Top 10 Most Promising Cryptocurrencies In 2023

Last Updated October 30th 2022
17 Min Read

The crypto market has so many dynamics that it can be hard to tell which are the best cryptocurrencies to buy at any given time. You have to contend with market volatility, regulatory risk, and even the fact that some cryptocurrencies are outright scams. 

An in-depth market analysis makes it easy to determine which cryptocurrencies have the best risk-reward ratio. 

If you are unsure how to go about such analysis, don't worry, as you have come to the right place. This article explores the 10 most promising cryptocurrencies to buy in 2023 for maximum reward relative to the risk taken.

What Are The Most Promising Cryptocurrencies In 2023?

  • Ethereum (ETH)    Largest Smart Contract Cryptocurrency That Is Now Deflationary
  • The Sandbox (SAND)    Play-to-Earn Gaming Cryptocurrency That Is Gaining Corporate Interest
  • Decentraland (MANA)    Metaverse Cryptocurrency That Is Gaining Traction In NFT Gaming
  • Shiba Inu (SHIB)    Popular Meme Coin With Strengthening Fundamentals
  • Polygon (MATIC)    Ethereum Layer-2 Solution That Is Scalable And Deflationary
  • Near Protocol (NEAR)    Dapps Platform That Combines Scalability With Ease Of Use
  • Solana (SOL)    Layer-1 Blockchain That Prides Itself On Low Fees And Fast Transactions
  • Fantom (FTM)    Highly Scalable Smart Contracts Cryptocurrencies Using Advanced Tech
  • Binance Coin (BNB)    Token That Powers The World's Largest Cryptocurrency Exchange
  • Avalanche (AVAX)    Scalable Layer-1 Blockchain That Is Also Highly Stable

 

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

An In-Depth Look At The Most Promising Cryptocurrencies In 2023

The tokens we have picked as the most promising cryptocurrencies in 2023 all have one thing in common – they are all fundamentally strong and are massively undervalued at current prices.

As the market starts to pick upside momentum, they hold the most potential for giving investors parabolic investment returns.

Without further ado, let's now dive into each of them.

1. Ethereum – Largest smart contract cryptocurrency that is now deflationary

Top of the list of most promising cryptocurrencies in 2023 is Ethereum. Ethereum is one of the most exciting new innovations in the world of cryptocurrencies. Unlike other major digital currencies like bitcoin, which are primarily used as stores of value and financial instruments, Ethereum is a platform for decentralized applications or dApps. Through its smart contract functionality, which allows for codified rules and automatic execution, Ethereum enables a wide variety of applications to be built on top of it. 

Perhaps the most notable example is Ethereum's native cryptocurrency, ether. Designed to function as "fuel" for the Ethereum blockchain and its apps, ether has grown to become one of the leading digital assets in market capitalization and investor interest. With robust security mechanisms and innovative features that make it an attractive option for developers and users alike, Ethereum is poised to continue its growth into the future.

Ethereum easily makes it to the list of most promising cryptocurrencies in 2023 due to the recently concluded merge. The merge transformed Ethereum and got it running fully as a Proof-of-Stake blockchain. This means Ethereum is now consuming 99.9% less energy than when running as a Proof of Work blockchain. The beauty of this is that Ethereum is now attractive to environmentally conscious investors, especially at the institutional level. At the same time, Ethereum is now a deflationary cryptocurrency, meaning the more the network is used, the more tokens are burned.

ETH price  chart

Before the shift to Ethereum 2.0, Ethereum was the most adopted network despite its flaws, especially in gas fees and scalability. Now that it is utilizing layer-2 solutions to scale, the odds are that more developers will find Ethereum attractive, bringing into effect the potential for an accelerated burn and potential value growth. This easily makes Ethereum undervalued and one of the most promising cryptocurrencies in 2023. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

2. Sandbox – Play-to-Earn gaming cryptocurrency that is gaining corporate interest

The Sandbox is a Metaverse cryptocurrency for gamers and creators alike. Built on the Ethereum blockchain, it offers users an immersive, interconnected metaverse where they can create their own unique gaming experiences, share virtual assets and content with others, and monetize their creations through a decentralized marketplace. The Sandbox represents the next great leap in the evolution of online gaming.

