The cryptocurrencies are taking over the world. There is no denying that. Nearly 6,000 are currently registered, with Bitcoin being the most important and most influential cryptocurrency in the world.
Some investors simply don’t see the future for cryptocurrencies. Some of them are trying to decide which cryptocurrency will be worth their investments by 2023.
However, there are many new cryptocurrencies that, with a little research, can become one of the best investments in your life. Cryptocurrencies are not yet regulated by the law and, they are worth what you are willing to pay for them. That can be a lot, as long as you know which cryptocurrencies to invest in.
If you want to know more about which cryptocurrencies will be the best investment in 2023, here are some facts that will help you decide.
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The Future of Cryptocurrency
Teeka Tiwari, a former Wall Street dealer, recently spoke about investing in cryptocurrencies and explained why now is the time to buy bitcoin.
He has toured the world for a while exploring a rare occurrence in the cryptocurrency market. As an experienced trader, he has some predictions for the future that we have not heard yet.
Bitcoin fell to almost $3,000 during the coronavirus pandemic. Luckily, it did not last long, and it rose again up to $10,000.
Crypto enthusiasts have differing opinions on whether it is wise to invest in Bitcoin after a pandemic, and many say it is like a new beginning.
Tiwari is very optimistic and says that the coronavirus will bring Bitcoin to $100,000 by 2020. He noted that the global panic would have a profound impact on the introduction of Bitcoin this year.
It is not easy to predict what will happen to cryptocurrencies and, investors want to know when is the right time for investment.
Opinions differed, and some were skeptical. Since Bitcoin has halved and Bitcoin has returned to $10,000 this year, you don’t seem to be taking a considerable risk now.
Tiwari has an entirely different view in that regard. He believes that we are in a unique moment in history due to a rare phenomenon that affects the cryptocurrency market.
It is said to be a trigger event programmed in real code that controls Bitcoin. And that will ignite the cryptocurrency bull market, something we haven’t seen since 2017.
Bitcoin (BTC) is at the top of our list of cryptocurrencies from 2022. This so-called king of cryptocurrencies has dominated the market since its founding in 2009, and there are no indications that its status will change soon. Forecasts for cryptocurrencies suggest that Bitcoin could be set for the strongest year yet.
After its market value collapsed in March 2020, Bitcoin rose rapidly. From the lowest $4,721 at the end of March, when COVID-19 restrictions began to move around the world, the cryptocurrency reached prices of around $9,000 in June and July. At the end of October 2020, its price is $13,284.
With its price more than doubling in just over six months, this is a healthy recovery rate. While this rate is not uncommon for a cryptocurrency that’s famous for its volatility, it should be encouraging for any Bitcoin investors concerned about a crash in March.
There are experts who believe that this recovery is just the beginning. In July, a chart associated with Citibank predicted that the price of Bitcoin could rise in 2023.
That is why many experts believe that Bitcoin could be one of the best cryptocurrencies to invest in 2023.
The Ethereum (ETH) blockchain platform is the world’s leading cryptocurrency alongside Bitcoin. It has maintained a strong market cap since its 2015 release. At the time of writing, its market capitalization is $43,716,133,733.
Despite uncertainties surrounding the COVID-19 pandemic, which shook the performance of almost all cryptocurrencies in late March, Ethereum has been strong during 2020. If you are looking for the best cryptocurrency to invest in 2023, it should be a serious contender.
At the beginning of September, the price of Ethereum reached $480 – the highest price in 2020. There are two reasons behind this rise in value. One is the growth of decentralized finance (also known as DeFi). The Ethereum platform supports many cryptocurrencies that are leaders in the DeFi industry. Some of them are Chainlink (LINK), Wrapped Bitcoin (WBTC) and Maker (MKR). Ethereum handled decentralized exchanges worth $13.5 billion in 2020 alone. Compared to the ones from 2019, it is less than $3 billion!
Another factor that will ensure Ethereum on our list of the best cryptocurrencies to invest in 2023 is the launch of Ethereum 2.0. This long-awaited upgrade is expected to be completed in late 2020 and will make Ethereum far more efficient. Once it manages to process more transactions more quickly, the price could go skyrocket.
With the price of just $54.17, Litecoin (LTC) may not be the most bullish cryptocurrency on this list. However, with a market capitalisation of $3,591,383,078 and strong growth on the radar, it is worth considering if you plan to start investing in the crypto in 2023.
Although some investors look at Litecoin as a small cap compared to Bitcoin, it is wrong to reject this cryptocurrency. It is much faster than Bitcoin and takes only two and a half minutes to process a block, instead of 10 minutes. It also unveiled some exciting developments throughout 2020.
The launch of the LiteBringer role-playing game, which runs on the Litecoin blockchain, has led to an increase in transactions. Because of this effect, some experts predict that the price of Litecoin could reach $600 in 2023.
Bitcoin Cash (BCH) was launched in 2017 as a peer-to-peer electronic cash system. It quickly hit the radar of anyone who’s interested in cryptocurrency investing. Now it’s the world’s fifth largest cryptocurrency by market cap, at $4,919,509,370.
StormGain, the cryptocurrency trading platform, has predicted that it will rise to $500 in the next five years. That being said, 2023 may be a good time to add Bitcoin Cash to your portfolio.
TRON (TRX) was founded in 2017 on the Ethereum network. Now it is an independent blockchain platform and uses a proof-of-stake algorithm to process transactions. Current market cap is $1,903,168,053 and a price is $0.026558.
As more organizations start to adopt the TRON blockchain platform, the value of TRX will increase. It currently hosts more decentralized apps than Ethereum. Many investors assume that TRON has a bright future in 2023. The general consensus is that the price will fluctuate over the next year. According to experts, it could reach a maximum of $0.4. This makes it a great potential investment opportunity in 2023.
Ripple (XRP) was the best cryptocurrency for investments in 2017 with a growth of approximately 36,000%.
It is one of the most interesting cryptocurrencies to invest in 2023. The name describes both the Ripple platform (RippleNet) and its virtual currency (Ripple XRP). XRP is currently the fourth largest cryptocurrency in the world with a price of only $0.245178. Nevertheless, Ripple could be the right choice for more cautious investors.
Although the price of Ripple will not reach the stratospheric price of Bitcoin, the price is expected to increase in 2023. According to some cryptocurrency forecasts, Ripple is likely to grow steadily over the next year, reaching a potential high of $2.94 by December.
2023 could be a good year to invest in XRP, as the price fell 72% below its record level of $3.4 in January 2017. Hence, Ripple could still be a great option to consider as the next cryptocurrency to invest in 2023.
The Bottom Line
The power of cryptocurrencies is growing, not only with larger ones such as Bitcoin, Litecoin or Tether, but also with smaller and lesser-known coins.
Investing in cryptocurrencies offers several benefits. First, they are not tied to geographical boundaries, which is why many people and companies choose to try them out. Second, it is very easy to invest in cryptocurrencies – it only takes a few clicks. Depending on your needs, in addition to investing, you can also use various exchange platforms and have a built-in wallet that protects your digital money. You are protected from state restrictions and oversights and no one can take these coins away from you.
Please note that we are not authorised to provide any investment advice. The information on this page should be construed for information purposes only.