Top Four Altcoins for Early 2023

Audy Castañeda
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<strong>Top Four Altcoins for Early 2023</strong>

Attention should be paid to which cryptocurrencies could perform strongly in early 2023, as well as which ones should be analyzed more closely at this time.

In the past few days, certain altcoins have emerged again. Bitcoin price was able to rise slightly and was heading towards a breakout, causing altcoins to see gains of 5 to 10 percent again, and sometimes more, in a week.

At the beginning of 2023, the cryptocurrency market began to grow again. The price of Bitcoin has risen only slightly from $16,500 at the end of 2022/2023, to over $17,000 in recent days. However, this surge also triggered a slight altcoin rally. Several altcoins have seen increases of between 5 and 10 percent.

Some altcoins have even risen significantly higher in the last 7 days. However, the Bitcoin course was still unable to break above the $17,000 resistance. If demolition were to come, altcoins would likely rise even higher.

In the past few days, the increases seen to raise hope for the coming weeks and the start of 2023. Below are the four altcoins whose prices could rise sharply in the coming weeks.

Solana (SOL)

Solana suffered the most from the fall of FTX because there were some connections between Solana and the companies of Sam Bankman-Fried, FTX, and Alameda Research. This triggered a massive crisis of investor confidence and the price fell more than 60%.

However, the crisis is over, and the SOL course has risen 50% in the last 7 days. It was already suspected that in recent weeks the price of the SOL was grossly undervalued after the bankruptcy of FTX. The price should adjust upwards again in the coming weeks.

Dogecoin (DOGE)

Dogecoin is a speculative asset that can experience massive rises but also sharp falls in a short period of time. In early November, the DOGE more than doubled before the price fell sharply again.

A strong rally is definitely possible in the next few weeks. If Bitcoin breaks the resistance at $17,000, another strong Dogecoin rally could follow in the coming weeks. Investing in Dogecoin is risky, but it could also be one of the best altcoins for the time being.

Litecoin (LTC)

One of the best-performing altcoins at the end of 2022 was Litecoin. It was able to benefit greatly from the FTX crisis and moved up the cryptocurrency chart by market capitalization. Above all, it benefited from the uncertainty of the market, as well as from the fact that many altcoins seemed to be extremely risky at the time.

Litecoin is highly dependent on Bitcoin’s price development. If Bitcoin goes higher, Litecoin could follow. Due to momentum from 2022, LTC could go even higher.

Apecoin (APE)

In 2022, the topic of NFTs has increasingly faded into the background. This not only caused the value of small NFT collections to drop but also limited the price growth of Apecoin, the Bored Ape Yacht Club token.

The trading volume on NFT exchanges is now increasing again and the NFT market seems to be picking up. Therefore, Apecoin could also be one of the best Altcoins for early 2023.

By Audy Castaneda

Ethereum Hits New Three-Week High above $1,300, But Will the Rally Last?

Audy Castañeda
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0
<strong>Ethereum Hits New Three-Week High above $1,300, But Will the Rally Last?</strong>

The digital asset is now trading above $1,300 for the first time since mid-December 2021.

Ethereum, like Bitcoin, experienced a relief rally that pushed its price to a new three-week high. So far, the digital asset has been able to maintain its gains in the market. However, not everyone is betting on the continued growth of the cryptocurrency, which could end up being a deterrent to the further growth of the digital asset.

Ethereum Whales Fall Short

Chinese journalist Colin Wu, popularly known as Wu Blockchain on Twitter, posted a screenshot showing that Ethereum whales were still very bearish on the digital asset. Wu tweeted that “Recently, there has been a large order of 26,000 ETH put options with a strike price of $400 and an expiration date of Jun 30. Some traders believe this is the tail management behavior of crypto whales. According to @Blofin_Official.”  This is a decrease of more than 200% from the current price of the asset.

The Ethereum price has already seen a recovery since this trade was made. But with such a long runway and expected selling pressure to come from Shanghai’s upgrade and withdrawal capabilities for staked ETH, there is still a chance that the digital asset could hit this price.

