We have compiled a list of cryptocurrencies that have proven themselves and will continue to prove themselves for 2023.
Bitcoin and 4 cryptocurrencies that will explode
Naturally, Bitcoin tops the list of the best cryptocurrencies to watch out for in the new year. The digital asset, which is the pioneer of the field, still dominates a large share of the market and multiple bull runs with performances that exceed everyone’s expectations.
While looking at digital assets to invest in the new year, BTC should not be overlooked. It is the closest to a ‘firm’ investment that crypto users can get. Additionally, it provides a good hedge against inflation due to continued performance. It is said that if the asset bottoms out in the new year, there may be a good rally in price.
After Bitcoin, the next best asset in the crypto market remains Ethereum. There has even been discussion that this asset is better than the previous Bitcoin due to its wide variety of use cases, including but not limited to the popular DeFi and NFT sectors.
It’s been good for investment, as this asset does for use cases. It saw $4,800 before the bear market started. Also, although it has dropped over 70% from its all-time high, ETH is still strong. However, it is one of the digital assets that is expected to perform incredibly well in the next bull market.
Meme coin has since gone from being a joke among social media users to one of the most popular cryptocurrencies in the world. It continues to receive the support of names like Elon Musk and Matt Wallace, who show no signs of slowing down.
DOGE’s social media following has reached more than 3 million followers and over 4.5 million users on Twitter. It also means that there is still a lot of faith in the digital asset despite the current low prices. As the 2021 bull run showed, it is not the benefit that determines whether a cryptocurrency will succeed, but the amount of support it receives from investors. This makes Dogecoin a reasonable bet going forward.
Binance Coin (BNB) is arguably one of the top performers in the bull market. Even in the bear market, it has made better gains than its larger counterparts such as Bitcoin and Ethereum. cryptocoin.com As we mentioned, BNB is backed by Binance, the world’s largest crypto exchange in terms of trading volume. Being committed to such a tough job has done wonders for the asset, which is currently the 5th largest cryptocurrency in the world by market cap.
BNB holds great promise in 2023 as Binance is tackling FUD towards itself. The crypto exchange also showed users that it could withstand the kind of bankruptcy that led to the bankruptcy of FTX. This shows that they remain in a strong position. As Binance continues to dominate, so will its native currency, BNB.
XRP is a digital asset whose growth has been stunted due to the SEC’s ongoing lawsuit against Ripple. But since the case has been in court for so long, an end is likely to be near. If Ripple beats the SEC in this situation, the price of XRP will likely explode in response.
One problem with this election is that XRP will have a lot to lose if the case goes in favor of the SEC. So an investment in XRP is more than just a gamble on how the Ripple-SEC case will turn out. There is a lot of profit potential with this but also a lot of loss potential.