Introduction
Altcoins have become increasingly popular over the years, with many investors looking beyond Bitcoin to find hidden gems that could provide a high return on investment. In this article, we will explore the top 6 underrated altcoins that have the potential to grow and make a significant impact in the cryptocurrency market in 2023. Let’s first discuss the criteria for the selection of these cryptocurrencies. If you are wondering about Bitcoin, click here to know more detailed information.
Criteria for Selection
Before diving into the list of underrated ones, it’s essential to understand the criteria used to select them. The criteria used include market capitalization, adoption rate, potential use cases, and development progress. Market Capitalization Market capitalization is a crucial factor when considering the potential. The higher the market capitalization, the more stable and reliable the cryptocurrency is likely to be. Adoption Rate Adoption rate refers to the number of people and businesses that use an altcoin for transactions. The higher the adoption rate, the more likely the coin will succeed in the long term.
Future Use Cases
The various uses for crypto are referred to as potential use cases. We have taken into account alternative coins with a range of applications, including as payments, supply chain management, and data storage, among others. Developmental Advancement While choosing an altcoin, development growth is crucial. We looked at alternative coins with active development teams and a well-defined future roadmap.
Top 6 Underrated Altcoins in 2023
Avalanche (AVAX)
Avalanche is a blockchain network that allows users to create their subnets with custom rules and assets. The platform offers high throughput, fast finality, and low fees. Despite being one of the top-performing altcoins in 2021, Avalanche is still highly underrated. With an expanding ecosystem and partnerships, Avalanche has the potential to become a significant player in the blockchain industry.
Celer Network (CELR)
A layer-two scaling technology called Celer Network makes it possible for blockchain networks to conduct quick, safe, and affordable transactions. The platform has a unique off-chain architecture that enables users to conduct transactions off the blockchain, reducing congestion and increasing scalability. With more partnerships and adoption, Celer Network has the potential to become a major player in the decentralized finance (DeFi) sector.
Enjin Coin (ENJ)
Enjin Coin is an Ethereum-based cryptocurrency that allows game developers to create and manage in-game assets. The platform has seen significant adoption in the gaming industry, with over 50 games integrating its technology. Despite its adoption rate, Enjin Coin is still highly underrated, with significant growth potential in the gaming industry and beyond.
Solana (SOL)
Solana is a fast, secure, and censorship-resistant blockchain that offers high throughput, fast finality, and low fees. With an expanding ecosystem and partnerships, Solana has the potential to become a significant player in the blockchain industry. Additionally, Solana’s focus on decentralized finance (DeFi) applications provides an opportunity for growth in the sector.
The Graph (GRT)
The Graph is a decentralized indexing protocol that enables developers to access data from different blockchains easily. The platform has gained significant traction in the decentralized finance (DeFi) sector, with over 20 billion monthly queries. Despite its growing adoption rate, The Graph is still highly underrated, with potential use cases in Web 3.0 and beyond.
Basic Attention Token (BAT)
Basic Attention Token is a cryptocurrency that is used in the Brave browser. It allows users to earn BAT tokens by viewing ads, and it also rewards content creators. Basic Attention Token has a strong use case and has gained attention from various organizations, such as Coinbase and Binance. Despite its unique features and potential for growth, Basic Attention Token is often underrated in the cryptocurrency market.
Conclusion
In conclusion, there are numerous undervalued altcoins with the potential for growth and investment in the cryptocurrency market, which is continuously changing. These alternative coins include but are not limited to, Zcash, Polkadot, Stellar, Filecoin, Basic Attention Token, and Ocean Protocol. While making an investment, it’s vital to take into account a number of variables, including market capitalization, acceptance rate, use case, development team, and the possibility of future growth and distinctive qualities. If a project has some potential value that it provides to the users, it is likely to grow in the future. The growth again depends upon a number of factors but it will rise eventually.
