2023 is here, and cryptocurrency still controls the vast majority of many countries’ financial systems. Therefore, people no longer see it as a currency that will fade out very soon; it has been circulating for over a decade. According to CryptoManiaks: “The notion of cryptocurrency being a glitch in the system or a currency set to crash very soon is non-existent.”
In fact, to the utmost surprise of others, it is gaining more ground against fiat currencies and increasing in its various types. Fiat currency growth has been stunted recently due to the poor state of the economy of various countries. Despite many fiat currency financial technology-based platforms, crypto still holds a mighty sway in the industry.
To successfully participate in the cryptocurrency economy, the most vital thing needed is deep crypto education. Coins like Bitcoin and litecoin are unlike any other currency; they can be used for various purposes, making them very dynamic. The latest addition to this never-ending onslaught of digital cash is crypto tokens.
Crypto tokens are now an essential part of Bitcoin; their significance was notable in the industry in late 2022. Furthermore, people heavily demanded them due to how diverse they were. Therefore the primary purpose of this Bitcoin guide is to inform you of the top crypto tokens to watch out for in 2023.
What is Crypto Tokens?
Crypto tokens are digital currencies but do not operate on the blockchain like other currencies. However, the blockchain is vital to Bitcoin coins; it drives everything about the cash.
All Bitcoin coins work on the blockchain network; it is a public ledger that keeps records of all Bitcoin transactions and is available among the nodes of a computer network. Also, they are decentralized, thereby eliminating any third-party interference, which makes them completely safe and secure.
Crypto tokens, like Bitcoin coins, can be bought or sold by investors using any Bitcoin exchange platform. These tokens serve many purposes to the extent that they represent physical assets like art.
A perfect example of this is NFTs, which you can use to depict things like music, videos, and real estate, but so far, artworks have been the most popular.
Difference Between Crypto Tokens and Crypto Coins
Bitcoin is a crypto coin, not a crypto token; this should be the first fact you know in your Bitcoin education. Any digital currency without a blockchain is known as a Bitcoin token.
They do not have their blockchains but operate on an existing one. For example, Bitcoin runs on its blockchain, known as the blockchain, and the same goes for Ethereum.
Most crypto tokens exist on Ethereum’s blockchain; the most common token standards used are ERC-20 and ERC-721. Each has its specific benefit; ERC-20 allows for creating dApps-compatible tickets, while ERC-721 enables users to develop and operate NFTs.
In addition, most crypto coins are more valuable than crypto tokens; for example, Bitcoin is an example. However, crypto tokens are way more stable than crypto coins.
Top Crypto Tokens to Watch Out For in 2023
Each of the coins discussed below has the potential to further increase its market cap in 2023. However certain factors go into achieving this, but it mostly depends on the investor.
Long-term owners of the comparatively low-value tokens may profit if they are patient, given that we anticipate the cryptocurrency market to grow. Hence here are the top Bitcoin tokens to watch out for in 2023.
● TETHER (USDT)
Tether is the most popular and widely used crypto token, so it only fits if it makes a list. With the demand for Tether increasing rapidly, many Bitcoin enthusiasts expect good things from the ticket in 2023.
Tether is currently at a market cap of over $68.56 billion, proving it is a highly valued asset. It has an unlimited supply, and it is presently at 1 dollar.
It is not a mineable token and operates on Ethereum and Bitcoin blockchains. Another vital information in your crypto education journey is that Tether is not an investment. Still, its stability and trading ability make it a good token to own.
● SHIBA INU (SHIBA)
Shiba Inu is a token with serious plans for 2023; it aims to forgo all attachments to the name meme coin. People see it as the perfect token for newbie investors, and there has recently been a massive surge in popularity.
Shiba has big plans for 2023 as it aims to launch barium under the layer two network of Ethereum. This token increases the safety and security of the Shiba token, allowing its users to process transactions without fear.
The introduction of barium cannot be understated as it also processes transactions at a lower cost. It currently has a market cap of over 6 billion dollars which we expect to increase. Shiba is a token to watch out for in 2023.
● POLYGON (Matic)
The beauty of the MATIC token is that you must have a MATIC holding to process a transaction. Hence, it would help if you had the MATIC token in your Bitcoin wallet.
So, there is a high chance of the currency growing. It is currently priced at $1, while the highest it has ever reached is $1.90. In addition, it has a market cap of around $11 billion and a maximum supply.
● Wrapped Ton Coin (TONCOIN)
Toncoin is the currency of the future. It is an ERC-20 token type and operates on the Ethereum network. Moreover, it has designs that use multiple transactions in seconds.
Furthermore, it has a market cap of around 3 billion dollars and is currently at $2.16; we expect this value to rise. Finally, Toncoin is a relatively new currency with barely up to 2 years in the market; it is a baby in the industry, which makes it the perfect coin to watch out for in 2023.