Potential Cryptocurrencies to HODL in Q4 2023 Since the beginning of 2023, the cryptocurrency market has been extraordinarily uncertain and turbulent. Yet, some cryptocurrencies have maintained their stability while others have hit new lows. Key players like Bitcoin (BTC) and Ethereum (ETH) attempted to project persistent strength despite the significant volatility and falls.
Notably, during the unexpected ups and downs, tendencies in the cryptocurrency market have changed. Additionally, HODL (an acronym for Hold On for Dear Life), the condition of not selling crypto assets during abrupt price swings in the market that are referred to as market volatility, should be seriously considered by cryptocurrency investors and traders.
For various crypto assets, the first three quarters of 2023 have provided an exciting rollercoaster ride defined by persuading buy and sell signals. Nevertheless, other users have chosen a subtly HODLing strategy to hold onto their coins during both market upswings and downswings. Here are some of the top cryptocurrencies that traders and investors in cryptocurrencies may want to consider holding onto as the year moves into the fourth quarter:
The king of cryptocurrencies and the one who rules the entire crypto sphere is Bitcoin (BTC). Additionally, the approaching fourth Bitcoin halving, which will see block rewards drop from 6.25 BTC to 3.125 BTC for each block, will have a more significant impact. Crypto fans expect that the price of BTC in less than a year could significantly increase due to the upcoming halving event.
BTC is currently worth $26,088.80, down from around $30K this month. As of this writing, the market cap is only 1.38% down at $508.11 billion, but the trading volume has risen by 23.53% over the past 24 hours to $12.48 billion. Furthermore, 92.70% of the market supply of BTC is currently in circulation. As the market lowers globally, any impact on BTC will likely significantly influence altcoins.
Ethereum (ETH), the second-most promising cryptocurrency and top-ranked altcoin of all time, has an infinite maximum supply in the cryptocurrency market. Additionally, the most recent Ethereum Shanghai Capella upgrade gives the PoS Chain better sustainability and security.
Investors are heavily trading ETH, which sells for $1,652.12 despite the upgrade restriction. $5,317,038,439 worth of trade has occurred, and the market cap is about $200 million. The resurfacing of several whale trades indicates the most significant purchase signal.
The greater crypto community supported Ripple (XRP) despite its partial victory in the SEC litigation. Ripple has persisted in the struggle with the SEC rather than backing down even after the interlocutory appeal. XRP received much support during the court case, leading to a price rise.
Whatever the situation, the XRP Ledger offered decentralized exchanges (DEX) with dependable tokenized features integrated into the protocol. At the time of publication, the XRP was down 2.32% in the previous 24 hours and was trading at $0.511, with almost half of its total market supply in circulation.
Notably, the trading volume has decreased by almost 4.58% and is now $935,036,962, placing it in seventh place. Even if XRP isn’t even close to its all-time high (ATH), the outcome of the Ripple vs. SEC lawsuit will encourage growth, allowing for the anticipation of an opportunity shortly.
4. Polygon (MATIC)
The layer two scaling solution for Ethereum, Polygon, has become a well-liked entry point for Web3 and cryptocurrency adoption. Since developments and innovations result in novel initiatives that contribute to users’ long-term gain and engagement, MATIC may be one of the investment prospects to consider.
The transaction volumes of the Polygon’s zero knowledge Ethereum Virtual Machine have reached an ATH. According to PolygonLabs’ reports, the total value locked (TVL) has significantly climbed since its debut by 70%. In the meantime, the price fluctuation on MATIC was impacted regardless of Polygon zkEVM’s growth potential.
The investors persisted despite the price’s decline. The trading volume for MATIC has increased by 3.26% in the previous 24 hours to $279,317,514. And has a 2.04% decline in price, selling at $0.5433. Around 9,319,469,069 MATIC tokens, or over 93.19% of the total supply, are circulated. Polygon proposes enormous new approaches for quicker and more practical solutions to deal with transaction fees at lower costs.
Importance and Advantages of HODLing
Cryptocurrencies still have the potential for significant profits despite the losses. These techniques require long-term commitment, and investors must keep an eye on changing possibilities and difficulties. The HODL strategy emphasizes long-term holding instead of short-term purchasing and selling strategies. HODLing is based on the idea that, despite their volatility, some cryptocurrencies have historically demonstrated admirable long-term growth.
Due to market volatility and unforeseen risks, risk assessment is crucial in the dynamic world of cryptocurrencies. However, cryptocurrency investors may be able to take advantage of the following benefits by using the HODL strategy:
They manage risks, harnessing long-term gains if prices rise over the period. This flexible approach minimizes fees and offers substantial profit potential.
By HODLing, investors can maximize their profits or returns on the crypto assets over the long term.
This strategy also aligns with the long-term vision of many crypto projects and promotes stability.
Challenges in HODLing
There are risks and difficulties associated with holding in the crypto market. The following challenges are discovered to be those that crypto investors frequently experience during holding:
Long-term investors struggle to control the impulse to engage in impulsive or panic selling during imperfect markets.
The majority of them involve security risks. Over time, your chances of losing access to your possessions and keys increase.
Because of the potential for uncertainty in crypto rules and adoption rates, long-term holders are experiencing panic.
Even though the crypto trade landscape necessitates strategic tactics, risk-takers who properly analyze, time the market, and execute transactions can still find success there.