Many experts and investors believe that 2022 was a bad year for the cryptocurrency world. Well, we can admit that they are right. Last year, many investors lost huge amounts of money. However, according to forecasts, this year will be much better than the previous one.
We have prepared for you an overview of cryptocurrencies that will work great for you to invest in 2023. And if you want to know more about existing crypto projects, visit Chainbroker’s website. The information there is updated practically in real-time, so you will always be up-to-date with the news.
2023: A Banner Year for Top Crypto Gainers
The first thing to do is to take a closer look at the reasons why this year will be a good year for investors. Here’s a short list:
- Institutional investment marches on. Although investors are being cautious after the not-so-good 2022, they are not stopping. Institutional interest in cryptocurrency is growing, from trading and prime brokerage to asset management and DeFi. A CB Insights report confirms this, which means the situation will improve not only for titans like BTC and ETH but also for altcoins.
- Long-term crypto holders are consolidating. Coin dealers’ intent to hold for the long term signals a rise in coin scarcity and price in liquid crypto-exchange markets, with Gresham’s Law in full effect.
- The economic crisis will divert more mainstream attention to crypto. An increasing number of individuals are part of the potential crypto market but have not yet adopted it. Nevertheless, they are progressively gaining awareness about blockchain’s advantages, characteristics, and existence.
The Best Cryptocurrencies in 2023: Which One to Choose?
Well, we’ve got the reasons why 2023 will be a good year for the crypto industry. Let’s move on to the best cryptocurrencies to watch out for!
When it comes to digital currencies, you can’t avoid King. That is exactly what Bitcoin is. Despite the fact that it appeared quite a long time ago, at the moment it is one of the most popular and stable cryptocurrencies.
Due to its ongoing outperformance, this asset also serves as an effective hedge against inflation. Should it reach its bottom in the upcoming year, there is a strong possibility of a significant price rally.
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Ethereum is an impressive network for several reasons. One of its key advantages is its capacity to enable the creation of decentralized applications that operate independently of a single controlling authority. This leads to more transparent and secure systems, which have the potential to disrupt traditional business models. Another benefit is the use of smart contracts, which can automate complex processes, enhancing efficiency and reducing expenses. Overall, Ethereum’s features offer significant potential for innovation and positive change.
Cardano is characterized by its use of a multilayer design. By separating the settlement and compute layers of the blockchain, the network gains greater flexibility and scalability, as well as the ability to update without disrupting ongoing operations. Furthermore, Cardano employs a consensus proof-of-stake (PoS) method, which is designed to be more secure and energy-efficient than traditional proof-of-work (PoW) methods. These advantages make it a strong contender to maintain its position in the market until at least the end of 2023.
Binance Coin (BNB)
When we talk about the best bull market performers, it is BNB that comes to mind. On the bear market, it showed better results than the titans of the digital currency world (mean ETH and BTC).
So why in 2023 this cryptocurrency has all chance to improve its position? The fact is that Binance is overcoming the FUD targeting it. And BNB belongs to this exchange. It’s simple: as long as Binance exchange successfully confronts all the problems, its cryptocurrency will also benefit.
Because the Securities and Exchange Commission filed a lawsuit against Ripple, the growth of this cryptocurrency has ceased to be so fast. Everything will depend on what decision will be made. If Ripple succeeds in achieving the desired results, XRP will quickly burst upward, and vice versa. A big win brings big risks. As we said, if the trial is lost, the token will collapse. So we can only say one thing: there is the potential for big gains, but also the potential for big losses.
This cryptocurrency has every chance of huge success this year. This is due to big improvements in privacy and bandwidth in 2022 after the Mimble-Wimble update. Not surprisingly, the altcoin is still improving, as experts once called it “digital silver.” This is a reference to Bitcoin, the “digital gold”. If Litecoin is compared to the king of the cryptocurrency world, its prospects are excellent.
This coin has been around since 2014, which is a long time in a market that moves as fast as the entire cryptocurrency world. Monero is the most famous privacy coin, which means a cryptocurrency with anonymous, untraceable transactions. It uses privacy-enhancing technology so that the sender, recipient, and amount of each transaction are hidden. There are many people who want to keep their cryptocurrency transactions private, especially as the rules get stricter and stricter. This means that it has a good chance of succeeding and, as a result, bringing money to investors.
Bonus: Are Meme Coins Worthy of Attention?
Meme coins like Shiba Inu have been a huge success, especially in 2021. Not surprisingly, because, for example, Elon Musk himself was called the “father” of Dogecoin. However, we don’t recommend paying much attention to such digital currencies. They can only be in value for a short period of time, and then the hype around them will die down and the price will collapse. It is better to choose cryptocurrencies whose creators aim to develop their offspring in the long term