The crypto market is constantly evolving with the emergence of new coins and platforms. As the second quarter of 2023 approaches, several digital currencies have the potential to make a significant impact.
In this article, the analyst will highlight some of the most well-known cryptos to watch, including Ethereum (ETH), XRP (XRP), Polkadot (DOT) and RenQ Finance (RENQ).
Whether you have experience in crypto trading or are just starting out, these cryptocurrencies have the potential to experience considerable growth in the near future and are worth keeping an eye on.
Four Potential Cryptos in the First Quarter of 2023
Ethereum (ETH)
Ethereum is a decentralized platform that has gained recognition for its capabilities in developing smart contracts and dApps. Ethereum has maintained its top position in the crypto market, currently ranking third with a market capitalization of US$205,620,731,252.
Ethereum 2.0, the planned transition from Proof-of-Work to Proof-of-Stake, is expected to increase the scalability and sustainability of the network. This project, combined with Ethereum’s established status, is poised to contribute to its continued success in the market.
Ripple (XRP)
XRP has been a topic of discussion among crypto followers for some time, especially with the US SEC’s lawsuit against Ripple Labs, the company behind XRP, in December 2020. The outcome of the case will have a significant impact on the future of XRP, whereby if the US SEC wins, XRP will likely be removed from major crypto exchanges, causing a drop in its value.
However, if Ripple wins, XRP could regain some credibility and could see a significant increase in price. Despite the uncertainty, XRP has started the year well, rising in price from US$0.34 to US$0.42, making it one of the cryptos to watch in Q2 2023.
Polka dot (DOT)
Polkadot (DOT) is a unique crypto PoS that aims to offer seamless interconnectivity between blockchains, both licensed and unlicensed, and oracles. Its main component, the relay chain, facilitates interoperability between various networks, and allows the creation of parachains, special parallel blockchains with their own native crypto.
What sets itself apart from Ethereum is in its approach to security. With Polkadot, developers can create their own blockchain while taking advantage of the security offered by the Polkadot chain, known as shared security. On the other hand, on Ethereum, developers need to create their own security measures, making new and smaller projects vulnerable to attacks.
Polkadot was founded by Gavin Wood, a former member of the Ethereum project who has a different view of its future. As of February 2023, its market cap is around US$8 billion, with a single DOT trade costing US$7.12.
RenQ Finance (RENQ)
RenQ Finance is a decentralized digital asset trading platform built on the Ethereum blockchain that provides users with a secure environment to trade a variety of digital assets, including crypto assets, stablecoins, DeFi tokens and more. The platform operates without intermediaries, relying on smart contracts enforced by the Ethereum blockchain to ensure maximum security for user assets.
RenQ Finance offers a comprehensive trading solution, with features such as market creation, automated trading, order matching and advanced liquidity solutions. The platform also provides access to market insights and analytics, making it a one-stop shop for users’ digital asset trading needs. RenQ prioritizes decentralization and allows users to be part of the growth and development of the network by holding tokens.
When the RenQ token presale started, anticipation was high with the RENQ token price already increasing from US$0.02 to US$0.055, reflecting a 175 percent growth in the crypto price. The RENQ token post-launch price is expected to be around US$0.57 to US$0.72 upon listing on top tier exchanges, this makes it a potential 25x return immediately upon exchange listing for investors who get the first tranche of the presale.
