The cryptocurrency markets have been on a roller coaster ride for the past couple of days, but that doesn’t mean that there are no more opportunities in the market, especially during this market correction.
Now we haven’t seen coins hitting all-time highs, even when both bitcoin and ethereum are sinking. In this article, we’ll go over the top cryptocurrencies to invest in 2023. Go URL to know more about potential cryptocurrencies of the year. That being said, here are a few things that you should do to research a cryptocurrency before getting into the list.
Fundamentals Of Crypto Researching
Number one is figuring out their fundamentals, and that’s checking their website and white paper, asking yourself if the project is unique to their own, what purpose they have, and what problem they are trying to solve. You should also understand the roadmap with milestones that they want to achieve because a worthwhile project will have a roadmap that makes sense and has already set goals.
Next, we need to look at who their founder is. It’s essential to find out who is behind the project. Do you trust the founder or founders? And to give you an example, if there’s a project that Elon Musk is behind, it’s a lot easier to trust their project and invest in it because Elon Musk already has massive credibility with multiple companies, disrupting almost every single industry on the planet.
Lastly, a good project with great fundamentals will have partnerships with other companies already set in place, so figuring out who they have partnerships with and what goals they’re trying to achieve is significant. One last thing that we’d suggest you do is to check the community.
This helps see if there is an active community out there that is back in the project. So go into forums like Reddit and Twitter and see how the engagement is. Do they have an active social media account?
Are they constantly updating their followers for the projects? Unfortunately, many people have lost a lot of money with crypto scams, so please do be careful out there. Now let’s start with the first coin in the article.
Let’s get into the list, and the first coin that we’ll talk about is bitcoin. This is the coin that’s the most talked about in the media and the one that everyone knows about. Bitcoin, like all cryptos, began from very humble beginnings with a value of almost zero. Still, then it skyrocketed from about one thousand dollars to over twenty thousand dollars in 2017, then it dropped to four thousand dollars within a year. It then began going to the moon again in late 2023, and this time from ten thousand dollars to its peak of sixty thousand dollars, before plummeting in may.
The cause was a combination of Elon musk’s different tweets and some china foot like always, but in terms of getting started into cryptocurrencies, bitcoin is by far the easiest and best to understand.
There is so much market adoption both from institutional and retail investors. We also have bitcoin ETFs and significant banks starting to accept cryptocurrency. You can also see bitcoin as a top dog cryptocurrency which has been around since 2008, and it has by far the most significant market cap.
It is also the most expensive coin out there, and it also has the most extensive user base of all cryptocurrencies.
Why Bitcoin Is Suggested As A Cheap Currency To Buy
Just because it is expensive does not mean that you cannot afford it cheaply. Unlike an entire stock, with cryptocurrencies, you never really have to buy a whole coin, and instead, you can make a cheap purchase as a percentage of the entire coin and still make good profits.
Satoshi Nakamoto is the person that invented bitcoin, but no one knows who he or she is. It could also be a group of people, so the one mysterious thing about bitcoin is that no one knows the person or the people behind it, but it was meant to be the future currency.
Even though you can use it today to buy a variety of products and services, you can no longer use it to buy a cup of coffee since the transaction cost would be way too much unless Starbucks decides to increase their prices.
Instead, think of bitcoin as the gold 2.0, not very helpful for everyday transactions but available as a store of wealth. It’s also similar to gold. It has a limited supply which is one of the factors that attract many investors because only 21 million bitcoins will ever be created, making it deflation or inflation-proof.
VET or VeChain Thor is one of the best cheap cryptocurrencies that are present on the market. One of the most important aspects of a business is its supply chain management, which is precisely what VET provides help for.
It has a high transfer value, making it one of the world’s most potential currencies as of 2023. It is valued at $0.09975, making it a very cheap yet potential breakthrough in the market. Many businesses have found great use of this underrated cryptocurrency. It has a distributable ledger technology that amps up various recording processes for companies that avail of the help of this crypto.
One of the most prominent cryptocurrencies as of 2023, you must’ve heard of this currency at some point or another. Dogecoin was a brainchild of crypto fanatics on the platform of Reddit who aimed to recreate a rift or disruptive financial creation just like what the r/wallstreetbets, a subreddit, did to Gamestop.
This currency blew up with the rapid spread of a meme-like cryptocurrency all over the internet. No matter how it started, it is a trustworthy and steadily growing cryptocurrency. It is expected to gross over 4% in 2023 but might reduce to about 3.4% in the coming years.
It is excellent and cheap crypto to invest in, and owning this crypto right now would mean that you jumped in pretty early, just as making history might be in the works.