The best cryptocurrency to invest in 2023
In 2022, a harsh crypto winter caused substantial losses for investors, undermining trust and creating uncertainty. However, there is now a glimmer of hope as the market gradually shows signs of recovery, with Bitcoin, Ethereum, and other cryptocurrencies exhibiting some stability. Considering current affairs, investing at this juncture can be a prudent choice. If you're seeking the best crypto currency to invest in today, we present the top seven options to consider.
1. Bitcoin (BTC)
Undeniably, Bitcoin is the premier cryptocurrency globally, enjoying the advantage of being the first mover among its peers. Because of its dominance, many consider it the 'best crypto currency'. Introduced by Satoshi Nakamoto in 2009, it shaped the blockchain industry and revolutionised the concept of currency.
At its inception in 2009, the value of one BTC stood at a mere $0.00099. Over the following years, Bitcoin made steady progress, with its price crossing the $500 mark in 2016, a significant milestone for a virtual currency. However, it was in 2017 when the price of Bitcoin experienced an explosive surge. As of June 2023, one Bitcoin is trading at approximately $25,000.
This upward trajectory showcases the immense potential of Bitcoin as a long-term investment. Furthermore, with a maximum supply of 21 million Bitcoins, their scarcity is expected to drive their value further.
2. Ethereum (ETH)
After Bitcoin, Ethereum stands as the second most prominent cryptocurrency and, for many altcoin enthusiast, the best crypto currency. The Ethereum blockchain has played a pivotal role in transforming the industry through its innovative smart contracts and significant impact on the non-fungible token (NFT) market. This has made Ethereum a favourite among developers and investors alike.
ETH debuted in 2015, initially priced at a mere $0.4. However, it has experienced substantial growth for the past eight years and is currently trading at approximately $1,900. This remarkable surge equates to an astounding percentage growth of 474,900%.
3. Tether (USDT)
Tether is yet another prominent cryptocurrency worth considering for investment. As a stablecoin, Tether is pegged to the value of the US dollar, ensuring that it maintains a consistent and stable worth. The primary objective of utilising stablecoins such as USDT is to safeguard your funds against the inherent volatility of the crypto market.
USDT has established itself as one of the most widely used and trusted stablecoins, boasting an impressive market capitalisation of approximately $83.2 billion.
4. Binance Coin (BNB)
Binance Coin, commonly referred to as BNB, is an initiative by Binance, one of the largest cryptocurrency exchanges worldwide. The coin was introduced in July 2017 as part of Binance's Binary Finance initiative to advance its offerings. Built on the Binance Smart Chain (BSC), BNB plays a pivotal role within the Binance ecosystem, collaborating with various blockchain projects.
BNB's association with numerous blockchain initiatives on the Binance exchange sets it apart from other cryptocurrencies. This affiliation grants the coin increased exposure to the market, capturing the interest of investors.
During its launch, BNB was priced at a mere $0.09, steadily increasing in value over time. While its price remained below $50 following its 2020 launch, it gained significant momentum during the bullish cycle of 2021. The coin holds a market value of $306.30, boasting a market cap surpassing $47.7 billion.
5. US Dollar Coin (USDC)
USD Coin (USDC) is a widely recognised stablecoin in the market. It shares similarities with USDT as it is also pegged to the US dollar, ensuring price stability. The coin was introduced in September 2018 by The Centre consortium. Its purpose aligns with other stablecoins, aiming to address volatility concerns and create a secure ecosystem for users in the realm of decentralised finance (DeFi) and Web3 gaming.
As of 5 June, 2023, the market capitalisation of USDC amounts to a substantial $28,911,645,575, positioning it as the fifth-largest cryptocurrency in the market.
6. Cardano (ADA)
Cardano's blockchain and its cryptocurrency ADA are renowned for innovation in the crypto market. With a strong commitment to environmental sustainability, Cardano incorporates energy-efficient practices and actively supports eco-friendly initiatives - for example, collaborating with Veritree and Samsung for a climate action initiative. This environmental focus has contributed to the growing popularity of ADA.
The Cardano blockchain has expanded its ecosystem to include NFTs, DeFi projects, GameFi, and more. This diverse and evolving ecosystem positions ADA as one of the strong contenders for best crypto currency.
7. Dogecoin (DOGE)
Dogecoin is a cryptocurrency that has gained notoriety primarily due to market hype. Originating as a meme coin, it captured the attention of crypto enthusiasts, especially after receiving endorsements from prominent figures like Elon Musk, the owner of Twitter and Tesla. One of the distinguishing factors of DOGE is its dedicated community, known for creating humorous DOGE memes.
At time of writing, Dogecoin's price stands at a modest $0.06. However, its market capitalisation exceeds $10 billion, indicating its significant popularity among investors. As a result, DOGE holds the potential to emerge as a prominent cryptocurrency in the future.
If you seek the best cryptocurrency for investment, consider the seven options we mentioned. Note, however, that this does not constitute investment advice but serves informational purposes.
Remember that all investments carry risks, so employ risk management strategies and conduct thorough research.
Before making any investment decisions, establish your investment goals and devise long-term and short-term strategies.
Assess your risk tolerance and only invest what you can afford to lose. If you are still determining the suitability of these cryptocurrencies, consulting a financial advisor is a wise step.
Author: Wasay Ali
Wasay Ali is a versatile professional writer with global experience and a background in mechanical engineering and social science. He is adept at crafting news and informational content for the crypto space and has experience writing for other niches. He is a professional SEO content writer who has worked with several digital marketing agencies and clients in the US, UK, Pakistan, and Europe. He is a dedicated volunteer and enjoys reading, writing, poetry, and going to the gym. He is an INFJ-A personality type dedicated to positively impacting the world. Wasay has a passion for writing as it allows him to express his creativity, share his knowledge, and connect with people worldwide.