The year 2023 is fast approaching and can make you forget the “dark” year 2022. However, there should be no illusions: the bear market will continue next year and the aftermath of the FTX bankruptcy will still be visible in the coming weeks. But there is a lot of growth potential in the market and some coins might come as a surprise. Which cryptocurrencies are still undervalued at the moment and could massively increase in price in the coming year?
In this article we want 3 Undervalued Cryptocurrencies and see if and why these coins can surge in the next 12 months.
How was 2022 for most cryptocurrencies?
For most cryptocurrencies, the year 2022 will be remembered with little joy. Because the bear market has struck relentlessly over the past 12 months. Most coins reached their all-time high in November 2021 before falling sharply in the last 2 months of 2021. This trend continued in 2022.
The first 6 months of 2022 have been particularly brutal. Bitcoin price fell from $48,000 to $18,000 in mid-June, Ethereum from $3,800 to just under $1,000 at the lows. In August, the market was able to recover briefly before prices started to fall more easily again.
At the end of October/beginning of November, we saw another small rally, mainly in altcoins, then came the crash of FTX which took many cryptocurrencies to their 2022 lows. Since then, prices have stabilized at a low level.
Why are many cryptocurrencies currently undervalued?
The bear market is a natural phenomenon in the Bitcoin cycle, which altcoins also follow. Losses were therefore to be expected. However, these losses could have been considerably higher than normally expected. Because 2 major processes played on the market:
- The constant rate hikes in the United States ensured that the US dollar and therefore FIAT currencies strengthened. As a result, the value of cryptocurrencies drops.
- In addition, cryptocurrencies are undervalued, because confidence in the market was extremely shaken by the bankruptcy of FTX. This whole process has a lasting effect.
What are undervalued cryptocurrencies for 2023?
Over the next 12 months, we should see some cryptocurrencies that could go up in value. We want here 3 particularly undervalued cryptocurrencies To present:
1. Polygon (MATIC)
We’ll start with a little surprise. Polygon or the Matic Coin has already performed very well in 2022 and has climbed into the top 10 cryptocurrencies by market capitalization. Nevertheless, the Matic Coin might be one of the undervalued cryptocurrencies for 2023.
Polygon is a scaling solution for the Ethereum Blockchain. However, Polygon has emancipated itself as a multi-channel network. More and more developers are choosing Polygon to develop dApps because of its high scalability and connection to the Ethereum ecosystem. Polygon has strong momentum and in 2023 the network and with it the price should continue to grow.
2. Apecoin (APE)
Apecoin is the token of the Bored Ape Yacht Club ecosystem. Millions of dollars poured into the BAYC during the last bull market and the hype surrounding NFTs led to an explosion of attention for the NFT collection. A huge ecosystem is emerging around BAYC, whose token is Apecoin.
Developer Yuga Labs has already announced that many new features are set to launch in 2023. This includes playable avatars and editable environments in the metaverse. The initial hype surrounding the Metaverse may be over, but some hype might return in 2023. The millions behind the project alone should ensure that the network can grow massively.
3. Trusted Wallet Tokens (TWT)
The Trust Wallet is one of the best-known software wallets on the market and impresses with very high security standards such as multi-level security authentication and private key storage. Trust Wallet could greatly benefit from the crisis in central crypto exchanges after the FTX scandal in 2023.
Many investors still have their cryptocurrencies on central exchanges. Although we always recommend hardware wallets for maximum security, many investors prefer a simpler software solution. Therefore, the Trust Wallet token could be among the undervalued cryptocurrencies for 2023.
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