What’s in Store for Altcoins in 2023?
In a recent video by Crypto Casey, she delved into the state of altcoins and what investors might expect in the next bull run. She emphasized that those who have been “bag holding” altcoins from the last bull cycle could face significant selling pressure as coins approach their former all-time highs. Given the challenging economic environment and the speculative nature of the crypto space, Crypto Casey also highlighted that the highest use for altcoins at present might be trading rather than long-term holding. In this article, we’ll discuss her insights, altcoins she is eyeing for the next market cycle, and the technologies that could spark the next crypto boom.
The Bag Holder Dilemma
According to Crypto Casey, many investors are holding onto altcoins that have lost significant value since the last bull run. This poses a dilemma: if these coins start to rebound, will investors wait for their investments to turn green or will they rush to sell? Given the economic hardship many people face, Crypto Casey posits that there would be a massive selloff. This phenomenon would put considerable downward pressure on prices, making it even more challenging for these coins to reach their former all-time highs.
Speculative Nature of Altcoins
Crypto Casey reiterates that the crypto market is highly speculative and risky. She discourages using crypto as a steady, reliable source of income. Projects often go bust, get sued, or experience technical issues like hacks. Hence, investors should only invest money they can afford to lose.
Altcoins to Watch in the Next Bull Run
Despite these cautionary notes, Crypto Casey suggests that some altcoins could hold promise in the next bull cycle. However, she steers clear of coins that were popular in the last bull cycle due to the “massive sell pressure” they would experience. She suggests newer projects that fall under the next exciting wave of tech innovation.
THORChain allows native asset settlement across blockchains, removing the need for wrapped tokens and glitch-prone bridges. With its native token, RUNE, THORChain is taking significant strides in blockchain interoperability. We have previously written about THORChain and its many features that make it a candidate for one of the most promising projects. RUNE has recently had a 150% run with the price almost reaching $2. This is due to the many innovations its technical team made, with the most recent being Streaming Swap, which greatly reduce transactions fees by automatically combining smaller transactions into one.
Meld is a web 3 banking stack that aims to integrate crypto and traditional fiat banking systems. It’s a non-custodial, cross-chain DeFi protocol that Crypto Casey finds to be a “game-changer.”
XLR connects more than 30 different blockchains and simplifies cross-chain swaps, lending, and other functionalities. This project aims to break down technological barriers among various blockchain experiences.
This platform focuses on web 3 gaming and aims to create an environment that is interoperable and user-friendly. It offers high-speed transactions with ultra-low gas fees.
What Could Spark the Next Bull Run?
Crypto Casey suggests that the next bull cycle might be sparked by advancements in interoperability that integrate past market movers like Bitcoin, Ethereum, and DeFi. She highlights innovations like ShapeShift’s multi-chain snap feature and developments in user interfaces as pivotal elements.
While the next crypto bull run remains unpredictable, Crypto Casey’s insights provide valuable perspectives for investors. Her emphasis on newer projects over previously popular altcoins could be a critical strategy for those looking to capitalize on the next wave of crypto innovation. However, as always in the crypto world, tread carefully and only invest what you can afford to lose.
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