Best Cryptocurrencies to Invest in 2024
What a great year! Undoubtedly, 2022 will go down in history as one of the most turbulent years for both crypto and global economy. We have witnessed fails of crypto empires, crashes of products and projects that were supposed to be the foundation for the crypto industry, and many more controlversial and upsetting events.
What will 2023 bring to the crypto world? Nobody knows for sure, but most experts are optimistic. Traders and investors are getting ready for an even busier year. Although Bitcoin and Ethereum have long been recognized as the safest crypto investments, other digital coins are pretty promising for the following year. So, we have prepared a list of the best cryptocurrencies to invest in 2023. Let’s begin!
1. Bitcoin (BTC)
Bitcoin is the best-known and most traded cryptocurrency. It was the first cryptocurrency to exist and, since its launch in 2009, has been gaining value over the years. Bitcoin is a peer-to-peer global payment system. Its fast and relatively inexpensive transactions have attracted a solid following.
Bitcoin is considered a safe crypto investment. Although its price suffers from volatility like practically any other cryptocurrency, it shows an upward trend in the long run. Therefore, almost all traders and investors want to have this cryptocurrency in their portfolios.
In 2021, Bitcoin had an outstanding performance. It started the year trading at little less than $30K. On November 10, the Bitcoin price reached its current all-time high at $68,789.63. Most experts and analysts agree this cryptocurrency will continue appreciating in 2023.
Price (Jan. 1, 2022): $47,376.80
Market Cap (Jan. 1, 2022): $895,803,573,427.49
Market Rank (as per CoinMarketCap): #1
2. Ethereum (ETH)
Ethereum is a decentralized software platform that supports various decentralized applications (DApps) and smart contracts. Users can create their own decentralized financial (DeFi) applications on this platform. It can host other cryptocurrencies known as “tokens” through the ERC-20 compatibility standard.
In September 2022, the Merge, a move from proof-of-work to proof-of-stake was performed which is very promising for the coin and the project.
Because of the many services offered by this platform besides simple payments, its number of users has grown dramatically. As a result, its own cryptocurrency, Ether, has appreciated tremendously in the last few years. Notably, 2021 was an excellent year for Ethereum. The ETH price went from less than $1K at the beginning of the year to an all-time high of $4,891.70 on November 16. Many crypto analysts expect this bullish run to continue into 2023.
Price (Jan. 1, 2022): $3,743.72
Market Cap (Jan. 1, 2022): $446,467,611,828.53
Market Rank (as per CoinMarketCap): #2
3. Solana (SOL)
Solana was one of the top performers in 2021. This project is developing a protocol that enables the creation of DApps easily. To improve scalability, Solana uses an innovative hybrid consensus model. It introduced the proof-of-history (PoH) mechanism, which works with the blockchain's underlying proof-of-stake (PoS) protocol.
Officially launched in 2020, the SOL price skyrocketed during the second half of 2021. It set its current all-time high on November 6 at $260.05. The SOL price was less than $2 at the beginning of 2021. Solana is trying to make DeFi applications accessible on a larger scale. This approach will likely result in broader adoption of the Solana services and further appreciation of the SOL coin in 2023.
Price (Jan. 1, 2022): $175.80
Market Cap (Jan. 1, 2022): $54,513,813,897.65
Market Rank (as per CoinMarketCap): #5
4. Cardano (ADA)
Cardano is a PoS blockchain platform that stands out because of its research-based development approach. The Cardano blockchain improves security and functionality by using the lessons learned from other cryptocurrencies. This platform will support decentralized apps (DApps) and smart contracts soon. Therefore, the ADA price will likely soar in 2023.
Cardano had an excellent performance in the second half of 2021. It set its current all-time high on September 2 at $3.10. It was a significant price climb from less than $0.2 at the beginning of 2021. Although the current price of this coin dropped by the end of 2021, most analysts forecast a bullish run for 2023.
Price (Jan. 1, 2022): $1.35
Market Cap (Jan. 1, 2022): $45,773,577,566.97
Market Rank (as per CoinMarketCap): #6
5. Chainlink (LINK)
Chainlink is a blockchain project that aims at creating a decentralized network of oracles for smart contracts. This network will provide the necessary off-chain information to execute complex smart contracts. Because of the enormous potential impact of this project on the blockchain industry, LINK has bright prospects. The price of this cryptocurrency went from around $12 at the beginning of 2021 to an all-time high of $52.88 on May 10. The LINK price can surge again in 2023 as the Chainlink project advances.
Price (Jan. 1, 2022): $20.86
Market Cap (Jan. 1, 2022): $9,689,253,436.95
Market Rank (as per CoinMarketCap): #22
6. Monero (XMR)
Monero is a cryptocurrency with the stated goal of allowing transactions to take place privately and securely. Technically, it resembles Bitcoin. However, Monero implements advanced cryptographic techniques to obscure the addresses of the parties involved in a transaction. As such, Monero payments are untraceable.
Like most cryptocurrencies on this list, Monero had an excellent performance in 2021. It set its all-time high on May 7 at $517.62, surpassing its previous all-time high set during the crypto run of 2017-2018. With the growing demand for crypto transactions with high anonymity, Monero is expected to gain more value in 2023.
7. Stellar (XLM)
Stellar is an open network that leverages blockchain technology to interconnect financial institutions globally. The native token of this network, XLM, is a bridge to reduce the costs of trading assets across borders. Stellar could replace traditional payment services, which usually charge high fees for international transactions.
As more users adopt the Stellar service, the XLM price will likely soar. The price of this token went from around $0.13 at the beginning of 2021 to a local maximum of $0.73 on May 10. Although the XLM price dropped in the second half of 2021, several experts expect another significant price surge in 2023.
Price (Jan. 1, 2022): $0.2813
Market Cap (Jan. 1, 2022): $6,928,880,651.64
Market Rank (as per CoinMarketCap): #28
8. XRP (XRP)
XRP is the cryptocurrency that powers the digital payment platform RippleNet. This system is owned by a company named Ripple. It allows institutional money transfers at low fees and with minimum delay. Many banks from different parts of the world have adopted this service. XRP set its all-time high price on January 4, 2018, at $3.84. For more than three years, XRP stayed on the sidelines. But in 2021, the XRP price surged again, reaching $1.8392 on April 13. Most analysts believe that XRP can reach new highs in 2023.
Price (Jan. 1, 2022): $0.841
Market Cap (Jan. 1, 2022): $39,970,540,942.23
Market Rank (as per CoinMarketCap): #8
Final Thoughts
The cryptocurrencies on this list have ample possibility to set new highs in 2023. What’s more, they could retain their value for some time. Our crypto experts compiled this list after a technical analysis of the most prominent cryptocurrencies in the market. They took into account their previous price performance and project status.
Other cryptocurrencies will likely set new all-time highs in 2023 also. That’s the case of coins like Shiba Inu (SHIB). However, SHIB price surges are generally short-lived, unlike the coins on the list above. Investors profit from the mid to long-term price movements of their crypto holdings. Coins like SHIB are more suitable for day trading.
To get any of the cryptocurrencies on the list, you can use LetsExchange.io. Our crypto-to-crypto exchange allows you to swap more than 2000 cryptocurrencies at very competitive rates.
Disclaimer
Please keep in mind that the above information is based exclusively on our observations and is provided for informational purposes only. It doesn’t constitute any kind of financial advice nor represents an official forecast. Cryptocurrency is a highly volatile asset, and you are investing in it at your own risk.
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