Top Cryptocurrencies That Traders Should Keep An Eye On
Every year is unique in the crypto space, with new tokens emerging and attracting attention from traders and investors worldwide. Well, in this sense 2023 is no different. There are some pretty interesting new names in the crypto sphere that we think you should keep in mind.
Although Bitcoin staged a decent rally in January, up more than 40% from the lows, altcoins continue to be more volatile, with some projects posting triple-digit gains during the first month of the year.
On top of our list is Aptos, a Layer 1 Proof-of-Stake project that employs a new smart contract programming language called Move, developed by Meta’s Diem blockchain engineers. Its goal is to facilitate the mainstream adoption of web3 while also empowering an ecosystem of DApps.
When looking at the price development of the APT token, it stands out substantially. According to market experts working at GFund Assets, this is one of the best-performing tokens for 2023 so far. Aptos started trading at $3.5 on January 1st and is now trading a little over $18. A 5x return makes Aptos rank 26th among the largest crypto projects by market capitalization.
Another altcoin that managed to outperform Bitcoin is VeChain. This is an L1 smart contract platform that was launched in 2015 and transitioned to a public blockchain in 2017. It aims to use distributed governance and the Internet of Things (IoT) in order to solve data hurdles faced by multiple global industries such as energy, healthcare, and food/beverage.
VET traded at 1.6 cents at the start of 2023 and managed to rise steadily towards 2.4 cents (at the time of writing). It holds a $1.7 billion market capitalization, managing to attract attention from traders looking for well-performing cryptocurrencies.
ApeCoin (APE) is an ERC-20 governance and utility token used within the APE Ecosystem. Token holders govern themselves using the decentralized governance framework controlling the ApeCoin DAO. It was launched on the Ethereum blockchain, inspired by the popular Yuga Labs Bored Ape Yacht Club project.
This token has also caught our attention, since it managed to rise from $3.6 to over $6 (at the time of writing). With +80% gains during the first month of the year, this crypto will probably continue to be monitored by traders in the near term, especially if the market continues to recover from the 2022 bear trends.
A rival of the Ethereum blockchain, this isn’t the first time Avalanche enjoys increased attention. However, after losing over 90% of its value last year, the AVAX token is up 100% in January 2023 alone. It can also be traded using GFund Assets and other online brokers, meaning traders have simple access to AVAX trading.
Compared to other projects, this one relies on a unique infrastructure consisting of three individual blockchains: X-Chain, C-Chain and P-Chain. The ultimate goal is to provide a higher transaction output without compromising scalability, and that’s how it became a leading choice for using smart contracts.
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