2022 has been a roller coaster year for cryptocurrencies around the world. The sudden demise of one of the leading cryptocurrency exchanges, FTX, not only turned the industry upside down, but also raised multiple questions about the functionality, transparency and regulation associated with cryptocurrency markets around the world. rice field.
However, we cannot ignore the fact that cryptocurrencies are here to stay. With the exponential growth of non-fungible tokens (NFTs), play-to-earn, decentralized finance (DeFi), and smart contract applications, the market holds long-term viability and provides excellent virtual There are several cryptocurrencies that can be considered as currency. Investment options for 2023. In fact, a market downturn can be a great opportunity to buy cryptocurrencies at deep discounts.
In this read, we’ve highlighted the best digital currency prospects to help you better appreciate cryptocurrencies and their usefulness before investing in 2023.
Bitcoin (BTC)
No matter how uncertain and unpredictable Bitcoin is right now, there is no doubt that it will remain the king of the crypto world in terms of market capitalization and trading volume. Bitcoin is recognized as the most mainstream and largest cryptocurrency in the world. In fact, many large and small institutions and companies, and even countries, have started to accept Bitcoin as a legitimate source of payment. We use coins.
In the long run, Bitcoin has consistently risen over a period of time, yielding huge returns to investors. peaked at $60,000. Due to limited supply, crypto investors prefer to buy more Bitcoin.
But despite so many negative moves in 2022, with massive sell-offs and volatility across crypto markets, Bitcoin has always turned around. For his long-term HODLer, Bitcoin will definitely be your bet in 2023.
Ethereum (ETH)
No list of best performing ciphers would be complete without naming Ethereum (ETH). Ethereum is considered his second largest cryptocurrency in the world after Bitcoin. There are some decentralized applications that exist just for Ethereum. The Ethereum network acts like a playground for DeFi and smart contract developers, and many cryptocurrencies such as Shiba Inu (SHIB), The Sandbox (SAND) and Uniswap (UNI) are based on the Ethereum blockchain. .
Before the cryptocurrency crash, Ethereum hit $4700 in November 2021. However, 2022 saw a significant decline due to the overall slump in market sentiment and the impact of his FTX. In 2022, Ethereum is trading in the $1300-$1500 range.
This drastic drop makes it a great time to buy ETH in the 2023 plunge, especially as Ethereum is expected to surge, especially in light of the massive strengthening of its network and its switch to a more energy-efficient consensus mechanism. can be seen as an opportunity.
Dash 2 Trade (D2T)
Dash 2 Trade (D2T) is set to explode in popularity in 2023 as its pre-sale hit 2022 despite a massive market crash in the crypto industry. D2T is a powerful and robust crypto analysis tool that has raised millions of dollars since its presale began, so it could be your best bet in 2023. By designing the benefits of social trading options and world-class dashboards, D2T aims to provide insights and a variety of tools to further optimize the trading experience at every level, from novice to expert. , has a high potential.
Additionally, the platform has also launched a demonstration trading experience, on-chain indicators, advanced charting tools, and trading indicators with real-time crypto market analytics received on its dashboard. With all these smart utilities and powerful features, D2T is the cryptocurrency you need to buy in 2023.
Binance Coin (BNB)
BNB still looks very promising in 2023. BNB or Binance Coin is the native cryptocurrency of the largest cryptocurrency exchange Binance. Binance Exchange allows crypto traders and investors to pay fees and use BNB to trade on its exchange. His BNB, which opened at a very low price of almost $0.50 in November 2017, has since witnessed a record high of $676. Currently, BNB’s overall price action looks positive.
BNB has experienced significant growth over the years due to many factors such as burndown policies, discount coupons, low fees and fast transactions. BNB is also considered a good utility token. In addition, you can also make online transactions via BNB, such as payment for encrypted credit card bills, entertainment, travel and more.
Decentraland (MANA)
Decentraland is known as the king of the metaverse ecosystem. It is based on the Ethereum blockchain and packed with many exciting features that will appeal to individuals as well as businesses. Anything above is possible.
MANA is Decentraland’s native token and helps execute transactions and payments in Decentraland. With this acceptance of the metaverse, Decentraland is a pioneering metaverse project that is expected to explode on a massive scale in 2023.
Polkadot (DOT)
Polkadot is a network protocol considered one of the most secure and interactive advanced networks. With the popularity and development of Web 3.0 domains, Polkadot has emerged as one of the most popular and easily accessible cryptocurrencies among other digital assets. It aims to extend communication between private and public blockchains without compromising scalability.
Investors can consider investing in Polkadot in 2023. This is because he is one of the most preferred networks he chains, capable of processing large numbers of transactions via sharding, which is a major obstacle in the crypto space.
Cardano (ADA)
If you plan to invest in cryptocurrencies, Cardano can also be your choice in 2023. Cardano is basically a very powerful digital currency with one of the most advanced proof-of-work algorithms. This algorithm has been adopted by many decentralized application (dApps) developers as it makes the network secure and decentralized. The Cardano blockchain is known in the market for making transactions very cheap and even faster than Bitcoin and Ethereum. The market cap is high at around $10 billion, which is a strong indication that the coin is sufficiently liquid.
With all this in mind, you can consider investing in Cardano’s native coin, ADA, in 2023.
Solana (SOL)
Solana is one of the fastest growing smart contract blockchain networks like Cardano and Ethereum, developers prefer to launch tokens. SOL is Solana’s native coin. Solana is known in the market for offering fast transactions at low fees and is considered a strong competitor to Ethereum.
Despite some instability and outage issues, investor and developer interest in Solana hasn’t wavered in the slightest due to its main strengths such as high speed and very low fees.NFT , dApps, and smart contracts continue to grow in number, Solana will not falter and has a bright chance to revive in 2023.
Conclusion
Investing in cryptocurrencies is a very risky activity. And no matter what happens to FTX, it’s safe to say that the crypto winter could last longer than expected. However, it is clear that the devastating events unfolding in the digital currency market will lead to greater transparency and increased regulation.
Hopefully, the FTX ruckus will help rid the system of rogue tokens and create a huge space for highly valuable and useful cryptocurrencies.
