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- Ethereum might set a new bull run in the year 2023.
- Resistance for Ethereum can be found at $1,246.42.
- Bulls dominate ETH market in the last 24-hours.
As we get closer to the end of the year, investors in cryptocurrencies are about to feel a sense of relief because they are anticipating that 2023 will be a year that has a positive impact on the cryptocurrency space. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has seen its price drop by more than 60 percent from its all-time high of $4,891 and is trading at around $1,254 at the moment. It was one of the alternative cryptocurrencies that was hit the hardest by the recent cryptocurrency market crash.
The fact that ETH is growing in popularity is a positive sign for the value of other alternative cryptocurrencies. As a result, the importance of ETH in the cryptocurrency market cannot be overstated.
Some analysts think that by the year 2023, the price of Ethereum could go up by a factor of ten (10X) and go over the $10,000 mark. Given that the price of Bitcoin (BTC) is on track to reach $100,000 around the same time, there is a good chance that the price of Ethereum (ETH) will increase by a factor of ten.
The following is a list of alternative cryptocurrencies whose prices may eventually follow those of ETH. Investors should also keep an eye on these cryptocurrencies in 2023 because they may be promising.
Ripple (XRP)
Ripple is a digital network for financial transactions that is used all over the world. It was made to make it easier for banks and other financial institutions to do business with each other. The Society for Worldwide Interbank Financial Telecommunications, also known as SWIFT, is a system that facilitates the transfer of money between banks all over the world. Ripple is designed to be an alternative to SWIFT that is quicker, less expensive, and more secure.
The native cryptocurrency that was developed specifically for use on the Ripple network and the XRP Ledger blockchain is known as XRP. In 2020, the United States Securities and Exchange Commission filed a lawsuit against Ripple, alleging that the company broke securities laws when it sold $1.4 billion worth of XRP to investors. If Ripple wins the ongoing legal battle, it would be a big boost for the XRP/USD pair.
According to CoinMarketCap, the XRP price is currently in a bullish mood, and bulls are forecasting a price increase of 1.88% for the cryptocurrency. At this time, one XRP coin can be purchased for $0.3815, and the 24-hour trading volume is $904,468,814. The current position on CoinMarketCap is #7, and the live market cap is currently equal to $19,278,400,189.
On the 24-hour price chart, the bullish momentum in Ripple is evidenced by the MACD line, which is above the signal line, indicating that a bullish run may be experienced in the near future. As a result, investors should remain optimistic about the price setting new highs in the coming days. The trajectory histogram is also on the northern face, which suggests that the bulls have dominated the market; as a result, investors and traders might anticipate a price increase in the coming future.
Polkadot (DOT)
Gavin Wood, a co-founder of Ethereum, introduced the world to Polkadot in the year 2020. Polkadot’s main network employs blockchain technology to record transactions in an immutable manner. However, what distinguishes DOT from other cryptocurrencies are its parachains.
Parachains are blockchains that are made by users and can be changed while still following the same strict security rules as the main Polkadot chain. Users of Polkadot can make their own parachains for many different reasons, but the network only needs enough computing power to run the main chain. In September 2022, more than 500 developers worked on Polkadot in a single day, which was said to be a new record and show that more people are interested in the project.
DOT is currently trading at $5.10, with a historical high of $55.00. In the next bull market, this altcoin can easily multiply by 10.
The price chart of the trading pair DOT/USDT for the short term
Invasion by bears was seen on the 24-hour price chart of the DOT/USDT currency pair. Bearish momentum was signaled by the Parabolic SAR indicator, which blocked any possible uptrend by superimposing a series of dots on top of the candlesticks. The bearish stance was signaled by the Awesome Oscillator’s red closing bars.
In 2023, the crypto market as a whole may experience a bullish sentiment, but the aforementioned altcoins will surprise crypto investors and traders by reaching new highs.
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