SAND price chart

As play-to-earn gaming continues to gain traction, Sandbox has emerged as one of the most critical players in that space. The most significant pointer to Sandbox's adoption is that corporations are choosing it over other Metaverse cryptocurrencies. For instance, earlier in 2022, Warner Music chose Sandbox as the platform it would use for music concerts in the Metaverse. Sandbox has also seen considerable growth in the number of play-2-earn games that are coming up in its ecosystem. All this makes it one of the most promising Metaverse cryptocurrencies in 2023.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

3. Decentraland – Metaverse cryptocurrency that is gaining traction in NFT gaming

Decentraland is another Metaverse cryptocurrency that offers users the experience of an immersive and limitless digital world. Unlike many other VR platforms, Decentraland does not require users to wear special head-mounted displays or other gear to explore its virtual landscapes. Instead, its unique decentralized architecture allows users to interact with the world simply by using their computer or mobile device. The result is an incredibly lifelike and interactive experience that feels truly limitless.

But what makes Decentraland truly unique is its underlying architecture, which is built on the Ethereum blockchain. This allows for high security and transparency, ensuring that all transactions are recorded in a publicly accessible ledger and guaranteeing that users' data will never be compromised. With such advanced technology at its core, Decentraland has quickly become a leading force in virtual reality, providing a glimpse into the future of gaming, entertainment, and beyond.

Decentraland has also opened up the world of play-to-earn gaming using NFTs. Decentraland allows users to create and own their digital land. By purchasing LAND tokens with the MANA crypto token, users gain full ownership of their unique parcels of land in Decentraland's virtual world. As a result, companies and individuals alike have been flocking to Decentraland to express themselves and connect with others in this vibrant new metaverse world.

MANA price chart

With a growing interactive environment coupled with its highly depressed prices at the moment, it is not hard to see why Decentraland is one of the most promising cryptocurrencies in 2023. MANA is an undervalued cryptocurrency at over 80% from its 2021 highs.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

4. Shiba Inu – Popular meme coin with strengthening fundamentals

Shiba Inu is a popular cryptocurrency known for its distinctive dog logo and playful attitude. One of the major benefits of Shiba Inu is that it allows users to easily transfer and receive coins using smart contracts enforced by blockchain technology. Furthermore, this altcoin offers faster confirmations than many other cryptocurrencies, making it ideal for everyday transactions. Overall, Shiba Inu has quickly gained popularity among crypto enthusiasts for its low fees, fast transaction times, and dedication to community-building. 

Besides being one of the most popular meme coins in 2023, what makes Shiba Inu a promising cryptocurrency are the developments within its ecosystem. For instance, the Shiba team recently launched a Metaverse, and the community reception has been incredible. 

SHIB price chart

The team also launched a layer-2 scaling solution meant to make SHIB scale better, hence more practical as an everyday currency. With all these at play, there is no doubt that SHIB is undervalued. This potential for a FOMO-driven rally makes Shiba Inu one of the most promising cryptocurrencies in 2023. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

5. Polygon – Ethereum Layer-2 solution that is scalable and deflationary

For many years, the world of blockchain has been plagued by the problem of scalability. While technologies like Ethereum have revolutionized how we think about currency and transactions, their current form is limited in terms of how much data can be processed at one time. Fortunately, a new solution called Polygon has emerged that aims to solve this issue. With a focus on modularity and flexibility, Polygon's SDK has grown in popularity among blockchain developers looking for greater efficiency and speed in handling transactions.

This innovative platform has given rise to various cutting-edge technologies such as Validium, zkRollups, and, Plasma, as well as exciting sidechains like Matic, which functions as the project's native token and ticker symbol. Thanks to its groundbreaking approach to scaling and security, Polygon is helping to unlock the full potential of blockchain technology and take us one step closer to a truly decentralized future.

MATIC price chart

Whether you're looking to build your own custom dApp that can reach the masses or want to invest in a promising cryptocurrency in 2023, Polygon stands out from the crowd. Polygon is also quite attractive due to its discounted prices at the moment, giving it a potentially high upside, even if it just retests its most recent all-time highs.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

6. Near Protocol – Dapps platform that combines scalability with ease of use

NEAR has developed a unique Proof-of-Stake consensus mechanism that dramatically uses a sharding architecture to increase transaction throughput. This novel approach uses tiny, bite-sized shards to divide the blockchain into small but interconnected parts. This enables much more efficient transaction processing and provides increased fault tolerance, as the failure or disruption of one shard will not cripple the entire blockchain. Overall, NEAR's Proof-of-Stake consensus mechanism and sharding architecture make it well-suited for real-time scaling of high volumes of transactions. Whether you're a developer looking to create next-generation decentralized applications or an investor seeking profitable returns, NEAR is one of the most promising cryptocurrencies in 2023.

This is already driving up adoption, with major tech corporations choosing Near Protocol as their gateway to Web 3.0. One of those that are betting on Near Protocol is Google. Google is one of the world's most powerful and influential companies, and its latest partnership is a major win for Near Protocol. This partnership will provide essential infrastructure for Near's platform and give web developers easy access to all of Google's advanced tools and services.

