The Best Cryptocurrencies To Invest In 2023

Best Cryptocurrencies To Invest In

Best Cryptocurrencies To Invest in 2023!

Cryptocurrency is here to stay. When Bitcoin first launched in 2009, there was only one cryptocurrency on the market. Fast-forward over a decade, and there are thousands upon thousands of cryptocurrencies to choose from. With so many options available, new investors may feel overwhelmed with how to choose which projects to invest in.

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By market value, this technology has grown into a $2 trillion industry very quickly. Thousands of projects have been created to provide consumers with more capabilities. Even though investing in cryptocurrencies is still a risky endeavor, we’ve examined some of the most popular projects to inform potential buyers of the markets’ most promising opportunities.

The Best Cryptocurrencies to Invest in Today Reviewed

Perhaps the greatest strategy for navigating the current bear market is to create a diversified portfolio of numerous different crypto assets.

In order to help investors, make an educated choice, we will now review 5 of the finest cryptocurrencies to buy right now.

1. Ethereum (ETH)

Best for Investing in Decentralized Applications

  • Market Cap: $540 billion
  • Noteworthy For: Created smart contracts; largest decentralized app platform; second-largest crypto (behind Bitcoin)

By incorporating smart contracts, Ethereum expanded the capabilities of the blockchain. One of the most valuable cryptocurrencies on the market right now is the Ethereum network, which has hundreds of cryptocurrency projects built on top of it.

With the help of a number of co-founders, Vitalik Buterin developed the open-source Ethereum blockchain, which was introduced in 2015 and serves as a platform for developers to build blockchain-based apps. It makes use of smart contracts, which are computer programs that carry out transactions when specific criteria are met, such as an agreement between the buyer and seller.

The Ethereum network has seen the introduction of hundreds of projects since its conception, ranging from payment processing systems to multiplayer games to non-fungible token (NFT) marketplaces. The value of Ethereum and its native token, Ether, has increased as a result of this development (ETH).

The Ethereum token (ETH) is used to make purchases inside Ethereum-based applications as well as to pay fees on the Ethereum network. With a market valuation exceeding $500 billion since its introduction in 2015, ETH has grown to be the second-most popular cryptocurrency. ETH was valued at about $736 a year ago. Ether is worth more than $3,800 per ETH as of December 2021, representing a return of 516 percent throughout that time.

2. Shiba INU (SHIB)

Fastest Growing Meme Coin

  • Market Cap: $25 billion
  • Noteworthy For: Based on popular Doge meme; deflationary token (decreasing supply); massive online following

Why limit yourself to just one canine-themed cryptocurrency when you can have two? The Ethereum-based cryptocurrency Shiba Inu (SHIB) was named after the dog breed featured in the Doge meme. Another amusing currency, it developed into an online community with lofty goals after taking on a life of its own.

The SHIB token has a fixed quantity of 1 quadrillion coins (yes, really), however Vitalik Buterin and other major wallets have burned nearly half of them. SHIB is now a deflationary asset as opposed to the inflationary DOGE. Additionally, SHIB has created a full ecosystem for its currency, including a decentralized network (ShibaNet), exchange (ShibaSwap), and even a collection of NFTs (Shiboshis).

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SHIB has entered the top 10 cryptocurrencies on the market thanks to the extensive community and media coverage. Thanks to a recent IPO by Coinbase, it now has a market valuation of more than $25 billion. SHIB’s value in January 2021 was around $0.000000000073. It is now selling for about $0.000028 per SHIB coin as of December 2021. Investors who held for the year saw a staggering 38,356,164% price growth, even if the price is still well below even one cent.

3. Tether (USDT)

Best for Holding Crypto with a Stable Value

  • Market Cap: $73 billion
  • Noteworthy For: Most popular stablecoin; backed by “cash equivalents”; sued by CFTC for false claims

To reduce volatility while allowing investors and traders to maintain their money in the cryptocurrency market, Tether was developed in 2014 to mirror the price of the U.S. dollar. The Bitfinex cryptocurrency exchange founded Tether, which is used to cover transaction costs on the Tether network. Tether (USDT) tokens, which are a subset of cryptocurrencies known as “stablecoins,” can be utilized on the majority of major exchanges and in decentralized apps.

Stablecoins are backed by an equivalent number of reserves for each coin in circulation and are pegged to the U.S. dollar (or another stable fiat currency). This means that each USDT coin, which there are now about 75 billion of, has a reserve fund equivalent to one U.S. dollar.

4. Cardano (ADA)

Best for Investing in Future Smart Contract Ecosystem

  • Market Cap: $60 billion
  • Noteworthy For: Founder Charles Hoskinson helped co-found Ethereum; lofty project goals; recently launched smart contracts

Charles Hoskinson, who also co-founded Ethereum, is the creator of Cardano. Cardano was established in 2017 and is a proof-of-stake blockchain with big goals to power decentralized applications across numerous industries. Cardano is more recent than projects like Ethereum, Solana, and Polkadot but still provides smart contract capability and quick transaction times.

Cardano formally released an update in September 2021 that enabled smart contracts on its blockchain, and more than 100 projects were quickly added to the network. Cardano is still expanding its ecosystem, and institutional and retail investors are more interested in it as they foresee its potential applications in the future.

With a market cap of $60 billion, Cardano and its ADA coin rank among the largest cryptocurrencies in existence today. ADA tokens were offered for sale in January 2021 for roughly $0.18 per coin. The value of an ADA token as of December 2021 is approximately $1.20 per coin. This represents a 667% increase from the previous year.

5. Dogecoin (DOGE)

Best for Those Interested in Elon Musk’s Favorite Crypto

  • Market Cap: $30 billion
  • Noteworthy For: Top meme coin; celebrity following; mainstream coverage

The most popular dog meme in the world is currently one of the most valued cryptocurrencies. Billy Markus and Jackson Palmer created Dogecoin as a prank that allowed users to mine an infinite quantity of DOGE and was largely used for tipping people on Reddit and Twitter for well-liked articles. DOGE was once only used as a novelty cryptocurrency.

With the help of millionaires like Elon Musk and Mark Cuban pushing the coin on Twitter, DOGE has gradually gained media attention. One of its co-founders eventually left the project blaming a “toxic” attitude within the cryptocurrency field as the price increased along with its popularity.

The market valuation of DOGE has increased to almost $30 billion despite the fact that the coin’s supply is inflationary (i.e., new coins are perpetually being created). Due to this, the price rose from $0.0047 in January 2021 to more than $0.16 in December 2021. Even though it can be challenging to compute fractions of a penny, holding DOGE for a year would result in a 3,404% return on investment.

Wrapping UP

It’s important to remember that investing in cryptocurrencies is speculative, so even while some of these eye-popping gains may be alluring to pursue, you should never invest more than you are willing to lose. Cryptocurrency has just been around for a little over ten years, so it’s still in its infancy. In the upcoming months and years, there will be extremely high volatility in price and growth, just like with any new asset classes (like internet stocks in the late ’90s).

Nevertheless, investing in cryptocurrencies provides a different option from making regular investments, thus it is best to conduct your own (careful) study before choosing a project to fund. For any decisions about your overall financial goals, we advise consulting with a licensed financial advisor. Although it might be a component of that strategy, investing in cryptocurrency is dangerous.

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