Do you want to invest in a dark horse cryptocurrency? While the 2022 markets had ups and downs, past history shows they can bounce back better than ever. It is impossible to know which coins will make the biggest splash. However, some candidates are capitalizing on current trends, including data storage, decentralized finance, and digital payment solutions. Take a look at the five next cryptocurrencies that we expect to explode in 2023.
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#1 – Ethereum
You might think Ethereum is not a dark horse in the cryptocurrency market. It has been the second-largest crypto for years. Many investors know about it and even have the coins in their portfolios. While Ethereum is not poised to shoot up 10,000%, it is still one of those crypto coins with serious growth potential. Remember that this crypto was the first blockchain to provide smart contracts, allowing developers to create decentralized apps. With that, Ethereum has a sizable advantage over other coins in the market. In September 2022, Ethereum did undergo its merges to a proof of stake system, which has vastly improved the efficiency of the coin. That upgrade could be the critical factor that helps increase this currency’s value and start to attract more investors.
Related: 7 Most Crypto-Friendly Countries for Investors
#2 – Aave
Aave is one of the most user-friendly and popular lending protocols. Users can lend and borrow a variety of cryptocurrencies. When you deposit your crypto in Save, you will be able to receive interest payments for lending out your coins. With those unique features, Aave has been able to keep ahead of the other crypto lending protocols. Its borrowers can switch from variable to fixed interest rates and vice versa.
Also, Aave is known for offering its FlashLoans to borrowers. These loans do not require any collateral. However, they will need to be repaid within the same transaction. With its popularity, many consider Aave one of the next big tokens. Aave is a governance token, meaning its holders will vote in the protocol’s future. These tokens can provide a fee discount when you use the services of the protocol.
#3 – Monero
One of the most well-known privacy coins is Monero. You can make completely anonymous and untraceable transactions with this crypto. The sender’s identity, receipt information, and transaction amount are kept hidden from others using its privacy-enhancing technology. This coin has been around since 2014, a long time for any cryptocurrency. However, it is just starting to see its time in the spotlight. Since the increasing cryptocurrency regulation in many countries, including the United States, many investors are turning to this coin. Many individuals are looking to keep all their transactions private, especially as these regulations start to tighten around the globe. With that, Monero is becoming a great option, and it is a dark horse pick that could see continued success into the new year.
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#4 – Storj
If you want to take a crypto-based approach to your cloud data storage, Storj is your solution. Unlike other cloud storage providers, Storj allows anyone to operate a storage node with unused hard drive spaces. When you offer storage, you will receive a payment in STORJ tokens. This method is a great way to earn passive income, but only if you meet the minimum operating requirement. If you want to rent out a node, you will need reliable bandwidth and provide users with a guarantee of at least 99.3% uptime.
Over the years, data storage has become a top priority
Always do your research. That can take time with smaller cryptos, but it will be worth it. Even if something looks like a winner, anything is possible in the crypto market. Sometimes, even the best-researched investment can go nowhere, leaving you with a useless token.
If you want to try to predict the current market for your investment, there are better strategies than that. However, there is nothing against giving these coins a shot. Just keep your expectations and the amount of investment money within the right frame of mind.
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or many individuals. Storj is increasing in popularity because it offers a quality product to its users. As a storage service, this site has some of the highest reviews in the industry. While most cryptos have gained attention about what they can do, Storj is an actual product you can use. With that success, it has the best-staying power out of all the crypto tokens.
#5 – XRP
Ripple’s native cryptocurrency is known as XRP. This payment protocol uses blockchain technology for inexpensive but fast transactions. Ripple was created to facilitate international transactions. Many financial institutions use this technology to secure their own trades. Ripple has been on the market since 2012; it was involved in a Securities and Exchange Commission lawsuit in 2020, which led to many exchanges delisting the coin. While the case has been a concern for many, XRP is still considered one of the largest cryptocurrencies in the market. When the legal troubles have ended for the token, there is a big chance that many exchanges
will carry XRP, leaving it open for an ample investment opportunity.
Related: Why You Should Invest in Crypto Wallets You Trust
Should You Invest In These Cryptos?
Yes, it is tempting to try to figure out the next big cryptocurrency in the market, but investing in these coins can be risky. However, many investors love to gamble on the “next big thing,” like the above-listed coins. If you want to invest, look outside of the current market leaders. Many of those smaller cryptocurrencies have enormous growth potential.
Unfortunately, some are most likely to fold, which could leave you out of money. You can always balance out your portfolio by investing in smaller tokens and large-cap coins.
