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The year 2021 was one of the best years for the crypto market. As more people are inclined towards alternate sources of income, the cryptocurrency market has seen demand like never before. When the issue of cryptocurrencies is discussed, the main theme seems to be around the success of these alternative currencies. You will often hear about the most profitable cryptocurrencies, and how internet value has been made possible by digital currencies among other things. The world of cryptos is definitely bright and illustrious, but there is also a whole world of cryptocurrencies that barely survived the volatile electronic currency market. There have been many worst-performing cryptocurrencies of 2022, but this article features the top 10 cryptocurrencies that might crash in 2023, as per the experts.
GetGems launched back in 2014 with a promise to invigorate the social media realm. The project went on to raise a sum of $111,000 from supporters for its growth. The crypto, however, failed to gather any momentum and as of now, they appear to have overestimated their prospects. Even though it is still in operation as a platform that rewards its users for viewing online ads, most of its initial objectives have been dropped. It is one of the cryptocurrencies that might crash in 2023.
Volatility is nothing new in the crypto market, but the collapse of algorithmic stablecoin TerraUSD (UST) sent a shockwave through the entire sector. The price of TerraUSD plummeted far below its targeted US$1 peg. Luna, the Terra blockchain's native currency, also dropped nearly 97% in the 24 hours to 4:30 pm ET Thursday, May 12. It is one of the top 10 cryptocurrencies that have lost everything with no sign of recovery.
This cryptocurrency is one of those that received the biggest publicity in 2014. The team behind the crypto had ambitious plans of making electronic currencies accessible to all corners of the globe. They even went ahead and launched nano-satellites that were supposed to act as the supportive infrastructure for their great cryptocurrency. It is one of the worst-performing cryptocurrencies in the market today.
Cosmos
Cosmos (ATOM) is a cryptocurrency that powers an ecosystem of blockchains designed to scale and interoperate with each other. The team aims to "create an Internet of Blockchains, a network of blockchains able to communicate with each other in a decentralized way." Cosmos is a proof-of-stake chain. It is one of the cryptocurrencies that might crash in 2023.
ApeCoin is an ERC-20 governance and utility token used within the APE Ecosystem to empower and incentivize decentralized community building at the forefront of web3. ApeCoin holders govern themselves via the decentralized governance framework controlling the ApeCoin DAO and vote on how the ApeCoin DAO Ecosystem Fund should be used. The APE Foundation administers proposals agreed upon by ApeCoin holders. Ape is one of the cryptos that will crash shortly.
Elrond is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralized finance, and the Internet of Things. The blockchain has a native token known as eGold or EGLD, that is used for paying network fees, staking, and rewarding validators.
Avalanche (AVAX), the native token of the smart-contracts platform led by former Cornell professor Emin Gün Sirer. AVAX price sees investors fleeing for the exit, putting crypto in a downward spiral. Avalanche price is suffering from the repercussions of the current dismal market mood, from which traders still need to make money. Today's bearish action now puts the token 80% down from its all-time high of US$146.22 recorded back in November 2021.
Several factors can explain this price drop and why the Cardano price is not growing. The crashing crypto market is the first reason. Interruptions by the FED over the past few months have crashed the money market, including the crypto market. FED is also the reason why Cardano and the crypto market at large are bearish today. The other big reason why the Cardano price is not growing is the competition. Exciting new projects are offering better returns and attracting the crypto community. It is one of the cryptocurrencies that might crash in 2023.
Uniswap is a popular decentralized trading protocol, known for its role in facilitating automated trading of decentralized finance (DeFi) tokens. An example of an automated market maker (AMM), Uniswap launched in November 2018 but has gained considerable popularity this year thanks to the DeFi phenomenon and associated surge in token trading. Uniswap aims to keep token trading automated and completely open to anyone who holds tokens while improving the efficiency of trading on the blockchain versus that of traditional exchanges. It is one of the cryptos that might crash in near future.
Near Protocol is a well-known altcoin following BTC as a layer-one blockchain designed as a community-run cloud computing platform. It also helps to eliminate limitations that create low transaction speeds, low throughput, as well as poor interoperability. This altcoin is known for offering an ideal environment for decentralized applications and creating a user-friendly platform for crypto investors. It is one of the cryptocurrencies that might crash in 2023.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
