Top Cryptocurrencies You Should Invest In 2023

by Anvika aryaJanuary 6, 2023
cryptocurrency to invest

You can learn about the top cryptocurrency to invest right now.

It's easy to chuckle at the idea of spending time contemplating which cryptocurrencies are the greatest buys at the moment, given the near-constant stream of selling and negative news in the crypto, blockchain, and decentralised finance (DeFi) space in 2022. More of the same happened in November, when major cryptocurrency exchange FTX collapsed when it became apparent that the company had been an overleveraged and reckless custodian of customer cash. Since the beginning of the year, the value of the entire cryptocurrency market has fallen by 60.6% until the end of November. The general public tends to overlook the fact that fluctuations of this sort are not exceptional. Between June 2019 and March 2020, the market fell by more than 60%; in 2018, it fell by 70% over the course of four months; and between late 2013 and early 2015, it fell by more than 80%. There is still a high degree of uncertainty and volatility around cryptocurrency investments. Therefore, for those willing to take on more risk, I have compiled a list of the top six cryptocurrencies to buy right now.

  • Bitcoin (BTC)

There may not have been a more pivotal time for the so-called "blue-chip cryptos" (cryptocurrencies whose brand, usage, and loyalty are so well established that cryptocurrency itself would have to evaporate for them to entirely collapse). Bitcoin, the original and currently most valued cryptocurrency, has a market valuation of more than $320 billion.

Bitcoin is the most well-established cryptocurrency and is a must-have for even casual investors who want to have a piece of this market. It is seen as a form of digital gold and is highly appreciated since it is not subject to the whims of a print-happy central government. The total supply of Bitcoin is capped at 21,000,000, of which 92% are now in circulation. The best coins to invest in are being created at a steady, decreasing rate.

  • Ether (ETH)

Ether, the only other major cryptocurrency, is up next. Given that Ether is the platform's native coin, the name Ethereum is often used interchangeably. While Bitcoin's market worth of over $100 billion dwarfs Ether's market cap of over $150 billion, Ether is over three times the amount of the next largest token (not including stablecoins). There is a diverse ecosystem built on the Ethereum blockchain, including non-fungible tokens, games, smart contracts, and DeFi lending capabilities, making it one of the most popular chains in the world. After the Ethereum "Merge" in September, the Ethereum network switched to a proof-of-stake (PoS) protocol, making it different from Bitcoin. Since PoS uses significantly less energy than Bitcoin's proof-of-work algorithm, this is good news, especially for green investors.

  • Avalanche (AVAX)

Since Bitcoin and Ethereum are at the top of the cryptocurrency food chain and everything else is considered a distant third, the rest of the coins in the market are highly volatile altcoins due to their low market capitalisation and lack of institutional backing. However, the remaining choices all have unique qualities, and the Avalanche blockchain (which uses the coin AVAX) is no exception.

The "subnets" technology behind Avalanche is what sets it apart; the chain's goal is to become the Amazon Web Services of cryptocurrency, and this feature makes it possible to construct multiple independent blockchains on top of the network. Ava Labs, a blockchain development company, predicts that hundreds more blockchains will exist in the future. When it first launched in September 2020, one AVAX token was worth roughly $5.30. Today, that value has more than doubled.

  • BNB Binance Coin (BNB)

Even while no other cryptocurrency comes close to the magnitude of Bitcoin or Ethereum, Binance's native token, BNB, is the closest. BNB is the third largest cryptocurrency by market cap and has a valuation of almost $46 billion, which is more than double that of the next largest non-stablecoin. Despite being a setback for the cryptocurrency industry as a whole, the sudden collapse of the FTX exchange in November may have been good news for Binance, which had been one of FTX's main competitors. By a wide margin, Binance is now the most important cryptocurrency trading platform in the world.

Binance's trailing 24-hour volume was $11.6 billion on December 5th, much above that of Coinbase Global Inc. (ticker: COIN), its nearest mainstream competitor, at $1.5 billion. In order to increase its value and value to its holders, Binance Coin (BNB) has a supply cap and plans to lower its supply over time by "burning" a portion of its BNB-denominated transaction fees.

  • Polygon (MATIC)

To give you an idea of how very small the crypto sector still is, Polygon is worth around $8 billion. In this case, the MATIC token used by Polygon to regulate and safeguard the network would be just another mid-cap stock on Wall Street. However, this places MATIC among the top 10 crypto companies.

Polygon, supported by Coinbase and Binance, is a wager on the long-term viability of Ethereum, with the goal of increasing the platform's scalability so that an infinite number of decentralised apps can be implemented. The coin has more than doubled from its June lows, and that's despite the general crypto market decline that began in November.

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