5 Altcoins to Watch in 2023: ETH, XRP, ADA, HBAR, and a New Hybrid L2 Solution for BTC

The market is getting ready for another exciting year and whales are looking for the next hot projects. Major altcoins are doing well in these bearish conditions.

Major crypto projects had a standout year in 2023, with each bringing something unique to the table. Here's a closer look at their performance and upcoming plans.

1. PlutoChain ($PLUTO): A Hybrid Layer-2 Solution to Enhance Bitcoin’s Speed and Functionality

While other cryptocurrencies soared to new heights, Bitcoin faced persistent challenges that hindered its full potential. Network congestion, long transaction times, and high fees during peak usage remained critical pain points.

Enter PlutoChain ($PLUTO), a Layer-2 solution that aimed to push Bitcoin beyond its traditional role as a store of value and enhance its capabilities to meet the evolving demands of the digital asset landscape.

As Bitcoin's popularity surged, its inherent limitations became increasingly apparent. With a 10-minute transaction time, Bitcoin fell behind faster networks like Ethereum, Solana, and Cardano, which offered speeds of just a few seconds.

To address this disparity, PlutoChain aimed to reduce transaction times to as low as 2 seconds on its Layer-2 network, while still maintaining the robust security of the Bitcoin blockchain by anchoring to its chain.

Moreover, PlutoChain boasted compatibility with the Ethereum Virtual Machine (EVM), easing adoption for Ethereum developers. This setup enabled seamless integration of DeFi applications, NFTs, and AI projects into the Bitcoin ecosystem without adding complexity.

During its testnet phase, PlutoChain handled 43,200 daily transactions without any delays, showcasing its capacity for real-world applications.

Top-tier security firms like SolidProof, QuillAudits, and Assure DeFi rigorously audited PlutoChain's infrastructure to ensure it met high safety standards.

Furthermore, PlutoChain empowered its community through governance, allowing users to vote on critical matters like updates, partnerships, and new features. This approach aimed to foster transparency and align the platform's growth with the collective interests of its stakeholders.

2. Ethereum (ETH): Transforming Investment Access with BlackRock’s ETF and DeFi Growth

Among the top cryptocurrencies, Ethereum had a standout year in 2023, thanks in part to the launch of BlackRock’s iShares Ethereum Trust (ETHA). This development marked a significant shift in the regulatory landscape and brought immense attention to ETH.

As the year progressed, ETHA pulled in over $1.3 billion in inflows, bringing its total assets under management to $3.2 billion. This performance put Ethereum ETFs ahead of Bitcoin ETFs in terms of momentum.

It also signaled a major shift in how investors viewed ETH - no longer just the foundation for dApps, but a serious and promising investment asset in its own right.

At the time of writing, Ethereum's price stood at about $3,338.07, with an RSI of around 45, indicating a neutral position.

According to George, a crypto analyst on X, if Ethereum manages to stay above $3,500, it could lead to a possible price bounce, with targets ranging from $4,000 to even higher.

After a strong rally that saw XRP hit 300% gains in the past month, thanks to Ripple's efforts to grow its partnerships and improve payment solutions, the cryptocurrency seemed poised for further price appreciation.

One notable collaboration was with Uphold, a U.S.-based cryptocurrency exchange, aimed at simplifying cross-border transactions.

At the time of writing, XRP was trading at approximately $2.16. Its RSI was around 43, placing XRP in the neutral zone.

Key resistance levels for XRP were identified at $2.92 and $2.50. A breakout above $2.92 could signal a potential uptrend toward $3.99. Support levels were noted at $2.13 and $1.88.

According to Armando Pantoja, XRP appeared to be heading for $2.89 soon, with $3 likely to follow shortly after. He highlighted resistance levels at $3.50 and $4, with longer-term targets of $8 and $10.

4. Cardano (ADA): Strengthening Smart Contracts with Plutus Upgrades and Developer Growth

In 2024, the cryptocurrency that saw the most growth was Cardano (ADA), particularly in the context of developer activity.

The number of Plutus V2 scripts surged from 8,083 to over 104,000, showcasing a substantial increase in engagement and the platform's ability to support complex decentralized applications.

Cardano's recent upgrades led to a 10-fold increase in strength compared to previous market cycles.

At the time of writing, ADA was trading at $0.868. Its RSI was in the neutral zone, at approximately 44.

According to Javon Marks, a crypto analyst on X, there could be a potential climb of over 180% from its current price,