The best cryptocurrencies to invest in 2023 according to Forbes
2022 has been a rollercoaster ride for Cryptocurrencies around the world. The sudden fallout of one of the leading cryptocurrency exchanges, FTX, has not only rocked the industry, but has also raised multiple questions about the functionality, transparency, and regulations related to the cryptocurrency market around the world. Precisely for this reason, let's see how to move and extricate yourself in a market that could once again prove profitable for a certainly delicate investment, if not even with a high risk of loss such as that of Bitcoin and similar cryptocurrencies.
Let's start from an objective fact: we certainly cannot ignore the fact that cryptocurrencies are here to stay. Due to the exponential rise of non-fungible tokens (NFTs), play-to-earn, decentralized finance (DeFi), and smart contract applications, there are several cryptocurrencies in the market that hold long-term viability and can be considered a very good investment option in 2023. Indeed, market downturns may present a smart opportunity to buy the crypto gems at a huge discount. All perspectives of the best digital currencies have been highlighted in this text which helps you better evaluate a cryptocurrency and its usefulness before investing in it in 2023.
The current moment for Bitcoin
No matter how uncertain and unpredictable Bitcoin is right now, it certainly remains the king of the cryptocurrency world in terms of market capitalization and trading volume. Bitcoin has been accepted as the most popular and largest cryptocurrency in the world. In fact, many large and even small institutions and companies and even countries have started accepting Bitcoin as a legitimate source of payment. Few big companies like Microsoft, AT&T, Burger King, AMC have adopted Bitcoin as a legal payment method.
Over the long term, Bitcoin has steadily risen over time and has given its investors immense returns. The first recorded price of Bitcoin was $0.003 and since then, Bitcoin has reached its peak of $60,000 in 2021. Due to its limited supply, cryptocurrency investors prefer to buy more and more Bitcoin. However, with so much negativity going around in 2022, we have seen massive sell-off and volatility in the global cryptocurrency market, but Bitcoin has always managed to turn around. For investing and managing a long-term package, Bitcoin can definitely be a bet for 2023.
Ethereum (ETH)
No list of top performing cryptocurrencies is complete without naming Ethereum (ETH). Ethereum is considered the second largest cryptocurrency in the world after Bitcoin. There are several decentralized applications that exist solely thanks to Ethereum. The Ethereum network serves as a playground for DeFi and smart contract developers, and many cryptocurrencies such as Shiba Inu (SHIB), The Sandbox (SAND), Uniswap (UNI) are based on the Ethereum blockchain.
Prior to the cryptocurrency crash, Ethereum had reached as low as $4700 in November 2021. However, it saw a huge decline in 2022, due to poor overall market sentiment and FTX fallout. In 2022, Ethereum was seen trading between $1300 and $1500. This huge drop can be seen as a great opportunity to buy ETH on dips in 2023, as Ethereum is expected to rise, particularly in light of the significant improvements in the trading network. Ethereum and its move to a more energy-efficient consensus mechanism.
Final thoughts on the current cryptocurrency market
Investing in cryptocurrencies is an extremely risky business. And, whatever happened with FTX, it's not wrong to say that the cryptocurrency winter could stick around longer than expected. However, given the cataclysmic events that have unfolded in the digital currency market, it is clear that more transparency and stricter regulations could soon come. Hopefully, the FTX ruckus will help eliminate fraudulent tokens from the system and create a huge space for very valuable and useful cryptocurrencies, which really have huge potential and excellent utility in the future.
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The article The best cryptocurrencies to invest in 2023 for Forbes comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/le-migliori-criptovalute-su-cui-investire-nel-2023-per-forbes/ on Tue, 20 Dec 2022 23:01:48 +0000.