In the past few years, the cryptocurrency market has proved to be an excellent investment for some people. This small fraction of investors profited heavily from the decade’s largest bull runs from bitcoin to baby doge coin entry at the right time and patience paid investors gems but while there were these lucky ones, most people missed out on these opportunities.
As the market has for a long time been in bearish trends there would be a way to identify a few moves ahead of time which could trigger a bull run for a few of the most popular coins in the market.
In this post, We’ll analyze 5 of the greatest cryptocurrencies to focus in 2023 in the market to invest in the coming year.
Bitcoin – BTC
Since its launch in Jan 2009. Bitcoin has remained the top cryptocurrency-market around. With a market dominance of around 40%, bitcoin is the most trusted cryptocurrency and first choice for many investors. Blockchain technology which operates behind Bitcoin logs the transactions executed across the network into a digital ledger. SHA-256 algorithm designed by the US National Security Agency is the cryptography behind bitcoin, making it very safe.
From the start of its journey in 2009 bitcoin’s price swung widely. Even though prices have dipped with every bear run, with every bull run bitcoin prices touched a new high. As experts predict that the cryptocurrency market will maintain strong traction in 2023 we expect a healthy recovery of the market’s top currency.
The current market price of bitcoin is $23,373.15. With the smallest unit of a satoshi, anyone can invest in bitcoin.
Ethereum – ETH
Ethereum is an open-source, blockchain-based platform that enables the creation and deployment of decentralized applications. It was first proposed in 2013 and is the second-largest cryptocurrency in market capitalization after Bitcoin. According to market experts investing in Ethereum is claimed to be the best investment decision due to the fact that Ethereum’s value is stable and with the upcoming update in the Ethereum ecosystem to Ethereum 2.0 its utility is expected to increase in return increasing the price.
What is Ethereum 2.0?
This is a planned upgrade to the Ethereum network that aims to improve its scalability and security. The upgrade is expected to be implemented in multiple phases, which started in 2021 and the last phase is expected to be implemented in 2023.
The current market price of Ethereum is $1,664.72. With the smallest unit wei anyone can invest in Ethereum
Ripple – XRP
XRP is the fastest, most cost-efficient, and most regarded for cross-border trading. It holds the credit of transacting with different currencies over the network which allows banks to make international settlements in real time.
Ripple has an ongoing case alleging $1.3 billion unregistered securities offerings have been conducted by the company since the token’s creation. This case started in 2020 and has had a major impact on the price of the coin but now this case is expected to come to conclusion in 2023 and if the company manages to come on top then there is the prediction that ripple can grow several times in price. The founder of ripple said if they lose the lawsuit then they will move to another country. Which won’t have any major impact on the token price.
Another point in favor of ripple is that it has a finite number of coins, unlike some other cryptocurrencies where the token can be mined constantly.
The current market price of Ripple XRP is $0.4101.
Solana – SOL
Solana is both a cryptocurrency and a flexible platform like Ethereum for running decentralized apps it aims to achieve high transaction speeds without sacrificing decentralization. Even after its release in 2020, Solana got much of its popularity around growing interest in NFTs in 2021-2022. Its high speed gives a distinct advantage to a platform over Ethereum and developers hope high speeds and low fees will eventually enable Solana to scale to compete with centralized payment processors like Visa.
The current market price of Solana SOL is $24.20.
Shiba Inu – SHIB
Released in 2020 as a doge killer, Shiba Inu gained popularity quickly in the cryptocurrency market giving high profits to its initial investors. With more than 1.2 million Shiba Inu holders Shiba holds more than 6 billion dollars in market cap. SHIB tokens are heavily accumulated by whales of the market in recent times giving the belief in the long-term potential and utility of the SHIB ecosystem and its projects.
The current market price of Shiba SHIB is $0.00001492. Looking at the scenario a small investment in Shiba can prove ideal for the future.
Some other cryptocurrency to buy: baby dogecoin, Fight out, C+Charge, Polygon(Matic)
It's important to remember that buying cryptocurrency is a highly speculative investment, and you should always conduct your research and consult with a financial advisor before making any investment decisions.
FAQs
Is crypto a safe investment?
– There is no clear answer to this question. It depends on the choice of cryptocurrency. Some cryptocurrencies have been there in the market for a long time. They fall and recover with market trends. On the other hand, there are few cryptocurrencies that have shown sudden rise and fall in a short period of time. Such investments are always risky.
Major risks in cryptocurrencies investment are :
1 No or lack of regulation
2 High volatile market
3 Lack of adoption and understanding
Is crypto real money?
– Cryptocurrency is a virtual currency that doesn’t have physical existence. As the understanding of cryptocurrency is increasing its adoption has improved around the world.
What are the best exchanges to buy cryptocurrencies?
– Some of the best cryptocurrency exchanges are Binance, Coinbase exchange, Kraken, Kucoin, Gateio, etc but it’s always recommended to look for the best exchange in your country as that saves the exchange rate cost for purchase.