2022 has been a roller coaster ride for cryptocurrencies worldwide. The sudden fallout of one of the leading crypto exchanges, FTX, has not only rocked the industry upside down, but also has raised multiple questions on the functionality, transparency and the regulations related to the cryptocurrency market worldwide.
However, we cannot ignore the fact that cryptocurrencies are here to stay. Due to the exponential rise of non-fungible tokens (NFT), play-to-earn, decentralized finance (DeFi) and smart contract applications, there are several cryptocurrencies in market which holds long-term viability and can be looked upon as a great investment option in 2023. In fact, market downturns can play as a smart opportunity to buy the crypto gems at a whopping discount.
In this read, we have highlighted the prospects of the best digital currencies which helps you better in evaluating a crypto coin and its utility before just investing in it in 2023.
No matter how uncertain and unpredictable Bitcoin is right now, it certainly remains the king of the crypto world in terms of its market capitalization and trading volume. Bitcoin has been accepted as the world’s most mainstream and largest cryptocurrencies. In fact, many large and even small institutions and companies and even countries have started accepting Bitcoin as a legitimate source of payment. Few huge corporations such as Microsoft, AT&T, Burger King, AMC have adopted Bitcoin as a legal payment method.
In the longer-term, Bitcoin has consistently risen over the period of time and given immense returns to its investors. The first recorded price of Bitcoin was $0.003 and since then, Bitcoin has reached its peak of $60,000 in 2021. Because of its limited supply, crypto investors prefer to buy more and more Bitcoin.
However, with so much negativity around in 2022, we have seen massive sell-offs and volatility in the overall crypto market, but Bitcoin has always managed to turn itself around. For long-term HODLers, Bitcoin can surely be your bet in 2023.
No top performing crypto list is complete without naming Ethereum (ETH). Ethereum is regarded as the second largest cryptocurrencies in the world after Bitcoin. There are several decentralized applications which exist only because of Ethereum. The Ethereum network acts like a playground for DeFi and smart contract developers and many crypto coins such as Shiba Inu (SHIB), The Sandbox (SAND), Uniswap (UNI) are based on the Ethereum blockchain.
Prior to the crypto crash, Ethereum had seen the level of $4700 in November, 2021. However, it has witnessed a huge fall in 2022, because of overall poor market sentiment and FTX fallout. In 2022, Ethereum has been seen trading in the range of $1300 to $1500.
This huge fall can be seen as a great opportunity to buy ETH on dips in 2023, as Ethereum is expected to surge, specifically in the light of significant enhancements of Ethereum’s network and its switch to a more energy-efficient consensus mechanism.
Dash 2 Trade (D2T)
Dash 2 Trade (D2T) is all set to blast in 2023 as its presale has been a major hit in 2022 despite a massive market crash in the crypto industry. D2T can be a best bet in 2023 as it is a strong and robust crypto analytics tool, which has raised millions of dollars ever since its presale started. D2T has high potential as it aims to provide insights and various tools which further optimize the trading experience at all levels, from novice to experts, with the benefit of social trading options and by designing world-class dashboards.
Moreover, this platform has also launched demonstration trading experience, on-chain metrics, advanced charting tool and trading indicators with real-time crypto market analytics received on their dashboards. With all such smart utilities and power packed features, D2T is a must-buy crypto in 2023.
Binance Coin (BNB)
BNB looks quite promising even in the year 2023. BNB or Binance Coin is the native cryptocurrency of one of the largest cryptocurrency exchange Binance. Binance exchange allows crypto traders and investors to pay their fees and trade on its exchange by using BNB. BNB which started trading at a very low price of almost $0.50 in November 2017 has then witnessed the all-time-high of $676. At present, the overall price movement of BNB seems positive.
The BNB has seen such significant growth over the years due to many factors such as its burndown policy, discount coupons, low charges and speedy transactions. BNB is also considered as a great utility token. Moreover, one can also make online transactions via BNB such as payment of crypto credit card bills, entertainment, travel, and more.
Decentraland is known as the king of the metaverse ecosystem. It is based on the Ethereum blockchain and is packed with tons of exciting features which appeal to individuals as well as businesses. From entertainment to shopping, gaming, and e-commerce elements, Decentraland enables its users to do anything virtually on its digital real estate platform.
MANA is the native token of Decentraland and helps to carry the transactions and payments on Decentraland. With such mounting acceptance of the metaverse, Decentraland is a forerunner metaverse project which is expected to explode immensely in 2023.
Polkadot is a network protocol which is considered as one of the most safe, interactive and advanced networks. With the growing popularity and development of the Web 3.0 domain, Polkadot is emerging as one of the most popular and easily accessible cryptocurrencies among other digital assets. It aims to expand communication between private and public blockchains without compromising scalability.
Investors can look to invest in Polkadot in 2023, as it is one of the most preferred network chains which can handle large numbers of transactions via sharding which has been a major roadblock in crypto space.
Cardano can also be your pick for 2023, if you are planning to invest in cryptocurrencies. Fundamentally, Cardano is a very strong digital currency which has one of the most cutting-edge proof-of-work algorithms. This algorithm makes the network safe and decentralized and thus it is adopted by many decentralized application (dApps) developers. Cardano blockchain is known in the market to make the transactions very cheap and lightning fast even more than Bitcoin and Ethereum. The market capitalization is high hovering around at $10 billion, which is a strong indication that the coin is liquid enough.
With all this in mind, one can consider investing in ADA in 2023, which is the native coin of Cardano.
Solana is one of the fastest growing smart contract blockchain networks like Cardano and Ethereum on which developers prefer to launch tokens. SOL is the native coin of Solana. Solana is known in the market for offering faster speed transactions along with low charges and thus considered as a strong competitor against Ethereum.
Despite several issues of instability and outages, the investor’s and developers’ interest in Solana has not even shaken a bit because of its key strengths such as fastening speed and very low charges. With the growing number of NFTs, dApps, and smart contracts, Solana will never fade away and holds bright chances of pumping back in 2023.
Investing in cryptocurrencies is an extremely risky affair. And, whatever has happened with FTX, it is not wrong to say that crypto winter might stay longer than expected. However, the catastrophic events that have unfolded in the digital currency market, it is clear that more transparency and tightened regulations could arrive soon.
Hopefully, the FTX ruckus helps to weed out the fraudulent tokens out from the system and create a huge space for the much valuable and useful cryptocurrencies, which genuinely have a massive potential and excellent utility in the future.