INTRODUCTION
Cryptocurrencies had garnered all the buzz from investors around the world around the pandemic but all of this started dying with the news of several scams, the crypto crash and the recent FTX scam which took a huge hit over public trust in crypto currencies.
So, the question is simple, should you even invest in cryptocurrencies in 2023 and if yes, which ones are the best? Don’t worry, we’ve got you covered with this article mentioning all the very best crypto assets to invest in 2023 and which ones could take your investments to the moon.
What is cryptocurrency?
A new bankless method of internet payment is cryptocurrency. It refers to electronic cash that can be sent from one person to another, no matter where they are in the world, thanks to a specific network. It’s all kept online rather than using actual money or banknotes.
Cryptocurrency uses a system called blockchain. The transactions are tracked in a form of digital ledger. Interesting fact is there is no control of the Government or bank or any other authority over cryptocurrency.There are thousands of cryptocurrencies where Ethereum and Bitcoin are two of the well-known ones.
In today’s world due to the introduction of thousands of new projects, most people think that cryptocurrencies will grow fast over time. By 2030, it might be valued at $4.94 or perhaps more
Why should invest in cryptocurrency in 2023
There are lots of reasons to invest in cryptocurrency in 2023, it would be better to invest in 2023 because many of the industries and organizations accept cryptocurrency, due to which increases demand and higher prices. The other thing is if you diversify your risks among different types of assets it will help you to diversify your portfolio.
They act as an insurance against inflation because economic conditions are uncertain. As we know that the Crypto market is volatile in nature so it is important to know about the market condition. More importantly it is essential to do research before investing and also you should have thorough knowledge about it.
Following are the cryptocurrencies that are well-known and high in growth.
WATCH HERE
1.Bitcoin (BTC)
- Market cap- $508.1 billion
- 28.7% increases over the last year
The most widely used and valuable cryptocurrency worldwide is bitcoin. It was invented in 2009 under the pseudonym Satoshi Nakamoto by an unknown individual or group; its owner’s identity is currently unknown.It is built on blockchain technology, making it extremely safe and secure from scammers.
In 2016, one bitcoin cost approximately $500. A single bitcoin cost around $26,077 as of September 12, 2023, according to this year. It represents a remarkable 5,115% rise.
2. Ethereum (ETH)
- Market cap- $195 billion
- 3.2% increases over the last year
The versatile blockchain platform Ethereum, sometimes referred to as the “world computer,” supports smart contracts and NFTs. Its cost increased from about $11 in April 2016 to about $1,598 in September 2023, representing an extraordinary 14,431% increase. Developers are attracted to Ethereum because it has the potential to be used for applications like smart contracts and is both a coin and a blockchain.
Ethereum was established in July 2015 and now supports more than 1,400 applications. It changed to a proof-of-stake consensus method in 2023, distinguishing itself from Bitcoin. The blockchain capabilities of Ethereum continue to be the biggest difference.
3. Tether (USDT)
- Market cap- $83.0 billion
Unlike most cryptocurrencies, Tether is unique. We refer to it as a stablecoin. This indicates that it is linked to fiat currency, such as the euro or the dollar. Its value is intended to remain constant, making it less dangerous for those who worry about other cryptocurrencies’ frequent price fluctuations.
Because it is seen as a trustworthy alternative in the cryptocurrency industry, Tether is highly popular. Its estimated $83.0 billion valuation indicates that investors believe that it will maintain a steady value.
4.Binance coin (BNB)
- Market cap- $32.5 billion
- 23.3% increases over the last year
You can utilize Binance Coin (BNB), a kind of unique digital currency, on Binance, a significant marketplace for cryptocurrency trading. But you can also use it to pay for things like fees, so it’s not simply for trading. Think of it as being similar to using special tokens in a video game.
When BNB first launched in 2017, it only had a $0.10 value. But as of September 2023, its cost has significantly increased, and it is now worth roughly $211. That is an enormous increase, comparable to growing a tiny seed into a huge tree.
However, Binance had some trouble in the U.S. in 2023. The government people called the U.S. Securities and Exchange Commission (SEC) sued Binance. They said Binance broke some rules about how things work with money. Because of this, Binance didn’t do so well in the U.S. anymore.
5. XRP
- Market cap-$25.4 billion
- 48.9% increases over the last year
Digital currency XRP was created by some of the same individuals that created the technology business Ripple. On the Ripple network, XRP may be used to trade many forms of money, including conventional currency and other digital ones.
XRP had a very low value at the start of 2017—just $0.006. However, it increased to $0.48 on September 12, 2023! That represents a substantial gain, comparable to making a small coin larger.
Conclusion
The cryptocurrency landscape in 2023 reflects a dynamic and evolving market that presents both enticing prospects and inherent challenges. The fervor that initially surrounded cryptocurrencies during the pandemic has somewhat subsided due to incidents of fraud, market fluctuations, and regulatory concerns. Nevertheless, the crypto sphere continues to offer intriguing opportunities for investors who are discerning and well-informed.
Investing in cryptocurrencies in 2023 demands a nuanced approach. Diversification emerges as a fundamental strategy, with several noteworthy options available. These include Bitcoin, Ethereum, Tether, Binance Coin, and XRP, each possessing distinct attributes and growth potential.