Cryptocurrencies to invest in for 2023

Technology has paved the way for impressive digital investment such as cryptocurrencies. With their undeniable potential and impressive growth in terms of value, there are a lot of people who grew more interested, especially how they can be used to play games. 

As 2022 is nearing its end, people have grown more fascinated with how crypto trends change. It also became clear to them that some coins outweigh the others when taken into careful consideration. It is evident that most people will only want to place their money on coins that were hailed as the best performing cryptocurrencies. 

If you haven’t invested on any crypto yet, here are some suggestions on the best performing cryptocurrencies 2023: 

What are the best performing cryptocurrencies to watch out for? 

Given the fact that the crypto industry performed well in 2022, there is no doubt that there are a lot of promising coins. If you haven’t invested on any crypto yet, here are some suggestions on the best performing cryptocurrencies 2023: 

Solana (SOL)

The Solana cryptocurrency was created by Anatoly Yakovenko in March 2020. It uses a Proof of History (PoH) consensus algorithm which means that it can be used by users to create historical records that show specific transactions happened at certain times. 

The algorithm's Verifiable Delay Function also states that a specific amount of steps must be taken to analyse the transactions. This coin also uses Proof-of-Stake (PoS) methods, which are the same as those used by ETH.

The native token of the Solana blockchain, SOL, is used to settle transactions inside the ecosystem. Due to its PoS implementation, this coin is compatible with the smart contracts, NFTs, and dApps on the Solana platform.

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Shiba Inu (SHIB)

Shiba Inu is an ERC-20 coin that runs on the Ethereum network. It makes use of smart contracts, which are necessary for the creation of goods for decentralised finance (DeFi). Once it does, it can create an autonomous NFT market by holding an auction for non-fungible tokens (NFTs) using smart contracts.

ShibaSwap, SHIB's own decentralised exchange (DEX) platform, is independent of outside parties. It has three main tokens that were created for various purposes and one of them is SHIB.

As a meme coin, this wasn't designed to take on the major cryptocurrency firms but was only made for fun. Since it has grown massively like Dogecoin, this also happens to be a worthy meme coin to invest in. 

Uniswap (UNI)

UNI serves as the native token on the decentralised exchange called Uniswap. By having speedy transactions as some of its strengths, it is no longer surprising to know that they are appealing to both buyers and sellers. 

It's most commonly known for Ethereum token trading. The only drawback that people often find with it is that it exclusively offers its services for Ethereum-based currencies only. Since ETH is likely to continue to appreciate in value, it will have a major impact on Uniswap.

Binance Coin (BNB)

This token had a maximum supply of 200 million tokens for its initial coin offering (ICO). These were distributed among the founding team, investors, and the general public. Technically, it started as an ERC-20 token that functioned on the Ethereum blockchain. However, this was transferred from the Ethereum network to the Binance Chain mainnet in April 2019.

Before it was used as the signature cryptocurrency of the Binance exchange platform through its own blockchain, Binance Coin (BNB) was first operated on the Ethereum blockchain. From there, its value increased and it rose to the top of the list of exchange tokens used today.

Cardano (ADA)

In 2015, this renowned coin was created by a Colorado-based mathematician named Charles Hoskinson. Among its remarkable features of this altcoin is its use of a proof-of-stake method  which raises the bar for security.

The Cardano pillar is made up of a group of researchers who have written previous studies on blockchain technology. ADA, the native token of the blockchain, is used like many other crypto tokens, to process value exchange. Low transaction costs allow for the sending and receiving of money, as well as the creation of smart contracts. With its potential, some have dubbed this well-known altcoin the ‘Ethereum killer’ because they think it can do more.

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Factors to consider when investing in cryptocurrencies 

Given that there are a lot of best performing cryptocurrency which you may consider investing in, it is also important that you look at them on various aspects that will help you consider whether or not they are good for your money’s value. Here are some factors you should consider: 

Mainstream acceptance 

Cryptocurrencies have been long accepted in several countries across the world but it doesn’t apply to all coins. With that, you must ensure that the coin you’re planning to invest in has good purchasing power in many countries. That way, you won’t be blinded by too many restrictions about where you can use it. 

Coin reputation 

A coin’s strength is often defined by what the media says about it. With that, you should always conduct proper research about your preferred coin and see its reputation. That way, you will have an idea of whether or not its value is about to increase or decrease. 

Previous history 

More often than not, cryptocurrencies may have handled issues in the past. With that, reviewing them may also want you to learn more about the ways they dealt with problems and how they bounced back from them. 

The value you wish to invest 

The degree of exposure that you can bear is last but certainly not least. This one requires extra caution on your behalf; avoid investing more money than is necessary to avoid suffering a significant loss that could interfere with your future plans.

These are just some of the remarkable coins you may wish to keep an eye out for in 2023. With their massive potential and proven reputation, you may find yourself investing in the crypto market as well.

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Words: Kyra Jimenez