Although Bitcoin’s recent decline has garnered a lot of attention, it’s evident that it’s far from the only game in town. In reality, Bitcoin and cryptocurrency have become interchangeable terms for many people, yet cryptocurrency marketplaces are flooded with alternatives.
However, surfing these congested seas, let alone picking which cryptocurrencies to invest in, can be challenging, which is why we have developed a list of some of the top cryptocurrencies to invest in for 2023 and beyond, based on their market capitalization, market position, and future price potential.
1. Cardano (ADA)
It took a long time for Rome to be built. Those who wait will receive all the good things. Patience is a valuable asset. If you have ADA or are thinking of getting some, these statements can become a personal mantra for you as time goes on.
Cardano is the OG of Ethereum killers, both revered and despised in equal measure, not because many regard its founder Charles Hoskinson as either a misunderstood genius or a cult leader but because of the technology it entails. Is it just vaporware, or even worse, a ghost chain? And, more importantly, will Cardano’s smart contracts become as popular as Ethereum’s? The jury is still out on this, as it is with so many things in crypto.
What’s apparent is that in 2023, Cardano outperformed its competitors in terms of GitHub development. Cardano has also recently made headlines. Samsung recently announced a collaboration with verities, a climate solutions platform, to administer a tree-planting program in Madagascar using blockchain technology to verify and trace each step of the reforestation process. What blockchain are they utilizing, specifically? Cardano, as you might think.
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2. Polkadots (DOT)
Interoperability between blockchains is a cause of irritation for developers, especially as the number of DeFi and NFT-driven apps grows (i.e., various protocols and chains), which is where Polkadot hopes to shine. Polkadot is blockchain technology and coin that aspires for interoperability by allowing distributed computing utilizing proof-of-stake consensus. Polkadot is designed to connect private and consortium chains, public and permission less networks, oracles, and future technologies, according to its website.
Polkadot even bridges the gap between public and private chains. The scalability, interoperability, and security given by Polkadot’s flexible and adaptable network architecture enable developers to make use of the scalability, interoperability, and security offered. As a result, Polkadot’s network is a huge step forward for developers and entrepreneurs looking to create a new blockchain from the ground up.
3. Helium (HNT)
Helium is a decentralized blockchain-based network for the Internet of Things (IoT) devices that bills itself as “The People’s Network.” Shawn Fanning, Amir Haleem, and Sean Carey founded the company in July 2019 with the goal of making connected device development easier.
The Helium mainnet lets low-powered wireless devices communicate and send data across its network of nodes, or “Hotspots,” which are a hybrid of a wireless gateway and blockchain mining equipment. Helium’s mission is to set the stage for future IoT communication.
Helium takes the role of internet service providers (ISPs) out of the equation for end-users by providing hotspots that can be purchased and set up to broadcast wireless internet signals to which other network users can join.
By creating HNT coins with each connection to their hardware, these hosts can generate money in the background. More hotspots are being installed all around the world as more hosts join the network. The idea is to have hotspots in every high-traffic region and beyond. Others will be able to use the internet without having to pay high fees to big ISPs.
4. Bitcoin (BTC)
Bitcoin has the longest history of any cryptocurrency. With a price and market size far larger than any other crypto investment option, it’s clear to see why it’s the leader. Bitcoin is already accepted by a large number of businesses, making it a wise investment. Bitcoin is accepted by Visa, for example. Furthermore, Tesla revealed in February that it had spent $1.5 billion on it, and the business accepted it as payment for its cars for a period — and it may do so again if mining becomes more ecologically friendly. In addition, major banks are starting to include Bitcoin transactions in their services.
5. Tether (USDT)
Tether is a stable coin, meaning that its value is linked to the US dollar. As a result, it is not subject to the same levels of volatility as other cryptocurrencies. The price is always close to or equal to one dollar. You can’t earn a profit by buying Tether at a low price and selling it at a higher price, but you can use it to store funds that you transfer from other cryptos without having to convert them to cash.
6. Ethereum (ETH)
Last but not least, there’s Bitcoin’s silver. Ether is the native coin of Ethereum, a decentralized, open-source blockchain featuring smart contract functionality. Ether, the second most valuable cryptocurrency behind Bitcoin in terms of market capitalization, is the brainchild of Vitalik Buterin.
Many people think of Ethereum as a good place to start investing in cryptocurrencies, especially for newcomers. The value of Ethereum’s currency is linked to the network’s scale, thus as more dApps and projects are launched on the network, the value of ETH is projected to rise.
Even J.P. Morgan has taken note, recently producing research on the crypto market’s future prospects. The report covers decentralized finance (DeFi), Ethereum upgrades, and non-fungible tokens (NFTs), all of which are becoming more relevant to financial services.
Cryptocurrencies are unquestionably here to stay. The question then becomes: where is the finest spot in the market to invest your money?
Here are a few other points to consider as you decide which cryptocurrency is the best investment for you: The speed with which transactions are executed, transaction fees, and the ability to utilize your cryptocurrency for everyday purchases and bank transfers are all factors to consider.
If you’re only interested in investing rather than transacting, keep in mind that bitcoin isn’t a get-rich-quick scheme. Instead, think of it as a long-term investment.