Next big cryptocurrency 2023

Which Crypto Will Explode in 2023? Here Are 3 Top Picks

• Decentraland [MANA-USD]: Regarded as the front-runner among metaverse coins

• Polygon [MATIC-USD]: A large number of apps are being built on the network

• Ripple [XRP-USD]: Primed to revisit all-time highs if it wins the SEC lawsuit

Flying cryptocurrencies [crpytos]

Source: Wit Olszewski / Shutterstock.com

Digital assets, including cryptocurrencies, have seen enormous growth in recent years, exceeding a $3 trillion market capitalization last November. In fact, 2022 saw many retail investors enjoy returns of double, triple digits, or even more on their investments. But since then, most cryptos, including the heavyweights like Bitcoin [BTC-USD], Ethereum [ETH-USD] and Solana [SOL-USD], have come under pressure. Yet, the interest in coins, as well as the blockchain technology behind them, is still strong.

Meanwhile, President Joe Biden has recently signed an Executive Order that outlines a national policy for digital assets, further boosting the long-term prospects of the broad crypto market. Therefore, as the second quarter [Q2] begins, investors are now wondering what could be the next cryptocurrency to explode.

However, market analysts indicate that investors may need to wait until 2023 to see real crypto booms again. Thus, it is important to maintain a long-term perspective to reap the potential benefits of the crypto space.

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With that information, here are three cryptos that could see explosive growth over the next 12 months:

Which Cryptos Will Explode: Decentraland [MANA-USD]

The logo of the cryptocurrency "Decentraland" [MANA] on the display of a smartphone [focus on the logo]

Source: David Esser / Shutterstock.com

• 52-Week Range: $0.3737 – $5.90

Our first crypto Decentraland [MANA-USD] is a decentralized, immersive virtual reality platform powered by the Ethereum blockchain. It combines entertainment, gaming, and e-commerce elements, appealing to individuals and businesses alike.

Users can play games or create art galleries, concert halls or other businesses. For instance, they can charge others to visit these venues. The platform also allows users to buy parcels of virtual space called LAND via non fungible tokens [NFTs]. Players can develop and monetize their land with 3D content, games, and other applications.

MANA-USD is the cryptocurrency that powers Decentraland. The token is used to buy LAND, avatars, wearables, and other in-game items in the platform. Meanwhile, Decentraland is regarded as the front-runner among the metaverse coins. The network has attracted prominent brands within its metaverse, including Coca-Cola [NYSE:KO], Samsung, and JP Morgan Chase [NYSE:JPM].

MANA-USD has gained over 150% over the past year and ranks among the top 50 altcoins with a market capitalization [cap] of $4.78 billion. If you are a long-term investor, Decentraland deserves your attention.

Polygon [MATIC-USD]

A concept image for the Polygon [MATIC] crypto.

Source: Shutterstock

• 52-Week Range: $0.2985 – $2.92

Next up on our list is Polygon [MATIC-USD]. It helps scale Ethereum by providing a side chain that connects to the Ethereum network.

As a Layer 2 scaling solution, the network connects various blockchain projects that aren’t necessarily interoperable on Ethereum. It also allows for faster and cheaper transactions.

MATIC-USD is the token that powers this layer 2 platform. Polygon uses its own Proof-of-Stake [PoS] blockchain and Commit Chain connectivity to help scale the Ethereum network. The aim is to resolve inefficiencies that may hinder a more widespread adoption of blockchain technology.

Popular decentralized finance [DeFi] projects like SushiSwap [SUSHI-USD], Curve [CRV-USD], and Aave [AAVE-USD] utilize Polygon. In addition, the network recently added a Polygon Zero feature. It uses zero-knowledge rollup technology to port data across networks. Many also hail its low energy usage.

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MATIC-USD has surged nearly 350% over the past year. Yet, it has dropped roughly 35% year-to-date [YTD]. Despite the decline, the altcoin ranks among the top 20 cryptos with a market cap of $11.2 billion. I expect the number of apps relying on the Polygon network to increase exponentially.

Which Cryptos Will Explode: Ripple [XRP]

A concept token for XRP [XRP] with stacks of tokens in the background.

Source: Shutterstock

• 52-week range: $0.5127 – $1.96

The final digital asset on our list is Ripple [XRP-USD]. The platform provides real-time payments with extremely fast transactions. XRP-USD is the native cryptocurrency used on the Ripple network to facilitate money transfers between various currencies. The Ripple platform is widely considered to be the most efficient settlement option for financial institutions for interbank flows.

As a result, Ripple remains popular among both institutional and retail investors. It is, in fact, hailed as the new alternative to the Society for Worldwide Interbank Financial Telecommunication [SWIFT] messaging network. Therefore, Ripple threatens to disrupt the international wire transfer business.

Despite the tailwinds for the platform, the lawsuit between Ripple and the U.S. Securities and Exchange Commission [SEC] has restrained the crypto’s price throughout the past year. The legal case also prevents the trading of the altcoin on U.S.-based exchanges.

Nevertheless, there are still many bullish investors who view Ripple as the future of international money wiring. They suggest that XRP-USD could easily reach the all-time high of over $3.84 if Ripple wins the SEC lawsuit.

XRP-USD ranks as the 9th largest altcoin with a market cap of $39.56 billion. I remain bullish on XRP-USD.

On the date of publication, Tezcan Gecgil did not have [either directly or indirectly] any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Tezcan Gecgil has worked in investment management for over two decades in the U.S. and U.K. In addition to formal higher education in the field, she has also completed all 3 levels of the Chartered Market Technician [CMT] examination. Her passion is for options trading based on technical analysis of fundamentally strong companies. She especially enjoys setting up weekly covered calls for income generation.

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