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Top 5 cryptocurrencies to keep an eye on in 2023

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The cryptocurrency market had a busy 2022. With the numerous crashes and bankruptcies that have been witnessed this year alone, it’s no surprise that the market is marking the end with a bear. However, with the start of another year, there are numerous cryptocurrencies in the space offering opportunities in the coming year. Here is a list of assets that have proven and will continue to prove themselves.

Bitcoin (BTC)

Naturally, bitcoin tops the list of top cryptocurrencies to watch in the new year. Being the pioneer of the space, the digital asset still commands a large chunk of the market, as well as several bull runs with performances that surpassed anyone’s expectations.

When looking at digital assets to invest in in the new year, look no further than BTC. It is as close to a ‘safe’ investment as crypto users can get. Also, it is a good hedge against inflation due to continued performance. If the asset bottoms out in the new year, there could be a good rise in price.

Ethereum (ETH)

After bitcoin, the next best thing in the cryptocurrency market remains ethereum. There have even been arguments that this asset is better than its bitcoin predecessor because of its wide range of use cases, including but not limited to the popular sectors of decentralized finance (DeFi) and non-fungible tokens (NFT).

As well as this asset worked in the use cases, it was a good investment in terms of investment. It reached an all-time high of $4,800 before the start of the bear market, and although it is down more than 70% from its all-time high, ETH is still one of the digital assets that is expected to perform incredibly well. in the next bull market. .

Dogecoin (DOGE)

At first glance, dogecoin’s appearance on this list might seem out of place, but it has earned its place. Since then, the meme coin has gone from being a joke among social media users to becoming one of the most popular cryptocurrencies in the world. It continues to have the support of names like Elon Musk and Matt Wallace, who have shown no signs of slowing down.

DOGE’s social media following has also grown to over 3 million followers on Twitter, with over 4.5 million holders. This means that there is still a lot of faith in the digital asset despite the current low prices. And, as the 2021 rally has shown, it’s not necessarily utility that determines whether a cryptocurrency will perform well, but rather 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 in the bull market. Even in the bear market, the coin maintained gains better than its larger counterparts like bitcoin and ethereum. BNB is backed by Binance, which is the world’s largest cryptocurrency exchange by trading volume. Being tied to such a formidable business has done wonders for the asset, which is currently the 5th largest cryptocurrency in the world by market cap.

BNB holds great promise in 2023 as Binance outperforms FUD targeting it. The cryptocurrency exchange has also shown users that it is capable of withstanding the kind of bank runs that led to FTX going bankrupt, which shows that they remain in a strong position. As Binance continues to dominate, so will its native currency, BNB.

XRP (XRP)

XRP is a digital asset whose growth has been stunted by the ongoing Securities and Exchange Commission case against Ripple. However, with the case in court for so long, it is likely that an end is near. If Ripple were to triumph over the SEC in this case, the price of XRP would likely explode in response.

One problem with this pick is that, unlike the others on this list, it stands to lose a lot if the case goes in favor of the SEC. Therefore, an investment in XRP is more than a bet on how Ripple v. SEC. There is potential for a lot of profit, but also potential for a lot of loss with this one.

Bonus (Shiba Inu)

Shiba Inu gets an honorable mention on this list due to its performance in 2021. The meme coin has seen several dips and dips that have left the vast majority of holders at a loss, but its large and strong community shows that there can still be more in store with this asset digital.

TradingView.com Total Cryptocurrency Market Capitalization Chart

Market cap drops to $751 billion | Source: Crypto Total Market Cap on TradingView.com

Featured image from TechStory, chart from TradingView.com

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