In 2023, there isn’t a single major cryptocurrency showing a loss. Many of the leading cryptocurrencies have recorded triple-digit gains this year. For instance, Bitcoin (CRYPTO: BTC) surged over 107%, and Solana (CRYPTO: SOL) skyrocketed more than 650%.
While this year’s rallies are impressive, numerous top cryptocurrencies still remain considerably lower, down by 70% or more from their previous peak values of two years ago. Two notably undervalued cryptocurrencies presently are Avalanche (CRYPTO: AVAX) and Chainlink (CRYPTO: LINK).
Avalanche During the previous crypto bull run, Avalanche hit a peak of $146. Currently priced at $40, Avalanche is trading at a more than 70% discount from its highest value. This substantial markdown seems excessive, especially considering Avalanche’s standing as a top Ethereum (CRYPTO: ETH) competitor. Often touted as an “Ethereum killer,” Avalanche offers faster and more cost-effective transactions compared to Ethereum. Like Ethereum, it supports various functionalities, including NFTs, DeFi, blockchain gaming, and Web3 applications.
Recent buzz around Avalanche involves the launch of a new type of crypto collectible, akin to the immensely popular Bitcoin Ordinals. These collectibles have garnered significant attention, contributing to 95% of transactions on the Avalanche blockchain. While this is promising for some, it might be concerning for others who hold varying perspectives on NFTs.
Avalanche has surged over 90% in the last month, setting the stage for a potentially strong start to 2024. Its recent rally is possibly attributed to the remarkable performance of Solana. As both Solana and Avalanche directly challenge Ethereum and given Solana’s 650% surge this year, investors may anticipate a similar performance from Avalanche, which could lead to increased investor interest.
Chainlink experienced a surge in the previous crypto bull market, reaching a high of $53 in 2021. With the current price at $15, Chainlink is now trading at a discount of over 70%.
Distinguishing itself as a decentralized blockchain data oracle, Chainlink supplies data to smart contracts, crucial for executing computer code autonomously. This positions Chainlink at the core of blockchain data exchange, particularly in the realm of decentralized finance (DeFi), where smart contracts necessitate real-time data access.
Chainlink’s earlier surge was fueled by the DeFi craze in 2020. In 2023, Chainlink introduces an innovative concept involving the integration of artificial intelligence (AI) and blockchain. While some aspects may not seem groundbreaking, if Chainlink unveils a significant blockchain-AI application, it could lead to substantial growth in the future.