NEAR price chart

Given this new partnership, it is clear that Google recognizes the potential of blockchain technology. Not only does it offer exciting new possibilities for entrepreneurship and innovation, but it has the potential to radically disrupt traditional business models across a wide range of industries. By teaming up with Near Protocol, Google is signaling its commitment to the future of Web3 and could create FOMO around Web 3.0.

When you factor in the fact that Near Protocol is trading at a massive discount compared to its most recent all-time highs, it becomes clear why it is one of the most promising cryptocurrencies in 2023.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

7. Solana – Layer-1 blockchain that prides itself on low fees and fast transactions

Solana is a new blockchain platform revolutionizing the distributed technology world. This cutting-edge network uses unique consensus algorithms to achieve high levels of scalability, with speeds of up to 50,000 transactions per second. Despite its numerous technical achievements, Solana is still experiencing technical problems that have led to sporadic network downtime. However, these challenges have done little to dampen the enthusiasm of the blockchain community, which continues to support and champion this innovative technology. 

This is evident in the growing adoption of Solana NFTs and DeFi projects. Solana's NFT and DeFi networks are growing at an impressive pace, allowing users to leverage cryptocurrency for everything from investing to gaming. With so many exciting new developments on the Solana platform, it is clear that this innovative platform is set to become a key player in the world of dApps. 

The best part is that Solana trades at a significant discount from its most recent highs. Solana could be highly rewarding if the broader market gains upside traction. 

SOL price chart

Whether you're a seasoned crypto enthusiast or a newcomer to the field, Solana presents an exciting opportunity that gives rise to a new wave of decentralized applications and systems. With its limitless growth potential, Solana is undoubtedly one of the most promising cryptocurrencies in 2023. Click here to learn more about how to invest in Solana

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

8. Fantom – Highly scalable smart contracts cryptocurrencies using advanced tech

Fantom is a relatively new blockchain that is quickly gaining momentum in the crypto world. Unlike other top layer-1 blockchains such as Solana and Ethereum, it uses a simple yet powerful single consensus layer to power multiple possible execution chains. This gives Fantom several distinct advantages over its competitors, including faster transaction speeds, more flexibility in terms of project development, and lower costs for users.

At its core, the Fantom blockchain facilitates fast and efficient transactions that can be applied to many use cases. This network of execution layers is built on a new protocol called Lachesis, specifically designed to deliver scalable and affordable transaction speeds. By optimizing various aspects of the underlying infrastructure, such as consensus mechanisms, data storage tools, and networking protocols, the Lachesis Protocol can steadily increase the efficiency of distributed applications (dApps) running on the platform.

Ultimately, the goal of Fantom is to create an environment where businesses and developers can easily build and deploy decentralized applications that perform at scale and meet their unique needs. Whether it's facilitating payments in real-time or serving as an essential cog in the machine of supply chain management, the Fantom blockchain has all the tools needed to become a key player in the rapidly growing world of dApps.

FTM price chart

Whether you are an investor looking for exciting new opportunities or an entrepreneur searching for the perfect platform for your project, Fantom is worth checking out. With its bold vision and strong community support, this innovative blockchain is undoubtedly one of the most promising cryptocurrencies in 2023.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

9. Binance Coin – Token that powers the world's largest cryptocurrency exchange

Binance Coin has come a long way since its humble beginnings as the native token of the Binance online exchange. With millions of users worldwide, Binance is one of the largest and most popular crypto exchanges today. And with good reason – it offers an impressive array of features and functionality for traders, lightning-fast transactions, and low trading fees.

 In particular, Binance Coin is known for its versatility. Not only can it be used to trade on the platform itself, but it can also be sent to other users or converted into a wide range of different cryptocurrencies. Binance Coin has proven itself to be a key player in the ever-growing global crypto market. And there's no doubt that it will continue to play an essential role in shaping the future of this dynamic and fast-moving industry.

BNB price chart

Due to its intertwined nature with Binance, Binance Coin stands to benefit the most from Binance's growing ecosystem. One aspect of Binance that makes BNB a promising cryptocurrency in 2023 is the Binance Smart Chain. 

The Binance Smart Chain is a fast-growing environment for decentralized applications. Its customized smart contract functionality and unparalleled speed provide developers with everything they need to create innovative new Dapps that can truly transform the way we live and work. 

