Cryptocurrency is digital money not controlled by a single authority such as a government, bank, or central system. It is built on blockchain technology, and digital money, especially bitcoin, has grown in popularity over time. In fact, around twenty-two thousand cryptocurrencies are available in the market.
People can use cryptocurrencies to buy items; however, most people use them as an investment. But, the cryptocurrency market is volatile, and the last year has seen some highs and lows. That is, having reliable Crypto news and information is essential before investing.
To help you, below are the top 5 cryptocurrencies worth investing in 2023.
Binance
Binance is considered a dominant crypto exchange that can host a high trading volume of worldwide transactions. Along with the exchange, it has also spent money producing its blockchain, Binance Smart Chain. The cryptocurrency is known as BNB. Binance smart chains have gained popularity in a short duration; it is so because it is more centralized as compared to others.
Bitcoin
Regarding cryptocurrencies, one cannot doubt the supremacy of bitcoins. It was first produced in 2009, and since then, it has become the most popular cryptocurrency. It operates on blockchain technology and can hold transactions across the network of several computers.
Also, bitcoin is secure as it follows the process known as proof of work, through which the distributed ledgers must be verified by solving a puzzle. Since bitcoin has become popular, the price has increased and has seen some ups and downs. In 2022, it lost 65 percent of its market value; however, 2023 seems promising, trading between $17,500 and $18,000.
Ethereum
Ethereum (ETH) is both a blockchain platform and a cryptocurrency, and it also offers potential applications such as smart contracts. Smart contracts can automatically execute when certain conditions are met. Ethereum has also shown some incredible growth. If one looks at the figures from 2016 to 2022, the ethereum price went from 11 dollars to three thousand dollars. That is an increase of more than 27K percent. The market saw a low in 2022, and Ethereum hit a low; however, it has rebounded, and at present, it is at $1,800.
Cardano
Cardano is gaining traction among investors as it requires less energy to finish a transaction. So this makes the transaction quick and easy. In 2021, Cardano introduced a hard fork that helped increase functionality and enable smart contract deployment. They also introduced Vasil, another hard fork, in 2022 that helps improve scalability. With their recent launch of AdaSwap, developers can quickly build decentralized finance apps.
Polygon (MATIC)
MATIC is one of the largest cryptocurrencies by market cap, with a capitalization of ten billion dollars. Polygon MATIC has the potential to grow, and the network is a scaling platform. It aims to increase the ethereum capabilities. Like other cryptocurrencies, MATIC suffered a loss in 2022 but benefited from the bull market in 2023.
Conclusion
Summing up, investors are looking for cryptocurrencies with growth potential in 2023; it is also vital because the bear market conditions will continue in 2023. However, one might benefit by being patient, and one can find excellent value with the correct cryptocurrencies. So, follow the cryptocurrencies mentioned above that are expected to grow big in 2023, and to be well-informed, follow crypto news daily.