The cryptocurrency market has been a rollercoaster ride over the past few years, and Bitcoin is at the forefront of this volatility. The world’s largest cryptocurrency by market cap touched an all-time high of $64,000 in April 2021 but spiralled down and is currently at $30,000 as the market slowly revives from a crypto winter.
Fast forward to 2023, and the question on everyone’s lips is, will Bitcoin ever rise again to its former glory? As people look for new ways to store their money and make long-term investments, they are considering Bitcoin along with Gold and silver to use as a hedging tool to beat inflation.
In this article, we will explore the potential for Bitcoin in 2023 along with top altcoins like Big Eyes Coin and Ripple that have performed extremely well in the 2023 cryptocurrency market.
Bitcoin: The Phoenix of Digital Currency?
Is it possible for Bitcoin to ever reach its previous highs? The answer to this question is complicated and depends on several factors, like Bitcoin adoption, Bitcoin dominance, and Bitcoin’s finite supply.
Firstly, Bitcoin’s value is tied to its community adoption like everything else in the world. The power of the community plays a crucial role in determining the future of most technologies. For instance, the strength of Facebook lies in the people using it. And most technologies of recent times are powerful if the adoption increases over time.
Bitcoin’s dominance is another crucial factor that determines its success. Bitcoin dominance refers to the percentage of the cryptocurrency market that Bitcoin represents. Currently, Bitcoin’s dominance stands at around 44%, meaning that Bitcoin is still the most dominant cryptocurrency. Bitcoin’s true value however lies in its finite supply, Unlike fiat currencies, which can be printed endlessly by governments, Bitcoin has a limited supply of 21 million coins. This finite supply makes Bitcoin a scarce asset, which could increase its value over time. As more people look for where to store their money, especially those who fear more banks collapsing, Bitcoin could become a more attractive option.
While Bitcoin dominance surges over time, innovative altcoins are lining up with state-of-the-art technology. Investors with a long-term horizon should consider potential altcoins like Ripple and Big Eyes Coin.
Ripple – A Safe Bet?
What’s it like to move money across the world without wasting a fortune on fees? Ripple is based on this one core idea.
Ripple (XRP) offers a blockchain-based payment protocol that offers fast and secure cross-border transactions with low fees. It is a unique cryptocurrency that targets serving banks to transfer value over borders quickly and easily.
XRP may suit a wide range of traders and investors, especially those who are looking for an altcoin that may increase in value over the years. Ripple is currently #6 in market capitalization in the top 20 cryptocurrencies and has a well-established market.
Ripple is likely to play a huge role in the financial sector and thematic investors can see huge untapped potential as XRP is considered the future of transactions and payment.
Big Eyes Coin – Worthy and Cute Investment?
One of the newest meme tokens in the meme coin sector, Big Eyes Coin (BIG), aims to transfer the wealth of the centralized economy to its cat-loving Decentralized Finance (DeFi) ecosystem.
Big Eyes Coin, a cryptocurrency built on the Ethereum network, is now in the presale stage and is in the ripe stage to invest. For those uninitiated, the presale season in the altcoin market is like a gold mine. For instance, stage 1 investors received a 390% return on their BIG investment as the coin climbed to stage 12 of the presale. The coin also provides incentives, extra benefits, and coupon codes to its community members. Its huge pre-sale performance raising over 33 million indicates that the BIG coin will perform admirably once it is formally launched in the cryptocurrency community.
BIG aims to raise $50 million in presale tokens before its debut on May 31. As of stage 12, it has already raised more than $32.5 million.
Being a community-owned ERC-20, it holds 5% of the total token supply to be donated to various organizations because conserving a significant portion of the world’s oceans is at the top of the project’s agenda.
Invest against inflation in 2023
In conclusion, the cryptocurrency market remains volatile, but the potential for growth and returns is undeniable. Bitcoin, the world’s largest cryptocurrency, has had a tumultuous ride, but its finite supply and dominance in the market make it an attractive option for investors looking for a hedge against inflation.
Although gold and silver are still considered safe havens for investors, the finite supply of Bitcoin makes it a unique alternative. Bitcoin’s digital nature and decentralized network make it an attractive investment as third-party risks are removed from the equation altogether. Additionally, Bitcoin is much easier to transact than gold and silver.
As we move further into 2023, the cryptocurrency market will undoubtedly continue to evolve and present new opportunities and challenges. Still, with careful consideration and a long-term perspective, investors may find that cryptocurrencies like Bitcoin, Ripple, and Big Eyes Coin offer exciting potential for growth and returns.
Find out more about Big Eyes Coin (BIG):