Which currency is the greatest bet in terms of returns? In 2023, Bitcoin may not be the best alternative in cryptocurrency exchange. If you invest in something other than Bitcoin, you may get a better return on your money. Bitcoin’s price has gone up because a lot of big institutions have bought it.
The following six digital currencies may see their values skyrocket.
Ethereum (ether) is only second to Bitcoin in terms of market capitalisation. Since its upgrade in October 2017, Ethereum’s total supply has been lowered to 122.68 million tokens. The upgrade improves Ethereum’s scalability, transaction speed, and transaction cost.
Ethereum’s two key limitations are the lack of a fixed supply (bitcoin has a 21 million coin supply) and the lack of formal endorsement from companies and governments. In contrast to Bitcoin, Ethereum may be used for a multitude of purposes. It is the engine that powers the app infrastructure. Ethereum is a decentralized cryptocurrency that serves as the financial economy’s backbone.
The great majority of NFTs and metaverse projects, including Star Atlas, Axie Infinity, and The Sandbox, employ Ethereum. In September, Ethereum switched to a proof-of-stake that was ready for Web3. This improved security and scalability and cut energy use by 99.5%.
Ethereum, like the majority of other major cryptocurrencies, has lost 61% of its value since the beginning of the year. Those who have been waiting for the price of Bitcoin to fall may finally get their opportunity. Those that invest methodically using a dollar-cost-averaging technique may also be interested in the currency.
Binance Token (BNB)
Binance is by far the most popular cryptocurrency exchange. The Binance currency, like Bitcoin, has a maximum supply of 200,000,000 tokens (161,337,261). Token prices increased in 2021. Binance burns 20% of its quarterly revenue as BNB token payouts, which has been proven to raise the value of these tokens. It has already gotten rid of 38,500,000 BNB tokens, and plans to get rid of the rest of the supply.
Since it has two blockchains, Binance can escape Ethereum’s congestion. It’s quick and scalable, and Binance is working to make the platform more acceptable to regulators, according to Seeking Alpha, all of which bodes well for the company’s long-term survival and development. According to CoinMarketCap, Binance created the fiat-to-cryptocurrency payment platform Bifinity so that retailers could accept digital assets. The payment processing infrastructure supports over 50 different digital currencies, including Visa and Mastercard.
While Bitcoin and Ethereum were the most popular cryptocurrencies in 2017, BNB has the potential to surpass them next year. As Binance grows in Europe, with its European headquarters in Paris, Binance Coin may pick up speed.
Meanwhile, the SEC is investigating Binance’s launch of the Binance currency for potential regulatory infractions. If BNB is significantly penalized, the price of the service may decline.
Tether is a cryptocurrency that is linked to a less volatile asset than Bitcoin. Tether is backed by US money. Tether’s 1:1 dollar value makes it less volatile than Bitcoin and Ether.
Tether fell to $0.9455 in May, its lowest level since early 2018. It has now rebounded and is presently selling at, or over, 99 cents. Analysts disagree on whether the drop showed a real “de-pegging” from the dollar, but it did cause a sell-off as investors rushed to buy Bitcoin and other currencies at deep discounts out of fear that Tether might go the way of another stablecoin, Terra.
Tether is now worth $68.22 billion on the market, ranking third in terms of volume. Tether, the most liquid stablecoin, is used by cryptocurrency traders and investors to store and deal with money that doesn’t vary in value, such as Bitcoin, Ether, and other non-stable cryptocurrencies. You can lend your money to Bitcoin sites and earn double-digit yearly interest rates without fear of losing it.
The MANA cryptocurrency is accepted as payment in Decentraland, an Ethereum-based virtual reality game. Users may create and sell things, cultivate virtual land, and interact with other gamers. On October 6, 2022, MANA finished at $0.7062, up 12% from its 52-week low of $0.6307, and 88% from its 52-week high of $5.90.
MANA is the second most valued cryptocurrency in the gaming industry. Although Decentraland competes directly with games such as The Sandbox and ApeCoin, and in-game assets are expensive (for example, land lots on Blockee recently began at $3,200), the game does offer a few characteristics that may help the MANA token. When trading digital assets, Decentraland users don’t have to use the MANA cryptocurrency.
Millennium Hotels and Resorts launched M Social on Decentraland in May, giving the platform credibility. According to a press release, the “First hospitality group-operated metaverse hotel” has been found. Variety reports that “The Infinite Machine” and Decentraland’s NFT collection would be integrated to form a single virtual environment known as Decentraland. According to Forbes, Grey Goose has developed a VIP lounge in Decentraland that is a carbon copy of the company’s opulent VIP Suite.
Silvio Micali’s ALGO blockchain is an alternative to Ethereum. Securities.io says that it’s being utilized by hundreds of businesses, and that number grew when El Salvador selected Algorand as its blockchain infrastructure late last year. According to Blockworks, Borderless Capital has established a $500 million fund to invest in digital currencies that power decentralized applications on Algorand. The Marshall Islands Central Bank’s cryptocurrency Sovereign (SOV) and the International Federation of Association Football (IFAF) both utilize the Algorand blockchain.
ALGO’s “proof-of-stake” algorithm is secure, scalable, and low on energy. This capacity will become increasingly important as Bitcoin energy consumption is researched and may be restricted.
Render Token (RNDR)
Miners may monetize their GPU idle time by selling bandwidth to artists and design businesses via the RenderToken network. Render Network producers and miners use the native token RNDR.
Otoy creates renders by hand. Octane X RNDR for iOS was launched by Otoy to help level the playing field in terms of graphics processing. Fast Company says that RenderToken may beat Disney and Marvel in the metaverse rendering market because it uses the same Otoy GPU renderer as they do.
RNDR was introduced to Coinbase’s offerings after a public auction in 2017. It’s just a guess, but it’s possible that RNDR could benefit from Coinbase’s popularity and the meteoric rise of non-fungible tokens for digital art, which is also a guess.