10 Best Cryptocurrencies To Invest In Australia In 2023

Last Updated December 29th 2022

15 Min Read

What Are The Top 10 Cryptocurrencies To Buy In Australia In 2023?

Do you want to skip the read and get right to our top picks? The best cryptocurrencies to invest in Australia 2023 are Bitcoin and Ethereum.

The crypto bull market is back, and you are probably wondering, which are the right picks for 2023 in Australia, right? This post explores the latest in crypto and looks at the cryptocurrencies with the most potential in the coming year. Here is a look at the top 10 cryptocurrencies to consider.

Bitcoin (BTC)
Ethereum (ETH)
Binance Coin (BNB)
Chainlink (LINK)
Axie Infinity (AXS)
Dogecoin (DOGE)
Solana (SOL)
Cardano (ADA)
Polkadot (DOT)
Cosmos (ATOM)

If you are in Australia and looking for high-potential cryptocurrencies to buy, you will find this article useful. This article has compiled a list of the best cryptocurrencies to invest in Australia in 2023. At the end of this article, you will have clarity on which cryptocurrencies to bet on going into the next year.

Our goal is to ensure that you invest from the point of knowledge. In a market with over 16000 cryptocurrencies and new ones coming up every day, it is easy to bet on worthless cryptocurrencies and lose all your money.

Bitcoin (BTC)

Any Australian looking to profit from cryptocurrencies in 2023 must include Bitcoin in their portfolio. The top cryptocurrency just pushed through its all-time highs, and all indications are that it could make new ones.

As per Bitcoin price prediction and analysis by Coin Price Forecast, Bitcoin could reach $100,000 by 2025. That would be an increase of 179% from its current price levels. That’s a huge profit by any metrics and dwarfs both the stock and real estate markets that a lot of Australians invest in.

While predictions can go any way, there is a solid fundamental reason to believe that Bitcoin could easily double in value by 2023. That’s because the avenues for institutional money to get into this crypto are opening up.

Since 2020, there has been an upsurge in the adoption of Bitcoin by institutional investors, and this was the key reason behind the massive rally to $64k back in April.

Now a new avenue for institutional players has opened up in the U.S through the approval of the ProShares Bitcoin ETF. This is exciting because the U.S has a majority of large institutional funds globally. In essence, there is an expectation that it could rally if a sizeable number of them get into Bitcoin.

Of course, the opening up of the institutional investment market comes against a background of low Bitcoin supply. Bitcoin has a very low total supply, and thanks to the block halving, the total supply of new Bitcoins coming into the market has been shrinking over time.

This means a growing institutional appetite for Bitcoin will only put upside pressure on the price long term.

Read Our Bitcoin Price Predictions here.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Ethereum (ETH)

Ethereum easily ranks among the top cryptocurrencies to invest in Australia in 2023. The number two crypto by market capitalization has a lot of exciting predictions in its favour.

According to Coin Price Forecast, Ethereum has the potential to trade at $4,500 by the end of 2023. That’s a 53% increase from its current price.

There are a lot of factors in favour of Ethereum that could see it test such price levels by the end of 2023.

One of them is the transition to Ethereum 2.0. There are several benefits that will accompany this shift. The biggest one is that it deals conclusively with Ethereum’s scalability problem.

In the last 5-years, a lot of “Ethereum killers” have come up. While most of them don’t last due to their inherent centralized nature, they have highlighted a huge problem with Ethereum.

Thanks to Eth2.0, this problem will not be there for long. Through layer 2 solutions such as Ethereum Optimism, a lot of traffic will be taken off the Ethereum main chain. This translates to faster transactions and lower gas fees.

By extension, it will help Ethereum cement its position as the top platform blockchain in the market.

Besides making Ethereum scale better, part of the upgrades being carried out in the transition to Ethereum 2.0 has made Ethereum deflationary. In specifics, the London Fork introduced a coin burn feature for fees generated in transactions. This means that in the long run, demand will be chasing a very tight amount of Ether.

Given that the full transition to Ethereum 2.0 is expected to be completed in 2023, its benefits could easily see Ethereum trade at over $10k.

Now that Bitcoin is uplifting the entire market, things are looking pretty good for Ethereum going into 2023.

Read Our Ethereum (ETH) Price Predictions here.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Binance Coin (BNB)

Binance coin is a no-brainer pick for an Australian looking for a top cryptocurrency to buy in 2023.

That’s because, by its design, Binance can only go up. Binance coin is a deflationary cryptocurrency. Every quarter, a huge portion of it is taken out of circulation.

This is the reason why it went from a few pennies at launch to over $600 at its peak in April. With the coin burn expected to be accelerated going into the future, there is a good chance that the price of Binance Coin will only go up over time.

Analysts understand this, too, and are giving it some pretty good predictions going into 2023. According to Coin Price Forecast, Binance coin could trade above $600 by the end of 2023 and possibly close 2023 at $914. That would be an increase of 125% from its current price.

