The great Michelangelo once said, “I am still learning.” This simple quote from one of the world’s most prominent intellectuals is powerful. We are all learning. Everyday. This is especially true in the world of cryptocurrencies.
From Shiba Innu-themed meme coins to AI coins and everything in between, learning all the new types of cryptocurrencies is a continuous task. To help you stay informed, we compiled a “crypto watch” list of some of the best cryptos to invest in 2023. Our findings are based on market capitalization, overall popularity, use cases and total coins in circulation.
No surprises here. Bitcoin is still the undisputed king of cryptocurrency and essential addition to anyone's crypto watch list in 2023. Currently, BTC’s price sits around $23,000. A far fall from its all-time high of $67,000 back in November of 2021. However, it is showing resilience in recent months. Despite its current bear market status, Bitcoin is still the original cryptocurrency and one of the safest investments one can make in this industry.
Like most cryptocurrencies, BTC runs on blockchain technology, using a network of distributed ledgers that verify and record transactions. Due to this, Bitcoin is secure and safe from fraud attempts. Also compared to other cryptocurrencies, Bitcoin is more stable – yet still very volatile compared to the stock market. However, it’s been around since 2009. As the longest-running cryptocurrency in existence, Bitcoin shows no signs of going away.
As the second most popular cryptocurrency by market capitalization, Ethereum remains a fan favourite of decentralized application (dApp) developers, smart contract enthusiasts and non-fungible token (NFT) collectors.
While the short-term price history of ETH is not very bullish, one must always “zoom out.” From 2016 to February 2023, ETH increased in price from $11 to $1,640. That’s almost 15,000% in growth.
To compare, the best-performing stock in the world over the past five years is Enphase Energy (ENPH) which saw returns of “only” 9,000%.\
While proof-of-stake validation is commonplace across the industry now, Cardano (ADA) was one of the first projects to truly embrace it. Cardano is perhaps the best competitor there is to Ethereum as it enables smart contracts and dApp development on its platform. However, it hasn’t enjoyed nearly the same success as Ethereum.
This could start to change in 2023 as more developers move to Cardano to release existing new dApps and create tokens. ADA reached $2.9 in 2021 and now sits at $0.38. If it can reclaim its former glory, ADA is an easy buy for anyone.
To many, Dogecoin is the longest-lasting joke in the cryptocurrency industry. To others, it’s the world’s top meme coin with a massive online following and support from one of the wealthiest people on the planet - Elon Musk.
While DOGE faced significant losses in the last two years, the community continues to grow and it has one of the largest token holdings in the crypto industry. Currently, DOGE sits at $0.088 - which many consider a massive discount. Keep an eye on DOGE in 2023.
Currently ranked number 10 on CoinMarketCap, Polygon (MATIC) is often dubbed “Ethereum’s internet of blockchain.” It earns that title since MATC support over 7,000 unique dApps - with that number expected to rise in 2023.
MATIC has been on a run since January 2023, starting at $0.74 on New Year's day and currently at $1.25. Nearly a 69% increase in just over a month.
Time again, Litecoin has proven to be a good investment. It’s survived several bear markets and exhibits strong fundamentals through each cycle. Litecoin is cheaper and faster than bitcoin, making it an excellent choice as a transactional currency while bitcoin is more of a store of value. As the eCommerce industry starts to adopt more cryptocurrencies for payment methods, LTC is a potential cryptocurrency to consider.
The Sandbox - and other metaverse tokens - was a hot topic in 2022. There is little reason to assume this trend won’t continue in 2023. Since the start of the year, SAND has shown a strong rally of almost 100%
This performance could be the result of SAND’s staking program and the announcement that the staking pools are going to be refilled with 200,000 SAND every week for the next month. In addition, there are other developments in play with the project's Game Maker software. The newest version - 9.8 - was just released allowing users to make 3D models represented via NFTs.
So far, the Graph (GRT) is the surprise story of 2023. After losing more than 90% of its total value, GRT climbed over 300% since January. The Graph is called “the Google of blockchain” as it helps to index blockchain data so it can be found easily.
The Graph groups this indexed data into sections called “subgraphs” that anyone can query using GraphQP. Subgraph usage is up to an all-time high in 2023 meaning the network is getting used and finding its role in the industry. If this trend continues and The Graph does become “the Google of blockchain” then it has a very bright future ahead of it.
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So now that your crypto watch list is filled with some great names for 2023, how do you buy them? Fortunately, YouHodler makes it easy. We have several of the above on our platform right now. Just waiting to be bought.
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Disclaimer: “The content should not be construed as investment advice and does not constitute any offer or solicitation to offer or recommendation of any investment product. It is made available to you for information and/or education purposes only.
You should take independent investment advice from a professional in connection with, or independently research and verify any information that you find in the article and wish to rely upon.”