In a year of crypto market ambiguity, some traders are focusing on top-performing cryptos regardless of market sentiment debates.
Throughout the past decade, cryptocurrencies have surged in popularity and value, sparking optimism among investors and traders. They eagerly seek promising new cryptocs to invest in, but the volatile nature of this asset class makes finding sustainable rallies challenging due to the unique risks associated with each project.
Here are three promising cryptos gaining momentum in 2023, hinting at further growth ahead.
Uniswap (UNI-USD)
Uniswap (UNI-USD) functions as a digital marketplace enabling direct cryptocurrency exchange, bypassing banks and intermediaries for secure and convenient trading. This is akin to your personal virtual trading post.
Uniswap’s recent upgrade to version 4 introduced ‘Hooks,’ intelligent aides within asset pools, assisting pool creators in making informed decisions. Another feature further allows sizable transactions with reduced fees and minimal price impact. These improvements highlight Uniswap’s user-focused approach, enhancing its appeal for potential investment.
Uniswap’s technical analysis suggests a potential uptrend based on recent bullish performance and steady key support levels, although investors should be mindful of possible retracements inherent in such price movements.
MakerDAO (MKR-USD)
MakerDAO (MKR-USD) offers a unique and promising crypto opportunity with its DAI stablecoin project. DAI aims to maintain purchasing power amid current inflation concerns. Yet, the recent banking crisis caused instability in the crypto market, leading to stablecoins like USD Coin (USDC-USD) losing their dollar peg due to investor worries about the financial system’s impact on digital assets.
After increasing its interest rate by 8%, MakerDAO DAI’s stablecoin supply surged by $200 million. Founder Rune Christensen stated that Dai Savings Rate (DSR) offered a high yield without added risk. As a result, DAI’s market cap rose from $4.45 billion to $4.66 billion in 24 hours, while decentralized stablecoins in the DSR contract jumped from 339.4 million to 611 million.
When looking at stablecoin projects with substantial growth potential, Maker’s DAI stands out as a top contender. While risks remain, it’s a project worth exploring for those interested in potential growth.
Optimism (OP-USD)
Optimism (OP-USD) is a prominent Layer 2 solution for enhancing Ethereum’s (ETH-USD) scalability. It surprised the market with an airdrop of OP tokens, targeting active Ethereum participants facing high fees. With a current price of $2.66 and a market rank of 59, Optimism has a circulating supply of 314,844,141 OP, resulting in a total market cap of approximately $837 million.
Optimism’s value increased by 4.64% in the last 24 hours, reaching $1.78. Its positive trend continued from a 6.0% gain throughout the past week, rising from $1.65. The coin’s historical peak is $3.22. The chart below illustrates Optimism’s recent price movement and volatility. Gray Bollinger Bands depict daily and weekly volatility; wider bands indicate higher volatility.
Shorting Optimism could be considered when the blue MACD line crosses below the red signal, suggesting a sell signal. Watch for a potential bounce at the $2.00 support level, possibly leading to a surge toward new highs around $3.00. Amid a generally positive market trend, layer two solutions like Polygon (MATIC-USD) and Optimism have excelled this year. Despite its recent launch, Optimism has attracted both developers and investors making it one of the top cryptos for you to consider.
On the date of publication, Chris MacDonald has a LONG position in ETH-USD. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