Not Everyone is Bearish on ETH

Despite such a large short position on a possible Atheneum price decline, not everyone is bearish on the asset. One Chinese miner, Jiang Zhuoer, took to social media to share his bullish runs on the cryptocurrency. He tweeted that “the price will ultimately be determined by the capital, and the deflation of ETH is very favorable to capital and will be reflected on the price. From this data, it can be concluded that the ETH bull market will start in a spiral deflationary mode.”

Zhuoer says that he expects ETH to lead the 2023 market bull run. In fact, the miner explains that ETH will actually start moving before BTC. He also predicts that Ethereum will soon break out of its six-month consolidation.

Regarding ETH, the digital asset has been doing well as the new week progresses. It is already up 3.80% in the last day, and its gains on the 7-day chart have exceeded 8%. This price rise sees it currently trading at a price of $1,311, with indicators pointing towards further upside potential, at least in the short term, as it moves above its 50-day moving average.

The next significant resistance now lies at $1,350, where the bears are resisting once again. This was also the local peak before the market crash on December 14, so this is an important point to beat if ETH is to see further gains.

By Audy Castaneda

Top 3 Cryptocurrencies to Buy in January 2023: Is the Bullrun Here?

Audy Castañeda
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0
<strong>Top 3 Cryptocurrencies to Buy in January 2023: Is the Bullrun Here?</strong>

Cryptocurrency prices have tended to move sideways in recent weeks.

The crypto market is waking up from hibernation. In the last few days, most of the altcoins saw a significant increase in prices. The Bitcoin price also surpassed 17K. Naturally, most cryptos will follow higher as well. What currencies should be bet on in the near future?

Cryptocurrency prices have tended to move sideways in recent weeks. Especially at the end of the year, there was even a slight price drop.

However, the new year got off to a good start for the cryptocurrency market. The prices of many altcoins saw increases of between 5 and 10 percent. The Bitcoin price was also able to rise again from $16,500 to $17,000.

The market is at an inflection point right now. With the FTX crash, the price of Bitcoin fell below the $16,000 mark, and thus was at the lowest point by 2022. Now, the price could rise again in 2023. Alternatively, there could be a more important drop, before things really pick up.

In the coming days, the values ​​of various cryptocurrencies may rise significantly once again, because the $17,000 resistance level is set to be tested again by the bitcoin price. For a few weeks now, this barrier has been consistently repelling Bitcoin.

If this were to happen, it could not only increase the price of Bitcoin, but also the prices of Altcoins. There are certain cryptocurrencies that could rise higher in the coming days and weeks. Listed below are the top three cryptocurrencies to buy in January 2023.

Solana (SOL)

The price of the SOL token has already risen considerably in the last few days. Solana could recover from the FTX crash in the coming weeks when the SOL price lost more than 60%. Now, the change in trend seems to have reached Solana.

In the coming weeks, the price could rise further and return to the value the token had before the FTX crash. Right now, Solana is probably massively undervalued and could go up quite a bit.

Cardano (ADA)

When we talk about an undervalued token, we are not far from Cardano’s ADA. Despite further good developments on the network, the token price has fallen almost continuously in 2022.

In the first few days of the year, the ADA course also increased by a double-digit percentage. Like Solana, this could continue in the coming weeks, and Cardano could soon better represent its value.

Litecoin (LTC)

Litecoin experienced a bit of a resurrection as early as Q4 2022. In recent months and years, things have often calmed down around the altcoin, as new projects seem more exciting. Unlike many other coins, however, Litecoin benefited from the FTX crisis.

As the oldest altcoin and “digital silver”, many investors are learning to appreciate Litecoin more and more in these uncertain times. Above all, the praise from Bitcoin maximalist Michael Saylor in recent weeks has helped Litecoin. It should be one of the cryptocurrencies that can rise considerably in the coming weeks.

