Several high-profile bankruptcies this year have significantly exacerbated the effects of the crypto winter. The total value of the cryptocurrency market fell from about $2.2 trillion to $750 million during the year. In this article, let’s take a look at the cryptocurrencies that paved the way for the next bull from analyst Christian Encila’s list.
Here are 5 cryptocurrencies to consider in the coming weeks
Bitcoin (BTC)
This year hasn’t been kind to the largest cryptocurrency by market cap. BTC price has lost more than 60% since the beginning of 2022. Therefore, over 50% of BTC traders are currently losing money. This causes the market to crash. However, a body of evidence points to Bitcoin making a strong comeback in 2023. Benjamin Cowen, a prominent cryptocurrency analyst, predicted that a “long period of accumulation” would begin after Bitcoin bulls took control of the market.
Ethereum (ETH)
Ethereum is currently struggling to hold near $1,200. The Ethereum Currency Reserve measure for All Exchanges reveals that ETH reserves on centralized exchanges have decreased by more than a quarter, according to on-chain data. Thus, investors are buying Ethereum and it’s more bullish.
At the time of writing, bulls must surpass $1,230 for a countertrend strategy to be considered. Then they need to show a strong consolidation above this region. The next bullish target will be $1,300 and then $1,350.
Cardano (ADA)
Despite the crisis in 2022, Cardano’s (ADA) on-chain activity continued to reach new heights. Cardano smart contracts have surpassed 4,400 this year, up 395 percent. Thus, 57 million transactions were made, an increase of approximately 140%. Despite underperforming in terms of price, ADA still remains in the top 10 by market cap, with a market cap of around $9 billion. The fact that it was the prominent altcoin project of the year, especially in terms of development activities, was the main reason for its being on the list.
Polygon (MATIC)
Currently, all cryptocurrencies on the list need to recover more than 50% from annual lows. But MATIC is outperforming as it tries to establish a stable footing well above its annual low. In the first months of the year, the price of MATIC was fairly stable. It fluctuated between $0.01 and $0.03 during this period.
Overall, MATIC reached its ATH level of around $1.40 in late 2020, a year after its launch, when the entire cryptocurrency market started to recover. This represents an enormous increase of over 4,600% compared to its initial price. cryptocoin.comAs we have reported, MATIC promises to demonstrate similar momentum in the coming year, with a series of high-profile partnerships completed throughout the year.
XRP
XRP has lost 80% of its market value as its ATH level of $1.98 was reached in April 2021. The Ripple community is waiting for the decision to be made in the company’s lawsuit with the SEC. The final decision is likely to have an impact on the price of XRP, which shows short-term raids into the green zone despite a long tough market. XRP price is currently rising to $0.35 while the bulls are aiming for a post-Christmas breakout. You can take a look at the latest developments in the case from this article.