However, it is not just the coin burn that puts Binance in a good position for growth going into 2023 and beyond. Its use cases are a huge factor too. Binance coin is the crypto that powers the Binance exchange, the largest in the world by volume. It is used to pay fees on this exchange, among other things.

Binance Coin is also the power behind the Binance Smart Chain, and this is a big deal. That’s because the Binance Smart Chain has emerged as a worthy competitor to Ethereum in the smart contracts space.

Since one needs BNB to carry out any transactions on the Binance Smart Chain, it follows that as the BSC grows, so will the value of BNB. With a combination of strong fundamentals and decreasing supply, it is not hard to see why this is one of the best cryptocurrencies to have in a crypto portfolio in 2023.

Besides, Binance Coin like all other altcoins tends to be strongly correlated to Bitcoin. During the last Bull Run when Bitcoin hit $68k, Binance Coin smashed through the $100 billion market cap.

Now that Bitcoin is gaining fresh momentum again, there is a good chance of Binance Coin surpassing the $1000 price prediction that analysts are giving it for late 2023 to 2023.

Read Our Binance Coin (BNB) Price Predictions here.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Chainlink (LINK)

Chainlink can’t miss in a top crypto portfolio for 2023, and for good reason. This is the Bitcoin of decentralized Oracle markets. Just like Bitcoin dominates the entire crypto market, Chainlink dominates over 65% of the oracle market.

So, why does this matter? Well, due to its dominance, there is a good chance that most projects in need of decentralized data will use Chainlink. Already a huge portion of smart contracts run on Chainlink data, and that number is set to grow even bigger.

For context on the potential that Chainlink holds in terms of adoption, it was recently integrated into Solana, one of the fastest-growing platform blockchains in the crypto market.

Chainlink’s growth is premised on the fact that it operates in a high-demand aspect of the crypto market. That’s because every smart contract needs real-world data for it to run. Also, such data needs to be reliable. Otherwise, the output will be inaccurate, which would also make such a smart contract useless.

Aside from operating in an in-demand aspect of the crypto market, Chainlink has also been making moves to entrench itself in this space.

A while back, the project introduced hybrid smart contracts. These are meant to help the project scale with ease and handle the growing demand for decentralized data, especially in the DeFi ecosystem.

It is also noteworthy that Chainlink tends to move pretty much in the direction of Bitcoin. This is a positive indicator for Chainlink in 2023.

If its past bull cycles are anything to go by, then Bitcoin could easily be trading at new highs in 2023.

By extension, this could see Chainlink rally going into 2023 as well. Per market predictions by Coin Price Forecast, Chainlink could easily hit $23.54 by the end of 2023. That would be an increase of 53% from its current price.

Read Our Chainlink Price Predictions here.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Axie Infinity (AXS)

In absolute gains, Axie Infinity has been one of the best crypto performers of 2021. If predictions are anything to go by, it could also be among the top crypto performers in 2023. Per a prediction by Coin Price Forecast, Axie could be trading at $273 by the end of 2023. That would be an increase of 388% from its current price.

So, what exactly is Axie Infinity, and why is it a top cryptocurrency investment in Australia in 2023?

Well, Axie is an NFT gaming platform and is bringing blockchain technology to the concept of play-to-earn. Through Axie Infinity, players can develop gaming characters and sell them as NFTs.

The concept has been so well received, that Axie Infinity now has the most expensive NFT collection globally.

The growth of the play-to-earn concept on Axie Infinity is a big deal when it comes to the long-term value of AXS tokens. That’s because the NFTs minted on this blockchain can be exchanged for AXS tokens.

In essence, as more people play, and participate in the Axie Infinity gaming ecosystem, the value of this token will grow as well. It is one of the key reasons why this crypto has grown so much since it was launched.

Then there is the fact it allows staking. This makes it even more attractive to gamers and investors looking for a mix of value appreciation and passive income.

With all these factors in Axie Infinity’s favour, it is not surprising that analysts expect it to gain by over 300% in the next year. It’s a pretty obvious choice to have in a crypto portfolio, not just for 2023 but for many years to come.

Read Our Axie Infinity Price Predictions here.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Dogecoin (DOGE)

A portfolio of top cryptocurrencies in 2023 cannot miss Dogecoin, and for obvious reasons. This is Elon Musk’s favourite crypto, and he has big plans for it going into 2023.

While Dogecoin has been just another meme coin with no real value for many years, Elon Musk changed all that in 2020. His tweets saw it rally by 12,000% at its peak prices in April this year.

Musk has even bigger plans for Dogecoin in 2023 that could see it test prices it has never seen in the past.

A while back, Elon Musk announced that in Q1 of 2023, SpaceX would be sending a spacecraft to the moon. The project will be fully funded in Dogecoin, named after Dogecoin, and will put a Dogecoin on the moon. This is a big deal because of the level of media attention it will put on Dogecoin.

