3 Altcoins <$1 That May Rally 600%-1100% In 2023

Lavina Daryanani
Source: Dreamstime.com

In just a matter of 30 days, the narrative has changed from bearish to bullish in the cryptocurrency market. Long red candles have been replaced by green ones and top assets have been flashing double-digit growth.

Alongside, the stablecoin market cap has been on the rise lately, indicating that the market is likely gearing-up for another leg up. A recent tweet by IntoTheBlock affirmed that the on-going trend points towards “increasing demand.”

Prior to any full-fledged bull run, market participants usually amass stablecoins. Once they get the trend-bias confirmation, they start diverting them toward assets. Thus, the recovery of the said metric can be viewed as a step in the right direction.

Also Read: Altcoin Aptos Beats Bitcoin, Ethereum: Up 420% In 2023

With the market still majorly underwater, several analysts from the space believe that this is the right time to start accumulating coins from the long-term perspective. In this article, we will look into past rallies and analyze three penny altcoins worth accumulating.

3 altcoins to keep an eye on: XRP, Cardano, VeChain

Around this time in 2021, the market was in quite a similar state. Asset prices seemed to be on track to create new highs. In the period between the last week of January and mid-April, XRP rallied by 711%. From early February to mid-May, Cardano rallied by 632%. Vechain on the other hand leaped the most, by 1095%, in the period between early February to mid-April.

Source: TradingView

However, during the double-peak period in H2 2021, the situation was different. From mid-July to the first week of November, XRP and VeChain rallied by 164% and 233% respectively. Cardano’s rally, however, ended pre-maturely by the end of August itself. For the next couple of months, ADA remained decoupled from the rest of the market.

Source: TradingView

During the first uptrend phase of 2021, the market was closely knit and most coins from the space kept creating new all time highs one behind the other. However, the second rally later that year occurred to negate the losses incurred due to May 19’s flash crash. At that time, lesser coins climbed up on their charts vigorously and exceptions like Cardano surfaced.

What is the Current Market Structure?

At press time, the situation is a bit of both. Most coins are dependent on each other for their rallies this time, thanks to the high positive correlation they share with each other. However, instead of scripting history by attaining new highs, Cardano, VeChain, and XRP have to clear past roadblocks to reach pre-set milestones this time. Only when old losses are recovered, will they be able to advance further.

Leaving aside technicals, all three assets have quite a strong fundamental backing. The utility of XRP to process payments via ODL corridors has played a major role in fostering its growth so far. Cardano, on the other hand, has one of the best developer teams in the ecosystem. VeChain, with the help of its underlying Internet of Things technology and numerous partnerships, managed to keep itself relevant even during the turbulent phase that just went by.

Three-digit and four-digit upticks are not an alienated concept in the cryptocurrency space. During every bull run, such rallies have materialized. Past performances of ADA, XRP, and VET show that they have the potential to replicate similar pumps when there is enough momentum in the market. Thus, investors can perhaps add these coins to their watchlists and look to accumulate them after doing their own research.