As it grows, so does the use value of BNB. This coupled with Binance Coin's deflationary nature and the fact that it is trading at a discount makes BNB a highly undervalued cryptocurrency to buy today. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

10. Avalanche – Scalable layer-1 blockchain that is also highly stable

Avalanche is an innovative platform that has been engineered to provide a secure and reliable environment for deploying decentralized applications and enterprise blockchain solutions. Thanks to its robust system architecture, built-in interoperability, and seamless scalability, Avalanche is one of the best platforms for creating decentralized financial applications and modernizing existing business processes. Whether you're looking to build a new dApp or upgrade your current blockchain solution, Avalanche is the perfect choice for ensuring security, efficiency, and scalability at every step of the process. 

At first glance, Avalanche may seem a relatively complex and difficult protocol. However, this is far from the truth. Thanks to its composable approach to application development, Avalanche makes things easy for developers. In fact, throughout 2021, developers flocked to Avalanche, pushing it to become one of the best-performing cryptocurrencies in the last bull run. 

Despite a major correction in 2022 that decimated many investors' portfolios, AVAX remains one of the most promising cryptocurrencies in 2023. There are many reasons for this bullish sentiment, beginning with the fact that AVAX is based on solid technological fundamentals. Unlike many other cryptocurrencies that lack a clear purpose or real-world applications, AVAX has been designed from the ground up as a secure and efficient payment network. Its advanced system architecture enables fast and flexible transactions across multiple platforms, making it an ideal choice for businesses and consumers alike.

AVAX price chart

Beyond its technical merits, AVAX has also built up a strong community of supporters who are bullish about its long-term prospects. As more people learn about this innovative digital currency and see first-hand how it can improve their lives, we expect continued interest and adoption growth over time. Consequently, even as the overall crypto market experiences fluctuations and dips over the years ahead, AVAX looks to be one cryptocurrency that will continue to withstand the test of time.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Our Criteria For Ranking Promising Cryptocurrencies In 2023

To help you select high-potential cryptocurrencies in the future, here are the parameters we used to create our list. 

The Volatility 

One important metric to consider when analyzing the growing cryptocurrency market is price volatility. Price volatility is driven by many factors, including market demand and supply, as well as investor sentiment. At its core, price volatility can be thought of as a reflection of risk. In other words, the greater the price swings in a particular asset or investment class, the higher the level of risk that it entails.

Given this understanding, it's clear why price volatility may deter some investors from entering the crypto market. After all, with prices tend to move wildly and seemingly without warning, this presents an increased risk for any potential investor. However, seen from a longer-term perspective, there may be less cause for concern about price volatility among crypto investors. This is due to two key factors: 

  1. Improving fundamentals in a variety of cryptocurrency markets.
  2. Improvements in underlying blockchain technology make these assets far more secure and reliable. 

As such, it's clear that when viewed through this lens and with proper risk management strategies in place, price volatility may not pose quite as significant an obstacle for crypto investors as it might appear at first glance. If anything, it could present to catch a promising cryptocurrency to buy at a good price. 

The team behind the cryptocurrency 

We looked at the team behind each of the cryptocurrencies in our list above. As a rule, before you invest in a cryptocurrency, make sure that it has a credible team of developers behind it. This is usually a reassurance that they can deliver on what they promise. By extension, this means that such a cryptocurrency has a good chance for adoption going into the future. 

The Community

When investing in cryptocurrencies, it is also essential to look at their community size. The community is what generates hype, and that's important in a bull market. To gauge a cryptocurrency's level of community engagement, be sure to look at its social media activity. The more social media activity a coin/token has, the higher the odds it is a promising cryptocurrency to invest in. All the cryptocurrencies in our list have robust communities on Twitter, Reddit, and other social media platforms. 

Conclusion

Investing in promising cryptocurrencies in 2023 means you are betting on the future of blockchain. That's why we selected cryptocurrencies with strong fundamentals, robust communities, and, most importantly, trading at a considerable discount. 

While all the cryptocurrencies we have discussed in this list hold a lot of potential, we believe Ethereum is the most promising cryptocurrency to invest in in 2023. The recent merge that has made ETH deflationary, coupled with depressed prices, gives this cryptocurrency a lot of potential for growth. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

FAQs

What is the most promising cryptocurrency today?

All cryptocurrencies in our list have a lot of potential in 2023. However, we believe Ethereum holds the most promise at the moment.

How do I identify promising cryptocurrencies?

The key to finding the most promising cryptocurrencies in 2023 is to focus on their use cases, the community, and the team behind the project. 

What is the best exchange to buy the most promising cryptocurrencies?

While there are many exchanges out there, eToro is one of the best. The Platform is regulated and is one of the most cost-effective for crypto investors.

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