A Year for Altcoins? Some Altcoins that May Be Set for Success in 2023

Core Scientific, one of the largest bitcoin mining companies, has become the latest company to file for bankruptcy amidst a tough year for the cryptocurrency industry.

Core Scientific mines Proof-of-Work cryptocurrencies like bitcoin. The process involves powering data centers spread across the United States, packed with highly specialized computers that crunch math equations in order to validate transactions and simultaneously create new tokens.

The process requires expensive equipment, some technical know-how, and a lot of electricity.

The company’s action to file for bankruptcy is likely linked to the falling prices of cryptocurrencies that took place in 2022, as well as a a drop in energy prices. Moreover, the company’ s capitalization had dropped to $78 million as of a day before the filing, down from a $4.3 billion valuation in July 2021.

Back then, the company went public through a special purpose acquisition vehicle, or SPAC, but now its stock has fallen more than 98% in the last year.

In yet another example of the contagion that swept several companies in the middle of the year, crypto lender, Celsius, which filed for bankruptcy protection in July 2022, was a Core customer. As such, when Celsius’ debts were wiped out during its bankruptcy proceedings, that put a strain on Core’s balance sheet.

Core is not the only crypto mining company that is affected in this way. In September 2022, Compute North, which provides hosting services and infrastructure for crypto mining, also filed for Chapter 11 bankruptcy.

At the time, another mining company, Marathon Digital Holdings, reported an $80 million exposure to Compute North.

If that wasn’t enough, Greenidge Generation, a vertically integrated crypto miner, reported second quarter net losses of more than $100 million in August 2022 and suspended expansion plans.

Lastly, shares in Argo plunged 60% after its announcement on October 2022 that its plan to raise $27 million with a ‘strategic investor’ was no longer happening.

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Since the launch of Bitcoin in 2009, it has grown over the years and inspired several other cryptocurrencies, which have come to be dubbed altcoins.

Altcoins have in turn been growing in value and contributing to massive gains and profits for investors, particularly during the crypto boom before 2022.  While 2022 was indeed a difficult bear market, that is also the time when clever investors spot and begin to hold the next cryptocurrencies that can blow up.

Despite nearly all cryptos suffering high volatility in the last few weejs, experts point out to altcoins like Fantom (FTM), Dogecoin (DOGE) and Orbeon Protocol (ORBN) as some of the interesting coins to keep an eye on in 2023.

Read on to find out why these projects have bullish forecasts.

Fantom

Fantom (FTM) is a platform designed for DeFi applications aimed at eliminating some of the challenges in this field, such as transaction speeds and costs. In spite of the Fantom’s claims that the platform is quicker and cheaper than older technologies, the crypto community’s interest in Fantom (FTM) has been faltering as the crypto winter seems to turn into an ice age. 

Fantom has, however, proved itself as a project with strong fundamentals and good use cases. If Fantom (FTM) can continue to build on these advantages, then it is likely that Fantom will see positive price action in the near future.

DogeCoin and the Revival of the Meme Craze

2022 turned out to be a rough year for meme coins – loss of interest, confidence and the economic downturn have sent most meme coins plunging to the bottom of the sea.

However, many believe that Dogecoin will go back to its previous performance thanks to the supportive community it is built upon. As of this writing, Dogecoin (DOGE) tokens are traded and used as tipping on social media.

Given the relentless support offered by Elon Musk and the millions of followers on social media, the forecast for 2023 remains highly optimistic. As of now, Dogecoin (DOGE) is one of the most valuable 10 cryptocurrencies, a direct result of Musk’s influence and continued promotion of meme coins. 

If Dogecoin (DOGE) can add to its utility alongside real-world use cases, then analysts are confident that Dogecoin (DOGE) can surpass its previous ATH. As such, if Dogecoin (DOGE) continues to surge then it will likely take a top spot in the crypto market.

Orbeon Protocol

On its website, we can see that Orbeon Protocol just recently completed its second presale stage with a more than 987% increase in price. The platform is the first crypto crowdfunding platform in the world that allows anyone to fractionally invest in promising new and early-stage businesses. 

On the one hand, businesses join this exciting platform in order to obtain access to much-needed capital. On the other hand, investors can now pick the most promising brands and invest in them for as little as $1.

On the platform, businesses go to offer equity-based NFTs directly to investors.

Venture capital has always been an achievable target only for high-net-worth individuals and institutional clients. With such potential, the ORBN token is set to break through the current bear market. Analysts expect the token to increase by 6,000% in the near future, as the project consolidates and nears its launch date. 

Whats for sure, given the technology and innovation, Orbeon Protocol has yet to reach its peak, so it’s no wonder analysts are extremely bullish on the ORBN token.   

Bottomline

As the crypto industry keeps evolving at a quick pace, finding the best projects to invest in can be quite tricky.

Whether you are a meme coin supporter, or prefer projects with strong prospects and real use cases, there are plenty of opportunities to become successful this year.

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