However, most experts have tampered projections for Dogecoin. According to Wallet Investor, Dogecoin could trade at $0.3 by the end of the year. Similarly, Coin Price Forecast expects Dogecoin to trade at around $0.20 by the end of the year. This means it could gain by around 50% by the end of 2023.

These cautious forecasts have a lot to do with the fact that there hasn’t been much information forthcoming with regards to the Doge-1 mission. That said, 2023 is many months away, and the mission could be announced at any time in the coming months. Elon Musk has already started tweeting about Dogecoin again, which could be an indicator of things to come.

However, besides the Doge-1 mission, Dogecoin’s fundamentals are getting better. Its adoption has grown significantly over the past year. Today, Dogecoin is used by many major organizations, including Mark Cuban’s, Dallas Mavericks. A lot of celebrities have also been talking about Dogecoin recently.

All these are indications that if the market is bullish in 2023, Dogecoin could be one of the top performers. This increases Dogecoin’s prospects and makes it one of Australia’s top cryptocurrencies to invest in 2023.

Read Our Dogecoin Price Predictions here.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Solana (SOL)

Solana is one of the latest entrants into the platform blockchains market, and it is already causing ripples in it. This year, it has rallied by over 2000%, making it one of the best performing cryptocurrencies in 2021.

The reason for its massive price rally is that Solana has a solution to the scalability problem that has plagued platform blockchains, like Ethereum, for years.

Solana is able to handle up to 50k transactions and at costs below $0.01 per transaction. This has quickly made it a favourite among developers working on NFTs, and DeFi projects.

While it is a relatively new project, it has seen a whole ecosystem come up on top of it, and the numbers are growing. Since SOL is the native token to the Solana ecosystem, it then follows that as its usage grows, so will the value of SOL.

Due to the potential for the adoption of this blockchain, its projections for 2023 are much better than most cryptocurrencies.

According to the analysis and prediction of Solana by Coin Price Forecast, this crypto is expected to trade at $176 by the end of the year. From current prices, this would be a potential return of 72%.

With the potential of Bitcoin hitting new highs in 2023, there is a good chance that Solana could test and surpass its projections for 2023. This easily makes it one of the top cryptos for Australians to buy in 2023.

Read Our Solana Price Predictions here.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Cardano (ADA)

Cardano is one of the top platform blockchain platforms in the market today. The project has been under development since 2017 and has achieved things that not many projects have managed.

For instance, with its Ouroboros Proof-of-Stake algorithm, Cardano has solved the trilemma of security, scalability, and decentralization. Cardano also integrated smart contracts functionalities, a factor that has made it a potentially big competitor for Ethereum.

This was the reason behind its rally. Now that the bulls are back, and Bitcoin is rising again, there is a good chance that Cardano will outperform most altcoins. It has the fundamentals, and it’s well known amongst investors.

It is not surprising that Coin Price Forecast expects Cardano to trade at $1.43 by the end of 2023, representing an increase of 51% from its current price levels.

Such gains are respectable by any standards and make Cardano a top cryptocurrency to invest in 2023.

Read Our Cardano (ADA) Price Predictions here.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Polkadot (DOT)

Polkadot has been one of the best cryptocurrency performers since its launch and holds a lot of potential for adoption. The project is built for interoperability. This means any projects that build on the Polkadot blockchain can easily connect with other blockchains.

Polkadot’s uptake has been pretty good, especially because it is designed to work well with Ethereum. In essence, as Ethereum adoption grows, thanks to the shift to Eth2.0, Polkadot has a lot of potential for growth going into the future.

Polkadot’s potential to benefit from Ethereum’s improving fortunes is captured in its price forecasts for 2023.

According to Coin Price Forecast, Polkadot is expected to reach $30 by the end of 2023 and $50 in 2023. That’s an increase of 71% and 172% from its current price.

For crypto that is among the most respected in crypto circles, this is a healthy return on investment. It makes it one of the top cryptocurrencies that Aussies should look out for in 2023.

Read Our Polkadot Price Predictions here.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Cosmos (ATOM)

Cosmos has shot up in popularity recently and this has been reflected in its price. There is a lot of interest in Cosmos because it offers a solution to the scalability and cost problems in the platform blockchains market. All this while maintaining a high level of decentralization.

According to Coin Price Forecast, Cosmos has the potential to hit $35 by the end of 2023 and $50 by the middle of 2025. This would represent an increase of 80% from its current price. This makes Cosmos one of the most promising cryptocurrencies to hold in 2023.

With the crypto market turning bullish again, there is a good chance that Cosmos could hit this price, or even more.

Read Our Cosmos Price Predictions here.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Learn More About How To Invest Cryptocurrencies In Australia

As stated earlier, your profitability in cryptocurrency trading is dependent on the ability to choose the right cryptocurrencies.

Read more about cryptocurrency trading in Australia:

It is also important to note that the cryptocurrency market is full of surprises. While some of the predictions above may seem farfetched, remember that in 2021, some meme coins rallied by over 100,000%.