3 Up-and-Coming Cryptos to Keep an Eye on in June 2023

A key factor with these tokens is that none of the cryptocurrencies listed below trade for fractions of a penny. Those coins and tokens are primarily pump-and-dump schemes in my opinion. However, the cryptos on this list, that trade nearer to $1 apiece, tend to be quite well-established overall. They are less risky, and provide real-world utility. The combination of utility, potential, and inexpensive price makes these cryptos worth following in June.

Cardano (ADA-USD)

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Cardano  (ADA-USD) has garnered lots of attention in the past for its strict adherence to a scientific approach in developing its platform. One of the underlying foundations of the project is a reliance on peer-reviewed cryptographic research. The idea is that Cardano is much less likely to make any significant errors as a result. Over time, this should lead to a better-functioning cryptocurrency that’s positioned well to grow over a longer period of time.

That scientific approach should also lead to greater trust overall. One way to measure that trust in the cryptocurrency world is through total value locked (TVL). TVL represents the overall value of assets that are locked into a given cryptocurrency platform. Encouragingly, Cardano's TVL now stands at $170 million, increasing more than 300% this year.

Meanwhile, ADA has appreciated only 50% year-to-date. Thus, if Cardano’s price follows its TVL more closely over time (as it probably should), this is a token that could see some big upside over the medium-term. Yet TVL increases have far outstripped price increases. Perhaps prices can play catch up, starting in June.

XRP (XRP-USD)

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A number of big-name investors are accumulating  XRP  (XRP-USD) in the run-up to its highly-anticipated lawsuit decision. Notes related to the pivotal Hinman documents are expected to be made public on June 13. The public release of those notes should strengthen Ripple's case in levied by the SEC claiming that XRP is a security.

The Hinman documents, named after William Hinman, the former director at the SEC, show that he stated that Ethereum (ETH-USD) is not a security. His assertion lends credence to the notion that XRP is not a security, by extension.

The judgment is important to the cryptocurrency space overall, as a ruling in Ripple's favor reduces calls for regulatory pressure across the sector.

The ruling is also important for traders who expect XRP prices to explode following a judgment favoring Ripple. That increasingly looks to be the outcome. Lately, investors have shrugged off questions of whether Ripple will prevail in its lawsuit in favor of questions around just how much XRP will increase in the aftermath.

Polygon (MATIC-USD)

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Polygon  (MATIC-USD) should logically see increased demand over time due to its core value proposition. Polygon is a key Layer-2 scaling solution, aimed at assisting Ethereum in solving one of its biggest problems – a lack of scalability. That scalability problem continues to plague Ethereum, acting as a catalyst for Polygon and other Layer-2 solutions.

Layer-2 solutions are simply those that help Ethereum increase its speed and/or reduce fees associated with its use.

That problem for Ethereum is a legitimate one. If it's slow and expensive, its potential to disrupt traditional financial networks becomes difficult to see. In short, blockchain and decentralization won't be brought to you by Ethereum if it doesn't fix its issues. That is unless someone else can fix Ethereum's issues.

So, Polygon, which promises to solve the scalability issue, is something of a savior. Ethereum updated to a fully proof-of-stake network. That was supposed to help ease some of its issues. So far, it hasn't. The network’s key speed metric, transactions per second, still comes in quite low, hovering around 15. Polygon offers a theoretical TPS of 65,000, and that will make it immediately interesting when scalability concerns again become a topic of concern.

On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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