By Audy Castaneda

Dogecoin Price Analysis and Prediction and Shiba Inu Forecast for Q1 2023

Audy Castañeda
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0
<strong>Dogecoin Price Analysis and Prediction and Shiba Inu Forecast for Q1 2023</strong>

DOGE remains undecided amid Bitcoin calm, big move on the cards? Shiba Inu has shown life again in recent weeks after suffering heavy losses in 2022.

Dogecoin has a low daily outlook, after experiencing a steady decline in recent weeks. The price has fallen close to its 2022 low as bears remain in control.

Despite Bitcoin’s calm over the past few days, Dogecoin has remained undecided, yet to find a key level for a bounce. However, the coin still looks bearish from a long-term perspective. There are no signs of strength to trigger a positive rally at the moment.

Meanwhile, in recent weeks, the Shiba Inu price has experienced a more sideways movement. The rate rose sharply again in early November and then fell sharply again due to the fall in FTX. In the weeks that followed, the price stabilized at a low level. At the end of December, the price dropped back down to $0.000008.

DOGE Key Level to Watch

Dogecoin has been technically experiencing a serious problem in recent days.

If the price breaks above the $0.066 level, the target level to consider for support is $0.061. Just below this level is the support at $0.057. The $0.05 level is the next potential support to watch if the price continues to fall.

In the opposite direction, it is trading at a crucial resistance level after a slight pullback over the past week. It may retest the $0.08 resistance level if the price pulls back further. There is also resistance at $0.094 and $0.11 in case of a trend change.

DOGE is currently facing a crucial resistance level at $0.072 as it looks for a lower price level on the weekly scale. At the time of writing, the trend is in favor of the bears from a technical point of view.

Key resistance levels: $0.08, $0.094, $0.11

Key Support Levels: $0.061, $0.057, $0.05

Spot price: $0.071

Trend: Neutral-Bearish

Volatility: Low

Shiba Inu Forecast for 2023

The price of Shiba Inu has risen slightly again in recent days. This trend could also continue in the coming days and weeks. Bitcoin could break its stubborn resistance at $17,000, which should see altcoins rally in the days ahead as well.

In general, the Shiba Inu price is likely to increase in the coming weeks. Although the Shiba Inu coin is considered highly speculative, it should follow general market trends.

After a small rally, the Shiba Inu price could stabilize again in the coming weeks. The Shiba Inu coin has not seen increases as strong as Dogecoin in recent weeks. This also affects the Shiba Inu forecast for the next few weeks. Still, a 50% rally is possible on a bigger rally, but then a 20-30% consolidation.

Therefore, a Shiba Inu forecast of $0.000010 to $0.000012 is assumed by the end of the first quarter of 2023.

By Audy Castaneda

Bitcoin Threatened by Quantum Computing?

Audy Castañeda
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0
<strong>Bitcoin Threatened by Quantum Computing?</strong>

Since the early days of Bitcoin, many users have wondered what will become of the network in the age of quantum computers.

Late last week, a scientific paper had a bombshell effect on the Bitcoin world. Thus, a group of Chinese researchers has published a study that would show that it is possible to break the RSA-2048 encryption algorithm.

RSA-2048 Broken by Chinese Researchers?

The news about the abovementioned research study could impact many other areas. For example, credit cards are protected by the RSA-1024 and RSA-2048 algorithms.

Obviously, this is not available to everyone. In fact, this study focuses on the use of quantum computing to crack this algorithm.

As a reminder, classical computing uses the concept of a bit whose value can be 0 or 1. For its part, quantum computing is based on a qubit concept that represents the coherent superposition of at least two quantum ground states.

After theorizing the attack vector, the Chinese team used their own algorithm to factor a 48-bit number into a quantum computer made up of 10 qubits.

To really compromise the RSA-2048 algorithm, a much more powerful quantum computer would be required. According to the estimates proposed by the report, it would take a quantum computer with 372 qubits to crack RSA-2048.

For comparison, the most powerful quantum computer in existence is the IBM Osprey, which has 433 qubits.

