Possible Cryptocurrencies to Hold in the Fourth Quarter of 2023

Amid the highly unpredictable and fluctuating crypto market since the beginning of 2023, certain cryptocurrencies have succeeded in maintaining their stability while others have reached new lows. In spite of the significant volatility and downturns, major players such as Bitcoin (BTC) and Ethereum (ETH) have made efforts to demonstrate lasting resilience.

Importantly, the trends within the crypto market have shifted through the unforeseen highs and lows. Additionally, crypto investors and traders should certainly consider HODL (an acronym for Hold On for Dear Life), which refers to the strategy of retaining crypto assets despite sudden price changes in the market, commonly referred to as market volatility.

The first three quarters of 2023 have provided an exhilarating rollercoaster experience characterized by compelling buy and sell signals for various crypto assets. Nevertheless, some users have adopted a more cautious HODLing strategy, opting to hold onto their cryptocurrencies during both market declines and rallies. As the year transitions into the fourth quarter, here is a list of leading cryptocurrencies that crypto investors and traders may contemplate HODLing:

1. Bitcoin (BTC)

Bitcoin (BTC) reigns supreme in the crypto landscape and is recognized as the leading cryptocurrency. Furthermore, the forthcoming fourth Bitcoin halving is expected to have a significant impact, as the block rewards will decrease from 6.25 BTC to 3.125 BTC for each block. Predictions from crypto enthusiasts suggest that the BTC price could experience a substantial increase in relation to the upcoming halving event within the next year.

Bitcoin (BTC) 24H Price Chart (Source: CoinMarketCap)

Currently, BTC is priced at $26,088.80, having decreased from nearly $30K earlier this month. At the time of this report, the market cap is down by just 1.38%, totaling $508.11B, while the trading volume has surpassed $12.48B, reflecting a 23.53% increase in the last 24 hours. Additionally, approximately 92.70% of BTC is currently in circulation from its total market supply. Any fluctuations in BTC are likely to significantly affect altcoins as the market declines globally.

2. Ethereum (ETH)

As the second most promising cryptocurrency and the foremost altcoin of all time, Ethereum (ETH) has an unlimited maximum supply in the crypto market. The recent Ethereum Shanghai Capella upgrade aims to enhance security and sustainability for the PoS Chain.

Ethereum (ETH) 24H Price Chart (Source: CoinMarketCap)

Despite the constraints of the upgrade, trading activity for ETH remains robust, with the current price at $1,652.12. The trading volume is approximately $5,317,038,439, and the market cap is around $200M. Numerous whale transactions have emerged, indicating a strong buy signal among traders.

3) Ripple (XRP)

Following Ripple’s (XRP) partial victory in the SEC lawsuit, XRP has garnered substantial support from the broader crypto community. Even after the interlocutory appeal, Ripple has remained steadfast in its battle against the SEC. During the court ruling, XRP experienced significant backing, resulting in a price increase.
Regardless of the ongoing case, the XRP Ledger has incorporated decentralized exchanges (DEX) with tokenized functionalities that are reliably integrated into the protocol. With approximately half of its total market supply in circulation, XRP is currently trading at $0.511, reflecting a 2.32% decrease in the last 24 hours.

Ripple (XRP) 24H Price Chart (Source: CoinMarketCap)

Notably, the trading volume has decreased by over 4.58%, currently standing at $935,036,962, placing it in the 7th position on CoinMarketCap. Although XRP is still far from its all-time high (ATH), the final ruling in the Ripple vs. SEC case could facilitate growth, presenting an opportunity in the near future.

4) Polygon (MATIC)

Polygon, an Ethereum layer 2 scaling solution, has emerged as a popular entry point for the increased adoption of crypto and Web3. MATIC presents a potential investment opportunity as ongoing developments and innovations are contributing to long-term user engagement and gains.

It is worth noting that Polygon’s zero knowledge Ethereum Virtual Machine (zkEVM) has achieved an all-time high in transaction volumes. Reports from PolygonLabs indicate that the total value locked (TVL) has risen by 70% significantly since its launch. Meanwhile, the price of MATIC has been affected despite the growth potential of Polygon zkEVM.

Polygon (MATIC) 24H Price Chart (Source: CoinMarketCap)

Although the price has experienced a decline, investor confidence remains strong. Currently, MATIC’s trading volume has reached $279,317,514, with a 3.26% increase in the last 24 hours. It is trading at $0.5433, reflecting a 2.04% dip. Over 93.19% of MATIC is in circulation, totaling approximately 9,319,469,069 MATIC tokens. To address transaction fees at lower costs, Polygon is implementing significant revolutionary measures for more efficient solutions.

Importance and Advantages of HODLing

Despite the downturns, cryptocurrencies still hold the potential for significant gains. These strategies require a long-term commitment, with investors remaining vigilant to emerging challenges and opportunities. Unlike short-term trading strategies, the HODL approach focuses on sustained holding. HODLing is based on the premise that, despite volatility, certain cryptocurrencies have historically demonstrated commendable growth over time.

In the ever-changing landscape of cryptocurrencies, risk assessment is crucial due to market volatility and sudden uncertainties. Nevertheless, through the HODL strategy, crypto investors can potentially benefit from the following advantages:

• They manage risks, capitalizing on long-term gains if prices appreciate over time. This adaptable approach reduces fees and presents substantial profit potential.

• By HODLing, investors have favorable opportunities to maximize their profits or returns on crypto assets over the long haul.
• This strategy also aligns with the long-term vision of many crypto projects and fosters stability.

Challenges in HODLing

Clearly, HODLing is not without its risks or challenges in the crypto market. The following are common challenges encountered by crypto investors while HODLing:

• During bear markets, long-term investors may struggle to resist the impulse to engage in panic selling.
• Security risks are prevalent. The likelihood of losing access to keys and assets increases over extended periods.
• Long-term HODLers may experience anxiety as crypto regulations and adoption rates could become uncertain.

Navigating the crypto trading landscape requires strategic approaches, yet it remains a lucrative opportunity for risk-takers who conduct thorough research, time the market, and execute trades.

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