The cryptocurrency market had an eventful 2022. With the numerous crashes and bankruptcies witnessed this year alone, it’s no surprise that the market ended on a low note. However, as another year begins, there are plenty of cryptocurrencies that offer opportunities in the coming year. Here is a list of assets that have proven themselves and will continue to prove themselves.
Of course, bitcoin tops the list of the best cryptocurrencies to watch out for in the new year. Being one of the pioneers in the space, the digital asset still holds a large share of the market as well as multiple bull runs with performances that have exceeded everyone’s expectations.
When looking at digital assets to invest in for the new year, look no further than BTC. This is the closest to a ‘safe’ investment that cryptocurrency users can get. In addition, it makes a good hedge against inflation due to its sustained high performance. If the asset marks a bottom in the new year, there may be a good increase in price.
After bitcoin, the next best thing in the cryptocurrency market remains ethereum. There are also arguments that this asset is better than its predecessor bitcoin due to its wide range of use cases, including but not limited to the popular decentralized finance (DeFi) and intangible token (NFT) sectors.
As with these active use cases, it has been a good investment. It hit $4,800 before the bear market began, and while that’s down more than 70% from its all-time high, ETH is still hitting hard and is one of the digital assets expected to perform incredibly well in the next bull market. .
At first glance, dogecoin’s appearance on this list may seem out of place, but it has earned its place. Since then, meme coin has gone from being a joke among social media users to becoming one of the most popular cryptocurrencies in the world. He continues to receive support from the likes of Elon Musk and Matt Wallace, who show no signs of slowing down.
DOGE’s social media also reached over 3 million followers with over 4.5 million users on Twitter. This means that despite the current low prices, there is still a lot of confidence in the digital asset. And as the bull run of 2021 shows, it’s not the utility that determines whether a cryptocurrency will do well, but the amount of support it receives from investors. This makes dogecoin a reasonable bet going forward.
Binance Coin (BNB)
Binance Coin (BNB) is arguably one of the best performers of the bull market. Even in a bear market, the coin fared better than its larger counterparts, such as bitcoin and ethereum. BNB is backed by Binance, the world’s largest cryptocurrency by trading volume. Being tied to such a huge business has done wonders for the asset, which is currently the 5th largest cryptocurrency in the world by market cap.
BNB shows great promise in 2023 as Binance fends off FUD aimed at it. The cryptocurrency exchange showed users that it was able to withstand the banking operations that led to the collapse of FTX, indicating that they remain in a strong position. As Binance continues to dominate, so will its native coin, BNB.
XRP is a digital asset whose growth has been stunted by the Securities and Exchange Commission’s ongoing lawsuit against Ripple. However, since the case has been in court for so long, it is likely nearing the end. If Ripple were to win over the SEC in this case, then the price of XRP would explode in response.
One problem with this option is that, unlike the others on this list, it has a lot to lose if the case goes in the SEC’s favor. Hence, investing in XRP Ripple v. It’s not a gamble on how the SEC case will turn out. There is a lot of profit potential, but also a lot of loss potential.
Bonus (Shiba Inu)
The Shiba Inu gets an honorable mention on this list for its performance in 2021. Memecoin has suffered many crashes and crashes that have left the vast majority of its owners in the lurch, but its large and strong community shows that there may be more to come. save with this digital asset.
Market cap drops to $751 billion | Source: Crypto Total Market Cap on TradingView.com
Featured image from TechStory, chart from TradingView.com