposition, with modern consumers seeking alternatives to traditional media content distribution.
Related: Ferrari to Accept Crypto Payments for Its Awesome Cars in the U.S., and Europe in 2024
3. Cosmos (ATOM)
Cosmos touts itself as the internet of blockchains, and for good reason. This unique blockchain powers DeFi apps, helping users create marketplaces and exchanges that facilitate buying, trading, investing and lending. On Cosmos, users can build resilient, autonomous organisations and facilitate the allocation of resources to members. It is also possible to create in-game assets with more utility than traditional gaming items. The ATOM is this blockchain’s native token and supports staking for security, as a means of earning, and as a governance mechanism.
4. Chainlink (LINK)
Chainlink is an open-source blockchain with a steadily growing ecosystem of users. The network is driven by a large community of data providers, node operators, smart contract developers, researchers, security auditors, and other experts. Chainlink’s data providers can sell data through their existing APIs to the Chainlink Network in less than an hour. Chainlink eliminates all the complexities around running nodes and handling cryptocurrency payments, letting data providers monetise their existing infrastructure and focus exclusively on providing quality data.
5. Bitcoin (BTC)
Bitcoin is the world’s foremost blockchain network by market capitalisation. Despite controversy over its inherent proof-of-work consensus mechanism, BTC continues to be the crypto gold standard. It is an accepted means of payment in several industries, with its popularity making it even more valuable than fiat currency. Although BTC bottomed out at $17,000 in 2022, it slowly recovered in 2023. Now is a good time for investors to buy up BTC ahead of its scheduled market supply halving in 2024, which will likely up its value significantly.
6. Ethereum (ETH)
Ethereum’s fortunes have been closely linked with Bitcoin’s over the years. It remains the second-largest cryptocurrency by market capitalisation. ETH’s unique innovation is its DeFi technology, powered by smart contracts. Many blockchains are built on Ethereum, using its native Ethereum Virtual Machine. Ethereum powers several thousand dApps and continues to be the ecosystem of choice for several blockchain developers.
Conclusion
Cryptocurrencies are a highly volatile asset class, and there is no telling what the value of a token will be in the future. Still, a wise investor knows to study the charts, observe the market indicators and carry out due research to make informed decisions. Cryptocurrency trading is not rocket science and should be done with utmost care and prudence.
Frequently Asked Questions
What Is Bitcoin?
Bitcoin is the first and by far the most popular cryptocurrency. An individual known only by the pseudonym Satoshi Nakamoto invented Bitcoin and established the technology to generate and manage the cryptocurrency in 2008. Nakamoto limited the number of Bitcoins generated by the distributed network of computers in the network to 21 million tokens. This limitation in supply ensures demand for the tokens, which subsequently increase in value. Bitcoin’s current market supply is set to be halved in 2024.
What Is Ethereum?
Ethereum is a distributed public blockchain ecosystem that focuses on running the programming code of any decentralised application. In other words, it is a platform for sharing immutable information. Smart contracts power Ethereum’s blockchain, and its decentralised cryptocurrency is known as Ether (ETH). Users who work on the Ethereum ecosystem pay transaction fees in ETH for using the network’s computational services.
Is Crypto a Commodity or Security?
Commodities are basic goods or raw materials that can be traded, while securities represent ownership or investment in an underlying asset. In their current form, cryptocurrencies have attributes of both commodities and securities, making it tricky to classify them as belonging to only one of both categories. For instance, Bitcoin or Ethereum are often seen as commodities as they are used as mediums of exchange or stores of value. However, some regulatory authorities classify them as securities, given that they are financial instruments that can be traded.
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