Cryptocurrencies witnessed a significant recovery in 2023 following the challenging 'crypto winter' of 2022, which was marked by widespread sell-offs, layoffs, contagion concerns, and frauds globally. 2023 also saw India implementing a 30% tax on crypto profits and a 1% tax deduction at source (TDS) on all transactions
In 2023, Bitcoin - the most popular and expensive crypto rebounded from a low of almost $16,000 hitting a high of $44,500, although it failed to reach its all-time high of $68,990.
Ethereum, the second most traded crypto, also made a strong comeback to $2,400 from a low of $1,151.
The biggest surge was seen in Solana that jumped to nearly $80 from a low of $8. Solana also is way off its all-time high of $259.
Cardano, Polygon, Dogecoin, Avalanche were among other popular cryptos that made a strong comeback in 2023.
The UK Financial Conduct Authority estimated that there were nearly 20,000 different cryptocurrencies by the start of 2023, although many of them were no longer traded and would never grow to a significant size.
By November 2023, it was estimated that around 8,800 cryptocurrencies
were in existence. The top few gainers saw 80% to 500% return during the year.
Even as 2023 had its fair share of negative developments such as the fall of FTX and Binance, the global markets held and grew their presence.
As per an analysis in September 2023, India despite its regulatory and tax environment, has emerged as one of the top crypto markets by volume.
Total India trade volumes in the last year until October 2023 was around $34 billion. Of this, India's offshore trading volume is $32 billion. So nearly 93% of total India volume is from offshore exchanges, which do not have registered offices in India or comply with local regulations from July 2022 to October 2023.
An estimated 5.2 million Indian users have moved to offshore platforms since the introduction of TDS.
Now, as 2024 approaches, investors are wondering if these cryptos can build on the gains from the previous year.
So the things to watch out for are if the spot Bitcoin ETF gets approval in this coming year. Also, the Bitcoin halving is expected to happen in April 2024. Ethereum updates are also keenly awaited and so are the rate cuts from global central banks.
But the volatility and uncertainty persists with Wall Street banks and brokerages projecting Bitcoin prices in 2024 at anywhere between $30,000 and $1,25,000.
FAQs
According to analyticinsights.com, these are the 10 cryptocurrencies to explode between 2023 and 2025: Solana, Gala, ApeCoin, Cardano, Ripple, Shiba Inu, Ethereum, Tron, Dogecoin.
What is the best crypto prediction for 2023? ›
The protocol is a network of decentralized interest rate markets that allows users to borrow and lend Ethereum tokens at variable rates. Since the DeFi market is expected to grow exponentially in the future, experts consider COMP to be one of the best cryptos to invest in for 2023.
Will cryptocurrency make a comeback in 2023? ›
Cardano, Polygon, Dogecoin, Avalanche were among other popular cryptos that made a strong comeback in 2023. The UK Financial Conduct Authority estimated that there were nearly 20,000 different cryptocurrencies by the start of 2023, although many of them were no longer traded and would never grow to a significant size.
What is the highest return on cryptocurrency in 2023? ›
Injective, Solana among 10 crypto tokens that made headlines in 2023. Injective (INJ) was the top performer in the cryptocurrency market in 2023. INJ rallied 2,760% to $37.46 in the CY23. Kaspa (KAS) gained over 2,250% to $0.117225 in the calendar year 2023.
Which crypto has 1000x potential? ›
Being a project that stands out for several reasons, EarthMeta could potentially be the next 1000x in crypto space. Since the project integrates AI with the Metaverse, creating a decentralized digital world, it allows users to own, govern, and interact with virtual cities and assets, providing a unique experience.
Which crypto will skyrocket? ›
As the bull rally gains momentum, several cryptocurrencies are emerging as prime candidates for significant profits. Here are the top crypto coins we recommend as the best crypto to buy now: PlayDoge ($PLAY), Sealana ($SEAL), WienerAI ($WAI), Binance Coin (BNB), XRP (XRP), and Solana (SOL).
Which coin will boom in 2024? ›
Top 10 Cryptos in 2024
| Coin | Market Capitalization | Current Price |
|---|
| Ethereum (ETH) | $422 billion | $3515 |
| Binance Coin (BNB) | $87 billion | $595 |
| Solana (SOL) | $66 billion | $143 |
| Ripple (XRP) | $27 billion | $0.499 |
6 more rows6 days ago
If this pattern continues into 2030, the price could peak around 2029 or 2030, potentially aligning with Wood's price prediction. If Wood is correct and Bitcoin reaches $3.8 million, a $100 investment in Bitcoin today would be worth $5,510 in 2030. This translates to a compounded annual growth rate (CAGR) of over 95%.
How much will 1 Bitcoin be worth in 2025? ›
Bitcoin (BTC) Price Prediction 2030
| Year | Price |
|---|
| 2024 | $ 64,292.57 |
| 2025 | $ 67,507.20 |
| 2026 | $ 70,882.56 |
| 2027 | $ 74,426.69 |
1 more rowSince the start of 2023, Bitcoin (CRYPTO: BTC) has been one of the best assets to own. Its price has soared roughly 300% during that time (as of June 14), a better gain than the 69% rise of the Nasdaq Composite Index. But it's been a roller coaster since Bitcoin hit its all-time high in March.
Ethereum (ETH) Price Prediction 2030
According to your price prediction input for Ethereum, the value of ETH may increase by +5% and reach $ 4,679.67 by 2030.
Which crypto to buy now? ›
Below are our handpicked five best upcoming crypto to buy now that you can invest in and expect a promising growth explosion ahead!
- 5thScape (5SCAPE)
- DarkLume (DLUME)
- BlockDAG (BDAG)
- Hypeloot (HPLT)
- Poodl Inu (POODL)
Binance Coin (BNB)
Binance Coin is the native cryptocurrency of the Binance exchange, the world's largest cryptocurrency exchange by trading volume. In the last year, Binance Coin has delivered a whopping return of over 1000%, making it one of the best-performing cryptocurrencies on the market.
What is the best crypto to make you rich in 2025? ›
- # BTC.
- # Ethereum.
- # BNB.
- # XRP.
- # ltc.
- Sol.
- Matic.
- Pepe.
Weekly market cap of all cryptocurrencies combined up to June 2024. It is estimated that the cumulative market cap of cryptocurrencies increased in early 2023 after the downfall in November 2022 due to FTX. That value declined in the summer of 2023, however, as international uncertainty grew over a potential recession.
What coin will skyrocket in 2024? ›
Top 10 Cryptos in 2024
| Coin | Market Capitalization | Current Price |
|---|
| Ethereum (ETH) | $422 billion | $3515 |
| Binance Coin (BNB) | $87 billion | $595 |
| Solana (SOL) | $66 billion | $143 |
| Ripple (XRP) | $27 billion | $0.499 |
6 more rows6 days ago
Long-term investors will view Bitcoin as the best crypto with the most potential. While it's already a trillion-dollar project, Bitcoin's long-term growth trajectory is uncapped. It's the most important crypto in the blockchain ecosystem; its value determines how the broader market performs.
Which meme coin will explode in 2024? ›
ButtChain stands out among meme coins in 2024 due to its playful branding, innovative features, and genius tokenomics. Auto Liquidity: Automatically directs 20% of presale sales into liquidity pools, ensuring smooth trading from the start.
What is the fastest blockchain in 2023? ›
Solana: The fastest blockchain in the crypto world!
In second place, we find Sui, another non-EVM blockchain, which reached 854 crypto TPS in July 2023. Other fast non-EVM blockchains include TON with 175 TPS and Near Protocol with 118 TPS.
