Top 3 Web3 Tokens By Market Capitalization
Check out our list of top 3 web3 tokens by market cap in 2023 and make an informed decision before choosing which one to buy or trade-in.
Web3 crypto tokens are digital coins that belong to the blockchain network, spearheading the Internet’s decentralization. They are popular cryptocurrencies, giving back generous returns to token holders. With more than 1000 Web3 crypto tokens, finding the best options can be quite a challenge. We have compiled a list of the top 3 Web3 tokens in terms of market capitalization, rate of adoption, emerging technology, and their prices in the future.
Our first Web3 token is Polkadot, a decentralized blockchain-based Web3 token developed to resolve communication and interoperability issues blockchain networks face. To facilitate this, Polkadot employs a relay chain mechanism that connects multiple autonomously operating para chains or blockchains and allows them to process transactions and securely exchange data. Polkadot enables customizable para chains to operate parallelly with blockchains, enhancing transaction throughput.
In addition to this, Polkadot also implements bridges and para threads to the blockchain network that are highly scalable, user-friendly, and reliable to deploy different web3 applications. Polkadot’s native token, DOT, is used for staking and governance. Recently, Polkadot Decoded was held in Copenhagen, which had many side events, including on-chain web3 discussions, social hours, and hackathons with enormous prize pools.
Analysis of Polkadot Price
DOT price is trading at $5.15 with a 24-hour trading volume of $136.89 million. With the current market cap of $6.23 billion, Polkadot is down by 4.26% in the last 24 hours with 1.21 billion circulating supply. DOT price displayed an uptrend in Q1 2023, along with a recovery of more than 76% in price, but it has projected a downtrend after its rejection from a resistance level at $6.93. However, the bull market has pulled DOT value and may soon cross the $5.50 mark.
Chainlink is next in our list of top 3 Web3 tokens by market cap because it aims to expand blockchain and smart contract capabilities by allowing them to obtain data from different external sources without requiring any third-party involvement. Chainlink’s decentralized network incentivizes operated nodes to provide service in their native token, LINK. When smart contracts require data, they create and send a request to Chainlink, which is fulfilled by the nodes present in the network. The nodes retrieve information from different sources, including API, Blockchain, and IoT devices, and deliver them to smart contracts of a desired blockchain network. The key feature of the Chainlink protocol is that it marries real-world data and blockchains to develop DeFi applications and Web3 robots.
Analysis of Chainlink Price
LINK price today is trading at $7.43 with a 24-hour trading volume of $268 million. The price has increased by falling by 3.73% in the last 24 hours, with a market cap standing at $3 billion. LINK Price recently made a death crossover of 50-Day and 200-day moving averages by following a breakdown from its lower highs and higher highs potential. Nevertheless, based on the Chainlink prediction, LINK has managed to survive and recover more than 25% from $4.98. As per the Chainlink prediction, there is a high chance that LINK will soar higher than its current value, potentially presenting an opportunity for investors and traders.
Filecoin is another popular decentralized Web3 token that has gained extreme popularity with its exceptional features and function on its decentralized network. Filecoin allows users to rent out their virtual space storage to other users who can use and incentivize them. As more people join Filecoin’s network, it creates a massive pool of data storage that can be used to satisfy the growing demand for the world’s computational storage. This Web3 token aims to resolve centralization and privacy concerns of users’ funds and data through the network’s censorship resistance feature.
Filecoin is an open-source, decentralized Web3 token, and hence, its network’s governance is delivered by the members of the community, and FIL, Filecoin’s native token, is used for transaction payments and network processes. Filecoin recently collaborated with Spheron to empower start-ups and developers through Web3 infrastructure with EVM Blockchain, thereby improving the use of Filecoin’s ecosystem.
Analysis of Filecoin Price
The live Filecoin price is $4.41, with a current 24-trading volume of $134.27 million. The price of FIL has plunged by 4.16% in the last 24 hours, with a current market cap of $1.93 billion. FIL price witnessed an excellent start in the current year, recovering about 186% of its price within two months. However, like others in the market, FIL was also affected by the overall bearish crypto market.
With thousands of Web3 tokens floating in the crypto trading market, many institutional and retail traders are incurring losses from trading in the wrong tokens. There are a few important factors to consider while choosing the best Web3 tokens to trade and invest in. Expert opinions are number one.
Traders must also consider the token’s market cap. Note that a smaller market cap signifies more potentiality of the project to rise in value in the future. Projects that have already gained in terms of market cap are mostly overvalued and hence, may be due for a correction. Traders should also consider the project’s price history to predict its future value. If the price of any Web3 token is down by 80% or more, it is no longer a bear season but simply dead.
Traders must also consider liquidity and trading volume. While high trading volume depicts a good investment, low trading volumes indicate a lack of confidence in the investors in the Web3 tokens. For more information, you can find full coverage at cryptonewsz.com.
Wrapping up, some of the excellent opportunities in the crypto trading market for 2023 include thousands of Web3 tokens and DeFi coins. The technology is evolving and expanding into the decentralized internet where every user is getting control over their digital assets to trade Web3 tokens for crypto trading or playing crypto slots. All in all, Web3 gives users additional control over the data and secure blockchain projects running on smart contracts on the internet. That being said, as the next-gen of the internet, users must choose the best Web3 tokens to gain exposure to the emerging crypto market securely and transparently.