05 Best Cryptocurrencies you must buy in 2023

Crypto is the future of trade 

Perhaps the creator of bitcoin, the first cryptocurrency, did not think that digital currency would be as popular as it is today. However, with the new year, one of the most popular trades in the year is cryptocurrency. Ever since the exponential growth of bitcoin, many traders have started to enjoy the high-risk, high-reward trading of bitcoin and cryptocurrency. 

Analysts and experts all over the world look to understand the way crypto increases and decreases in value. However, the relatively new industry is still highly unstable and requires a holding power by the trader. It goes without saying that a lot of knowledge and expertise goes into making an educated trade. Being a market that is open 24/7, it is difficult to keep up with the day-to-day change, which is why it is important that you have a large portfolio to work with. 

Five cryptocurrencies to look out for in 2023

Cardano – ADA

Cardano or more commonly known as ADA, is a coin that is known for its proof of stake validation. The early adaptation of the technique allowed the coin to reduce transaction time which means reducing energy use. The coin is similar to how Ethereum operates and allows the use of smart contracts along with decentralized applications. 

The coin has increased steadily since 2017 and has seen an increase in price by almost 1500%. Currently, it has a market cap of $10.93 billion and is said to be the coin to look out for in 2023. 

Binance Coin – BNB 

Binance has been a major player globally in establishing its dominance in the crypto industry. It is working in various regions of the world to create crypto-friendly communities. One such region is the UAE, where Binance has managed to sign many deals with the businessmen and government of the country. Those that are actively participating in cryptocurrency mining in UAE prefer to use a Binance wallet to store their coins. 

A company so strong has a strong coin to look out for in 2023, with the continued expansion of Binance throughout the world. It is safe to say that its currency will be a strong contender for anyone looking for a strong coin to add to their portfolio. 

Ethereum – ETH

With a market cap of $162.8 billion and the second-highest value in terms of cryptocurrencies, Ethereum is extremely popular. The currency and the technology it is built on have many additional applications which make it a user favorite. The currency has seen amazing growth over the years and has provided a good profit to many traders. It has increased in value by more than 11,000% and is a major part of any serious bitcoin trader. 

Bitcoin – BTC

This list cannot be complete without mentioning bitcoin. The coin is the first coin that introduced cryptocurrency to the world. Although the originator is still unknown, the coin is quite well-known and frequently assumed to be the only cryptocurrency. It is the strongest cryptocurrency available on the market and saw an all-time high of $68000 back in 2021. The coin has been incredibly volatile, but it is anticipated that it will recover after the market’s bullish surge has passed. 

Bitcoin has always been an important part of a trader’s portfolio as a lot of mining activity takes place to mine bitcoin. Whether it is tangible or digital, the bitcoin that was mined is ultimately swapped for another currency.  Due to its scarcity, bitcoin does hold a distinct value in the eyes of dealers and miners. There are 21 million bitcoins (BTC) in circulation, but mining has already produced 18.9 million of them.  To put it into perspective currently the market cap of bitcoin is 401.14 billion. 

Dogecoin – Doge

Intially a currency created as a joke, Dogecoin has done quite well for itself. It is based on the popular “Doge” internet meme featuring a Shiba Inu dog. Despite its origins, Dogecoin has gained a significant following and has become a popular form of digital currency. The coin has a high inflation rate, with a large number of coins in circulation, and its value is highly volatile. Dogecoin has no maximum limit. It is utilised for charitable donations and internet tips, and some businesses may even accept it as payment. However, the value of Dogecoin is highly speculative, and it is important to exercise caution when investing in this or any cryptocurrency.

It’s a coin you should always keep an eye out for because Elon Musk, who is well-known, supports it.

Conclusion

A lot of factors and knowledge goes into deciding the best cryptocurrencies to be looking out for in 2023. It is always best that you research about the coin that you are looking to purchase. It is also a good advice to read up from different sources to get a better idea of what you are buying into. Crypto trade is a highly risky trade which is why the more information you have the better educated trade you will be able to make.