Heading into 2023, the cryptocurrency market is in a strange place. We saw the boom of 2021 when more people than ever joined the cryptocurrency investment frenzy, facilitated by a plethora of new platforms and wallet apps. Then came the crash of 2022… or, as some have dubbed it, the beginning of “crypto winter.”
Numerous smaller cryptocurrency projects disappeared altogether. Newcomers such as Solana (SOL), an alternative to Ethereum that experienced an 11,000% increase in value in 2021, or Axie Infinity (AXS), a play-and-win coin that enjoyed a 17,000% increase, have since fallen more than 90% from their highest values (according to CoinMarketCap data).
Best cryptocurrencies to buy in 2023
Even the most resilient and proven cryptocurrencies took such a beating in 2022 that some investors found their cryptocurrencies ended up being worth less than they had paid for them. So
what lies ahead?
While these may be volatile for cryptocurrencies, many experts believe this crypto winter will irretrievably thaw. In fact, such a market downturn could be the perfect time to invest while
buying rates remain at historic lows. However, there are also lessons to be learned from this winter, and as we begin to consider our portfolio investments for 2023, the key one to look for is
Nothing is guaranteed in the world of cryptocurrencies, where assets are risky by their very nature. Still, the better-established and more widely adopted coins are necessarily more likely to
survive uncertain times and periods of market turbulence. With that in mind, here are the top three cryptocurrencies worth keeping a close eye on in 2023.
Before we begin, however, we kindly remind you that no matter how promising a digital asset may be, you should always be mindful of the volatility of cryptocurrencies. Also, if you’re struggling to find the right place to start your investment journey and think if essay writing websites free good for it, don’t think because it is a good example of a website that offers essays
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Bitcoin enthusiasts have deemed it the future “currency of the Internet,” and it has been adopted in some forward-thinking emerging markets as a form of “digital gold.” Cathie Wood of Ark
Invest has speculated that “Bitcoin is getting the incremental flows that could go into gold.”
And on the downside? Bitcoin has its detractors, of course – Warren Buffett, for example, has been very explicit in his belief that Bitcoin has no intrinsic value and will never be a credible alternative to fiat currency (but that’s what he would say, right?).
The volatility we have seen over the past two years is, of course, noteworthy as well, and some critics further suggest that the slow and clunky nature of Bitcoin transactions means that it will never be able to provide universal utility as a functional currency.
However, Bitcoin has already experienced a great deal of market volatility, and it doesn’t look like it’s going away, making it perhaps the number one cryptocurrency to watch out for as we approach 2023.
Ethereum is another cryptocurrency that has become a household name, and that degree of consolidation is a very good sign for its future-proof resilience. Ethereum’s smart contract technology makes excellent use of blockchain and makes this cryptocurrency extremely useful for other projects. Other cryptocurrencies, or projects such as NFTs, can be based on the Ethereum network, making it part of a whole integrated ecosystem.
One downside, however, is that Ethereum transactions tend to be more expensive and slower than other cryptocurrencies. Efforts are underway to address this, and upcoming updates to the system promise to increase Ethereum’s scalability and make it a sustainable long-term investment.
However, these updates are taking a long time to arrive, leading some critics to question whether Ethereum will be able to maintain its market share in the meantime. Nevertheless, Ethereum remains a stock worth watching, and it may turn out to be the turtle that
wins the race.
Cardano may seem like an unexpected entry for this list, and it’s certainly not as well-known as its competitors, Bitcoin and Ethereum. But some reasons make this programmable cryptocurrency attractive to investors, and it will be interesting to follow in 2023.
The sheer utility offered by Cardano’s platform means that, like Ethereum, developers can build entirely new projects around it. Unlike some of its more volatile competitors, the emphasis here
is on promoting stability through a slow and moderate approach to growth and regular testing. Cardano has already established significant long-term partnerships, for example, in developing
Like any other cryptocurrency, Cardano also has its detractors. Some critics have argued that this moderate approach is simply too slow. While Cardano aims to offer an attractive and accessible platform for programmers, it still has a long way to go before it can match the widespread deployment enjoyed by Ethereum. By way of comparison, Cardano currently has around $50 million locked up in projects on its network, while Ethereum already has more than
However, if you’re looking for a relatively unknown cryptocurrency for 2023, Cardano is a cryptocurrency that could have the stability and utility to start flourishing come spring.
Where does cryptocurrency buying stand in 2023?
Some skeptics say that the “cryptocurrency craze” is over, and this crypto winter could be something more akin to a cryptocurrency ice age.
However, we are seeing the growing utility of cryptocurrency platforms as a kind of “virtual gold,” especially valuable in times of fiat money recession. In contrast, various developing nations’ serious adoption of cryptocurrencies points to exciting new futures for the technology.
We may not yet have seen all that cryptocurrencies can do for us, and in the long run, those who bought in 2023 may end up being considered among the “early adopters.”
However, the cryptocurrency winter is no joke, and there are currently some investors whose assets are worth less than what they paid for them. So if you’re going to buy cryptocurrencies in
2023, you’ll want to choose carefully and go for those that show the most potential for resilience and stability.
Slow and steady wins the race, and as they say: invest only what you can afford to lose. Now more than ever, it is important to protect your assets, which means thinking seriously about
finding the right cryptocurrency to manage your investments.