The cryptocurrency market has experienced a significant correction in recent months, with many currencies losing up to 90% of their peak values. However, despite this downturn, experts predict that the market will rebound soon, potentially beginning in late 2022 or early 2023. Now this makes the perfect time to start searching for the top cryptocurrencies to invest in for 2023.
By getting in early, you increase your chances of benefiting from the anticipated bull run and growing your investment at an impressive rate. This guide will introduce you to some of the must-buy cryptocurrencies for 2023 and provide tips for successful investing in the crypto market.
Image source: https://unsplash.com/photos/fsSGgTBoX9Y
1. Ethereum (ETH)
Ethereum, a low-risk cryptocurrency, is one of the best crypto to invest right now. It has a history of resilience and has recovered from even the most severe market crashes, as it did in 2017 and 2021. In addition, many positive developments within the Ethereum ecosystem are expected to contribute to its success in the next bull run, including the recent shift from a proof-of-work to a proof-of-stake consensus mechanism.
Other factors that could drive up the price of ETH include an influx of brands building on the Ethereum network, increasing demand for ETH tokens and contributing to their price appreciation. Some optimistic forecasts predict that Ethereum will recapture its 2021 highs by the end of 2023, resulting in a growth of nearly 400% for those who invest now.
2. ApeCoin (APE)
ApeCoin is a relatively new cryptocurrency launched in March 2022, just as the market was experiencing a significant downturn. While it saw a brief rally and set an all-time high of $39, it soon fell along with the rest of the market. However, many in the crypto community believe that ApeCoin is undervalued at its current price of $5. They expect it to post significant gains in the coming year as the market recovers. Some optimistic forecasts even predict that ApeCoin could rally by almost 1000% to break above $50. The cryptocurrency is also expected to grow by over 10000% to reach above $500 by the decade's end.
Two factors that are expected to contribute to ApeCoin's recovery and future growth include its large and influential community of followers, which includes celebrities and crypto influencers, and the aggressive development of the ApeCoin ecosystem, including the potential launch of its mainnet.
Image source: https://unsplash.com/photos/GnWfl_nnZro
3. Binance Coin (BNB)
Binance Coin is a resilient and rapidly growing cryptocurrency that has experienced impressive growth since its initial coin offering, with a peak value of over 450000% above its ICO price. It has also demonstrated its ability to withstand market downturns, including the pre-2021 crypto winter and the surprise market crash in mid-2021. These factors make Binance Coin a top choice for investment in 2023.
Experts predict that Binance Coin will not only survive the current market contraction but also experience a rapid rebound as soon as the market shows signs of recovery. By the end of 2023, it is expected to have regained its 2021 highs and could attain $3 by the decade's end.
Factors that could influence Binance Coin's promising price action in the coming years include the recovering crypto market and the acquisitions made by the Binance Company, which are expected to increase the use cases for BNB tokens and drive up their prices. Additionally, Binance has been aggressively burning excess BNB coins, which can increase their value by reducing the supply in the face of rising demand.
4. Solana (SOL)
Solana is currently selling at a discounted price of more than 85% below its November 2021 highs, making it a potentially lucrative investment opportunity with the potential for a value gain of over 850% when it recovers. This, combined with its demonstrated resilience and ability to rebound and reach new highs during past market rallies quickly, makes Solana a highly promising cryptocurrency to consider buying in 2023.
There have also been numerous developments on the Solana network, including integrating emerging technologies such as decentralized finance, decentralized applications, the metaverse, meme coins, blockchain games, non-fungible tokens, and web3, which are expected to drive user adoption and increase the popularity of Solana. This, in turn, is expected to contribute to the appreciation of SOL token prices.
Image source: https://unsplash.com/photos/cuK9BLM_mAQ
5. Bitcoin (BTC)
Bitcoin is a reliable and relatively low-risk cryptocurrency investment that often sets the tone for the rest of the market. Currently selling at more than 70% below its 2021 highs, Bitcoin can potentially deliver outsized gains to your portfolio once it recovers. However, Bitcoin's appeal as an investment extends beyond the potential for short-term gains. It is also known for its resilience, solid fundamentals, and low maximum coin supply, making it a strong long-term investment.
Many experts predict that Bitcoin will begin its recovery soon and regain its 2021 peak prices, with some even forecasting that it will set a new all-time high in the next market run. This growth is expected to be driven partly by the increasing adoption of crypto and blockchain technology and the 2024 halving of Bitcoin's block reward.
6. Ripple (XRP)
Ripple has been involved in a legal dispute with the US Securities and Exchange Commission since 2020, which has hindered its ability to take advantage of market rallies and caused it to trade at more than 88% below its peak price from January 2018. However, the case is coming to a close, and both parties have asked the court to expedite its ruling, leading to optimism that Ripple will win the suit.
If this occurs, it is expected to lead to a significant price run as Ripple seeks to reclaim its position as a top Bitcoin competitor, potentially resulting in gains of over 950% for those who invest in XRP.
In addition to its potential for price appreciation, Ripple is also known for its resilience and has maintained a position among the top 10 most valuable cryptocurrencies despite the ongoing legal case, the crypto winter of 2018 to 2020, the 2021 market crash, and the current market contraction.
Image source: https://unsplash.com/photos/ztYmIQecyH4
Concluding Thoughts
As the cryptocurrency market continues to experience a correction, now is the perfect time to start searching for the top cryptocurrencies to invest in for 2023. By getting in early, you increase your chances of benefiting from the anticipated bull run and growing your investment at an impressive rate.
Some of the cryptocurrencies to watch in 2023 include Ethereum, ApeCoin, Binance Coin, Solana, Bitcoin, and Ripple. Each of these cryptocurrencies has unique characteristics and potential for growth in the coming year.
However, it's important to remember that investing in cryptocurrency carries inherent risks, and it's essential to do your research, diversify your portfolio, keep track of market trends, and be aware of the potential risks. With careful consideration and a long-term perspective, cryptocurrency investing can be lucrative in 2023.
Comments