Cryptocurrency went through a bear market in 2022 and is showing signs of turning bullish for 2023. At the end of 2022, Bitcoin was at $16,531. By February 20, 2023, it peaked at $25,288. As of March 10, 2023, it’s at $19,933. Experts anticipate an overall move up by the end of the year. Countries across the globe are passing legislation on cryptocurrency, which helps more people feel comfortable enough to adopt it. Bitcoin isn’t the only type of crypto you could profit from by buying at a low. There are many other promising coins to consider as an investment in 2023. However, Bitcoin is still likely a good investment if you buy it this year.
You might be asking yourself if you’re too late to Bitcoin. Because Bitcoin went through a bear market in 2022, early 2023 is an opportunity for entry. The all-time high was at $60,000, so it could reach $60,000 again and push past it to establish a new high. Mass adoption isn’t here yet, so there is likely more growth potential.
Peaking at $4,000 and holding strong above $1,000, Ethereum is the second most popular cryptocurrency. ETH also powers applications on the blockchain, which are called smart contracts. Most NFTs, digital assets popular in crypto, are on the Ethereum network. You can buy and sell them with ETH.
XRP was developed to address the problems with Bitcoin: high energy use, expensive transactions and slow transactions. It’s energy-efficient, carbon-neutral and fast. The blockchain that XRP is on is open source as well. The supply was pre-mined with a total supply of 100 billion. Ripple, the parent company, stored 55 billion tokens in an escrow account to maintain stability. Twenty billion were distributed among the co-founders and core team members. The price of XRP rose 6,139% from 2011 when it was $0.006 to 2023 at a price of $0.37.
ADA, often referred to as Cardano, was one of the first cryptocurrencies to use proof of stake, which is an energy-efficient method of mining. Cardano is the name of the blockchain that ADA is used for. It’s also the creator of ADA. Like Ethereum, smart contracts are possible on the network. The final stage of Cardano’s development involves handing over the network to the community to make it fully decentralized.
Input Output Global (IOG), Cardano’s developer, released news in March 2023 that it’s preparing for the final stage, which it refers to as Voltaire. In 2017, when ADA was released, it reached a price of $0.33. ADA price reached an all-time high of $3.10 in September 2021. The bear market of 2022 has dropped price below $1 with the price around $0.33.
Polygon, launched in 2017, uses the Ethereum network to offer a cheaper alternative for applications that want to operate on Ethereum. Polygon is popular for games because of the low gas costs. MATIC is the token that Polygon uses for governing the network and covering transactions. The price of MATIC reached an all-time high of $2.92 in December 2021. It dropped to a low of $0.38 by June 16, 2022 before steadily climbing up again. As of March 2023, price is just over $1.
Dogecoin is a memecoin that was launched to poke fun at the hype around cryptocurrency. The developers call it a fun version of Bitcoin. Like Bitcoin, DOGE uses proof of work. Different from Bitcoin, DOGE doesn’t operate on its own network. The developers rely on Litecoin.
DOGE has remained popular since it was brought to the market in 2013. Some owners tip content creators on social media in DOGE. Price traded around $0.002 until 2020. As of March 2023, DOGE price is $0.0646. Unlike most cryptocurrencies that are deflationary, this one is inflationary. There isn’t a cap on how many coins can be created.
Meta Masters Guild (MEMAG)
Meta Masters Guild is a play-to-earn (P2E) platform that raised $4.97 million from its pre-sale in February 2023. It has been listed on Uniswap, BitMart, HitBTC, CoinGecko and XT.com. The team says that more listings are coming.
MEMAG will have a 75% introductory offer for staking, which would last from March 15 until the end of April 2023. You only need to lock up for seven days to claim the 75% introductory offer. If you stake until the end of April, you get an extra 9%.
Fight Out (FGHT)
As a move-to-earn platform, Fight Out rewards people for exercising. You can compete against friends and other people in the community. Fight Out also provides access to exercises from elite athletes. During its pre-sale, at the end of 2022, Fight Out generated over $3 million. Analysts are expecting a pump in 2023.
You don’t need to use the app to invest in this crypto. For those who want to use the app, they will create a soul-bound NFT avatar and earn REPS. Users can buy REPS with FGHT as well. Those who sign up for a membership with FGHT get a 25% discount. As you exercise, your soul-bound avatar displays your stats and eventually levels up. You can win FGHT and other rewards through game-mode competitions.