Is Bitcoin in Danger?

Many experts carefully combed the post back and forth for errors or inaccuracies, and have declared themselves skeptical of what was announced in the publication. In fact, the algorithm used by Chinese researchers to corrupt RSA-2048 comes from another highly controversial scientific publication, as Bruce Schneier explains:

“If it’s true that Chinese paper depends on this Schnorr technique that doesn’t scale, the techniques of this Chinese paper won’t scale either.”

Thus, the algorithm is based on the report by Claus Schnorr. Although it claims “to be able to destroy the RSA encryption system,” it is restricted to small orders of magnitude. In fact, this algorithm stops working as the order of magnitude increases.

As a result, the algorithm works based on the factorization of a 48-bit number as presented in the Chinese study, but this does not allow processing orders of magnitude on the order of those used by RSA -1024 or 2048.

In other words, RSA algorithms still have a bright future ahead of them before they break. On its side, Bitcoin is based on an ECDSA encryption that is comparable in complexity to RSA-3072. Therefore, the banking industry will be in trouble long before Bitcoin is corrupted.

While they hope to break Bitcoin’s encryption, hackers have other playing fields. In fact, in 2022, more than 3 billion dollars have been stolen from the crypto ecosystem.

By Audy Castaneda

Cardano and Solana Rise 20% or More in 24 Hours

Audy Castañeda
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0
<strong>Cardano and Solana Rise 20% or More in 24 Hours</strong>

Amid the market recovery sentiments, Cardano and Solana secured significant momentum in terms of price increases.

Cardano and Solana are proof-of-stake (PoS) consensus-based Blockchain networks, which are known for efficient cryptographic transactions. Solana is popular for its Proof of History (PoH) protocol that helps the network process transactions with scalability up to 50k TPS.

On the other hand, Cardano is popular for its innovative development activities to bring the use of Blockchain technology to a real scale. Cardano Devs is also working to introduce up to 1 million scalabilities to the Cardano network.

In the last 24 hours, the Crypto market showed a significant greenish signal, where most crypto assets rose by at least 1.5%.

Cardano’s Rising

Cardano (ADA) is up about 18% in the last 24 hours. The sudden increase in the price of the ADA coin is not something strange because the Cardano Blockchain network is free from any kind of controversial news.

Yesterday Cardano founder Charles Hoskinson said he will work with lawmakers to pass Crypto legislation, and tweeted the following:

“Thanks to SBF, coming up with the 2023 game plan for working with regulators and lawmakers to pass sensible cryptocurrency and Blockchain legislation is looking a lot like Marius being told to shatter a Soulstone in Hell. You all dress for warm weather?”

Solana’s Rising

The Solana coin (Sol) increased by about 21%, which is strange because in the last 24 hours, the Solana network faced criticism for a new bug that caused the Solana Foundation RPC endpoint to go offline.

The increase in the price of the Sol coin was strange. Just two weeks ago, Vitalik Buterin, co-founder of the Ethereum Blockchain, spoke about the Solana Blockchain project, noting that the big players are now out of this project and that Solana may have a bright future.

Buterin tweeted that “Some smart people tell me there is an earnest smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future. Hard for me to tell from outside, but I hope the community gets its fair chance to thrive.”

The price of SOL fluctuated between $0.50 and $1.50 for the rest of the year after its launch in March 2020. Then, during the 2021 cryptocurrency bull run, SOL became one of the top-performing assets, with a price reaching $55.91 in May 2021. SOL’s price fell as low as $23.49 in July 2021. But it rose again in the second half of the year, reaching an all-time high of $258.93 in November 2021.

SOL has rallied remarkably after falling more than 41% in the wake of the FTX debacle. Solana was previously a favorite of Sam Bankman-Fried, and was reportedly dubbed an “Ethereum killer.” The current SOL price is $16.17, and there has been $1,167,814,860 worth of trades in the last 24 hours, according to CoinMarketCap.

By Audy Castaneda

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