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Litecoin, Bitcoin Cash, and Wrapped Bitcoin are associated with Bitcoin
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The cryptocurrencies move alongside Bitcoin
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LTC, BCH, and WBTC can become bullish in 2023 or when the bull market returns
Bitcoin (BTC/USD) is the largest cryptocurrency and the most popular. As a result, any cryptocurrency associated with this network is likely to gain attraction. But do you know which cryptocurrencies will likely become very bullish next year or when the bull market returns? Below are our top picks:
Litecoin (LTC)
Yes, Litecoin is tied to Bitcoin. It was created from the original Bitcoin code. That is different from other coins forked from the Bitcoin chain. Launched in 2011, Litecoin retains the Proof of Work consensus mechanism as the Bitcoin blockchain. However, the blockchain uses the Scrypt hashing algorithm, unlike the SHA-256 hashing function for Bitcoin. Litecoin is also a faster blockchain than Bitcoin.
Litecoin token (LTC) is a potential bull candidate in 2023 owing to its upcoming halving event. The event will happen around July 2023 and has already been linked to the recent surges in the price of LTC. LTC will have a double chance to surge high and return big if the market sentiment improves.
Where to buy LTC
Bitcoin Cash (BCH)
If you are looking for a cryptocurrency that trades similarly to Bitcoin but is relatively cheaper, Bitcoin Cash (BCH/USD) is the perfect option. The blockchain was forked from Bitcoin in 2017. The fork happened after developers failed to agree on the route to address emerging issues on Bitcoin. The goal of creating Bitcoin Cash was to increase the number of transactions per block and reduce fees, an objective that was achieved.
A return to the bull market will surely be underscored by the price movement of Bitcoin. Since BCH trades in a similar manner, you could want a piece of the cryptocurrency, which currently continues to defend the $100-$110 level.
Where to buy BCH
Wrapped Bitcoin (WBTC)
WBTC is an ERC20 token – these represent tokens that reside on Ethereum. If you are wondering why it’s called Wrapped Bitcoin, it’s because it is associated with the Bitcoin blockchain.
Wrapped Bitcoin was created to allow Bitcoin holders to participate in the Ethereum blockchain. The cryptocurrency can be swapped on a ratio of 1:1 with BTC. It means for each WBTC, you get one BTC. Besides being integrated with Ethereum’s smart contracts, WBTC can also be transferred faster than Bitcoin itself.