C+ Charge (CCHG)
EV drivers can earn credits with C+ Charge through driving and charging their vehicles. C+ Charge partners with EV charging companies and operates on its own blockchain. One of these partnerships is with Phihong, a top supplier of charging equipment.
Holders of C+ Charge earn extra credits to incentivize people to buy the cryptocurrency. The first cryptocurrency exchange launch will occur on March 31, 2023. C+ Charge’s smart contract passed a full security audit. No major vulnerabilities were found. Coinsniper has verified the team through KYC (know your customer) as well. The developers are working on making the app and network OCPP 2.0 compatible, which would allow it to be used with up to 1.8 million charging stations around the world.
Factors Contributing to the Promise of These Digital Assets
The blockchain is a system in which transactions are permanently recorded and automatically verified by other computers on the network. It’s not possible to alter or delete the data. This allows for more transparency and security. You also don’t have to put your trust into a centralized authority for monitoring and verifying transactions. Blockchain networks are decentralized and use their innovative technology to verify rather than an individual who could have bias, have ill intentions or make a mistake.
As you can see from several of the cryptocurrencies listed above, people find innovative ways of bringing to market an idea that uses a blockchain, whether that’s an existing blockchain or their own.
Investors check market capitalization of a cryptocurrency before investing in it. Market capitalization indicates how popular and valuable an asset is. Market watchers multiply the current price by the circulating supply to determine its market capitalization. Some platforms automatically calculate it for you. In general, a higher market cap usually means the crypto has a greater value.
Four types of crypto market cap classifications:
At the time of this writing, only BTC and ETH have a mega market cap. BTC is at $468,190,278,775, and Ether is $205,286,036,637.
Large-cap cryptocurrencies have a valuation over $10 billion. ADA, XRP and Solana are examples of large-cap tokens. Cryptocurrencies with a large market cap are considered to be stable and safer investments than medium- and small-cap tokens.
Medium-cap cryptocurrencies are for those who enjoy high risk, high reward investments. They have a market cap between $1 billion and $10 billion. DOGE, Litecoin (LTC) and Shiba Inu (SHIB) are medium-cap tokens.
Small cap comes with the highest risk, yet the greatest reward if it moons. New cryptocurrencies naturally tend to start off as small cap with a valuation under $1 billion.
It takes a supportive community to make a cryptocurrency succeed. Market cap is a powerful indicator of community support. You can also check Twitter, where cryptocurrency users and investors like to talk, to gauge how passionate the community is. Many tokens have their own Twitter accounts to market the token. You can also check the crypto’s hashtags to see how many people are talking about it and assess the overall sentiment. DOGE and SHIB have passionate holders, although they aren’t a mega cap.
Other important social media networks to check are Discord, Reddit, Telegram and Instagram. Twitter and Discord are the two top social medias where the crypto community gathers. Most NFT and other crypto-related projects have a Discord for members to socialize and keep up with updates.
Institutional adoption plays a key role in the success of BTC, ETH and other cryptocurrencies. As BTC and ETH perform better, other cryptocurrencies are able to get more attention too.
A 2022 Fidelity report found that 58% of institutional investors bought digital assets that year. Bear markets are an ideal time to buy because the asset is at a low, allowing you the ability to make a bigger profit if it turns bullish again. Eighty-two percent of high-networth individuals also said that they have crypto investments.
Project Development Updates
Project development updates often cause price to go up, even if only temporarily. Remember that price never goes up forever. There are moments when it dips. When you invest in a cryptocurrency, it’s important to keep track of their project development updates, as those are good times to sell when the price pumps.
Bitcoin’s Potential Growth and Adoption in 2023
Bitcoin will go through its next halving in 2024, so many people expect price to increase in 2023. Halving helps prevent inflation of the cryptocurrency and keeps the circulating supply steady. BTC halving occurs every four years. The reward that miners receive is halved.
Estimates range from $70,000 to $250,000 for how much one Bitcoin will cost by the end of 2023. As always, you will have people taking the opposite perspective. Others believe that Bitcoin will lose value. Some even think that Bitcoin will eventually become obsolete.
More people have been adopting cryptocurrency each year, particularly those who are high-networth individuals and financial advisors. The above coins are some of your top options for investing.
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