In the midst of the highly unpredictable and volatile crypto market since the start of 2023, certain cryptocurrencies have managed to maintain their stability and some marked new lows. Despite the extreme fluctuations and declines, key players like Bitcoin (BTC) and Ethereum (ETH) attempted to exhibit enduring strength.

Notably, the crypto market trends have evolved over the unpredicted ups and downs. In addition to this, crypto investors and traders should definitely consider HODL (an acronym for Hold On for Dear Life), the state of being in the strategy of not selling crypto assets amidst abrupt price shifts in the market which is termed as market volatility.

The first three quarters of 2023 have delivered an exhilarating rollercoaster ride marked by compelling buy and sell signals for various crypto assets. However, certain users have adopted a subtle HODLing approach, choosing to retain their cryptocurrencies amid both market downturns and surges.  As the year progresses into the fourth quarter, here’s a set of top cryptocurrencies that crypto investors and traders might consider HODLing:

1. Bitcoin (BTC) 

Bitcoin (BTC) dominates the whole crypto world and is the king of cryptocurrencies.  Furthermore, the upcoming fourth Bitcoin halving will be more impactful where the block rewards reduced to 3.125 BTC for every block from 6.25 BTC. The predictions of crypto enthusiasts say that the BTC price might substantially rise concerned to the loading halving event, in less than a year.

Bitcoin (BTC) 24H Price Chart (Source: CoinMarketCap)

Currently, BTC is trading at $26,088.80, down from nearly $30K this month. At the time of writing, the market cap is just 1.38% down, standing at $508.11B whereas the trading volume crossed $12.48B with a 23.53% surge in the last 24 hours. Moreover, there are 92.70% of BTC is in circulation from its total market supply. Any effect on BTC would probably impact the altcoins in huge as the market drops globally.

2. Ethereum (ETH)

The second most promising cryptocurrency and the top-most altcoin of all time, Ethereum (ETH) has an unlimited maximum supply in the crypto market. Also, the recent Ethereum Shanghai Capella, an upgrade to confer improved security and sustainability to the PoS Chain.

Ethereum (ETH) 24H Price Chart (Source: CoinMarketCap)

Regardless of the upgrade constraint, the investors are hugely trading ETH which is currently trading at a price of $1,652.12. The trading volume stands at $5,317,038,439 with a market cap of around $200M. Several whale transactions have resurfaced thus indicating the strongest buy signal among others.

3. Ripple (XRP) 

Over the partial win of Ripple (XRP) in the SEC lawsuit, XRP was substantially supported by the larger crypto community. Even after the interlocutory appeal, Ripple has stood firm rather than stepping back over the fight with the SEC. During the court decision, XRP gained massive support thereby witnessing an increase in price.Regardless of the case, the XRP Ledger featured decentralized exchanges (DEX) with tokenized capabilities that have been reliably built into the protocol. Having around half of its total market supply in circulation, the XRP trading at $0.511 at press time, after a 2.32% dip in the last 24 hours.

Ripple (XRP) 24H Price Chart (Source: CoinMarketCap)

Notably, the trading volume has seen a fall of over 4.58% and currently stands at $935,036,962, ranking 7th position on CoinMarketCap. Though XRP is not even close to its all-time high (ATH), the final decision of the Ripple Vs SEC case would support growth thereby awaiting a near future opportunity anytime soon.

4. Polygon (MATIC)  

Polygon, Ethereum layer 2 scaling solution, has become the popular gateway for the enhanced adoption of crypto and Web3. One of the potential investment opportunities could be MATIC as the developments and innovations are making innovative projects contributing to the long-term gain and engagement of users.

To mention, the Polygon’s zero knowledge Ethereum Virtual Machine (zkEVM) has seen an ATH in its transaction volumes. From the reports of PolygonLabs, it is evident that the total value locked (TVL) has increased by 70% considerably since the launch. Meanwhile, the price change on MATIC got affected irrespective of the growth potential of Polygon zkEVM.

Polygon (MATIC) 24H Price Chart (Source: CoinMarketCap)

Though the price has seen a fall, the investors remained strong. At present, the trading volume of MATIC has reached  $279,317,514, with a 3.26% increase in the last 24 hours. And, is trading at $0.5433 with a 2.04% dip. Over 93.19% of MATIC is in circulation which is around 9,319,469,069 MATIC tokens. To resolve transaction fees at lower costs, Polygon puts forth huge revolutionary measures for easier and more effective solutions.

Importance and Advantages of HODLing

Despite the losses, cryptocurrencies continue to offer the potential for lucrative gains. These strategies involve long-term commitment, with investors remaining watchful of evolving challenges and opportunities. In contrast to short-term buying and selling tactics, the HODL approach emphasizes sustained holding. HODLing is rooted in the belief that despite the volatility, certain cryptocurrencies have historically shown commendable growth over time.

In the dynamic realm of cryptocurrencies, risk assessment is paramount due to market volatility and sudden uncertainties. Yet, through the HODL strategy, crypto investors can potentially leverage the following advantages:

• 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 have good chances to 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

Clearly, hodling isn’t devoid of risks or challenges in the crypto market. The following are found to be the common challenges faced by crypto investors while hodling:

• • During bear markets, long-term investors fail to resist the urge to execute impulsive or panic selling.

• • The most common ones are security risks. The chances of losing your access to your keys and assets multiply over a long period.
• Long-term HODLers are subjected to panic as crypto regulations and adoption rates could get uncertain.

While navigating the crypto trade landscape demands strategic approaches, it remains a lucrative avenue for risk-takers who carefully research, time the market and execute trades.