The term “blue-chip cryptocurrencies” relates to reputable larger digital cryptocurrencies that are well-established within the market that all typically hold a market capitalization of over $2 billion. However, there is no general consensus on how much a cryptocurrency should be.
Similar to stocks, blue-chip cryptocurrencies are known to be safer assets that can stand the test of time within a challenging market and additionally, are very successful within a stable market or a bullish market. Having said that, cryptocurrencies are known to be volatile assets, more so than that of stocks that can witness even blue-chip cryptocurrencies decline significantly in a matter of minutes both within a bearish market or following unprecedented news in a bullish market.
According to CNBC 1 in 10 individuals within the US are investing in cryptocurrency, with the crypto market being one of the top 4 chosen investments to invest in behind individual stocks, mutual funds, and real estate. As more businesses globally look to give the go-ahead for individuals to use cryptocurrency as a means of payment, this avenue alone should entice new users to this market that will further drive to new highs in the upcoming years, especially as cryptocurrency has even been labelled to take over the trusted investment gold, as a long-term store of wealth.
Here's a look at Trading Education's list of the 10 best blue-chip cryptocurrencies to buy for 2023.
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The 10 Best Blue-Chip Cryptocurrencies To Buy For 2023:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Binance Coin (BNB)
- Tether (USDT)
- Dogecoin (DOGE)
- Bitcoin Cash (BCH)
- Polkadot (DOT)
- Ripple (XRP)
- Litecoin (LTC)
Bitcoin (BTC)
The consummate blue-chip crypto, Bitcoin is the biggest and the most popular cryptocurrency on the market today,
At the start of 2021, Bitcoin just like other cryptocurrencies was on top form and pulled in a record high of $64,863.10 back in April 2021 before the crypto crash came into full effect thereafter. Many factors such as Tesla CEO Elon Musk putting an end to Bitcoin in order to purchase high-end products and China’s announcement that it was clamping down on cryptocurrency activity were the two main contributions that hit the crypto market.
Bitcoin started climbing at the end of July. This upward movement led to Bitcoin hitting its all-time high of $68,789 in November 2021. As of today, Bitcoin is currently trading at $50,600, down by 26% from ATH.
The fin-tech company PayPal announced that its UK segment has now enabled users to buy, sell and hold Bitcoin along with other top performers such as Etherum, Litecoin and Bitcoin Cash as the company confirmed that “the pandemic has accelerated digital change and innovation across all aspects of our lives.” Additionally, some say it is only a matter of time before Tesla's CEO Elon Musk once again accepts this digital currency as a method of payment.
At the time of writing, Bitcoin’s circulating supply makes up 90% of its max supply with a total supply of 18,895,187 BTC in circulation. Bitcoin’s market capitalization has also fallen slightly below the November highs to $958 billion.
If opertisum and momentum remain, Bitcoin could look to reach above the $60,000 threshold to potentially look to pushing towards $70,000 in the next months according to the bulls.
Check Out: 15 Reasons Why You Should Invest in Bitcoin Today
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Ethereum (ETH)
The second-largest and one of the most innovative cryptocurrencies on the market today is that of Ethereum.
Ethereum is a decentralised open-source blockchain system that works for numerous cryptocurrencies as well as executing smart contracts including having its own cryptocurrency, Ether. In simpler terms when you compare Etherum to Bitcoin, although their networks run similarly, Ethereum allows users to create their own cryptocurrencies and be able to run programs known as smart contracts that can host decentralised applications (dApps) on its platform. Additionally, as the Etherum network aims to cut out any third party involvement, this also makes the Etherum platform a great money-saving platform.
Ethereum has been the trailing crypto behind Bitcoin for some time, but as time unfolds Etherum looks to be the smarter investment than that of Bitcoin as it edges into the environmental sustainability world. Ethereum’s Ethereum 2.0 is a series of upgrades that will benefit the Etherum network including seeing quicker transactions of up to 15,000 tps against Bitcon’s five transactions per second at the most, increase security, and its shift change to a proof of stake (PoS) protocol from its current proof of work (PoW) protocol will also see the network lower down energy levels.
Additionally, as the DeFi market continues its rise with the market currently holding a market cap of approximately $80 billion in 2021, Ethereum is the number 1 platform in order to create, issue and exchange NFT tokens.
Read Also: Is Now the Right Time to Buy Ethereum?
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Cardano (ADA)
Similar to the second largest cryptocurrency Ethereum, Cardano is a decentralised proof of stake blockchain platform that also has its own native cryptocurrency, Ada, that enables peer to peer transactions on its network. Former co-founder of Ethereum, Charles Hoskinson began creating Cardano back in 2015 that came to the market two years later with the aim to build on Ethereum’s problems including scalability and sustainability from Ethereum’s proof of work model. As of today, Cardano is the largest cryptocurrency to use a PoS blockchain model.
Cardano is listed as the sixth-largest cryptocurrency on the market today based on market capitalization, as it holds a current market cap of $46 billion. This cryptocurrency is also a more affordable option over both Bitcoin and Ethereum with its reasonable price of $1.40, down by approximately 54% from its all-time high of $3.10. What makes this altcoin even more attractive amongst others is its recent major Alonzo upgrade that introduces smart contracts to its blockchain.
Additionally, in recent days it has been announced that Cardano has surpassed hurdles to be launched within the Japanese market launching on the popular BitPoint exchange joining the likes of Bitcoin, Etereum, and more. This news has helped Cardano’s price rise in recent days as the Japanese market is deemed to be one of the strictest markets in the world. As the world edges further into a greener environment, look to Cardano to be one of the most climate-friendly cryptocurrencies to buy on the market right now.
Don't Miss: Why Cardano Will Skyrocket
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Binance Coin (BNB)
Known to be one of one the biggest cryptocurrency exchanges across the globe is that of Binance. Binance hosts a unique ecosystem that is made up of decentralised blockchain-based networks with additional services in order to achieve its aim of becoming the “infrastructure services provider for the entire blockchain ecosystem.”
In July 2017 Binance released its native token, Binance Coin (BNB) that was created in order to support its popular crypto exchange and according to data, the coin enables more than 1.4 million transactions per second.
Although every exchange takes fees for the execution of crypto activity, this is where Binance has become one of the most popular exchanges globally due to its low fee structure of 0.1% including additional fees for further activity. This makes these prices the lowest in the world. Binance also initiated a 25% discount for investors when paying by its native coin BNB following its fourth anniversary.
Due to the regulatory pressure that has been placed on the crypto market globally, Binance is currently aiming to seek government funding in order to secure and protect its valuation with the government of Singapore looking to be the most suitable prospect to invest in Binance. This comes after Binance Singapore appointed Richard Teng as CEO who last served as director of corporate finance for the Monetary Authority of Singapore for 13 years.
BNB is currently ranked the 3rd largest cryptocurrency in the world based on market capitalization, holding a market cap of $98.9 billion. Binance Coin currently holds a price of $592, down by 14% from its all time high it gained in May 2021 of $690.93. However, if momentum sustains in the coming months, the bulls are predicting that this cryptocurrency could reach a new high of $1000 by the end of 2023.
Check Out: Why Binance Coin Would Be A Good Investment?
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Tether (USDT)
Ranked the 5th most valuable cryptocurrency on the market that also holds the title of being the world's largest stablecoin is that of Tether (USDT).
Unlike others on this list, Tether is a stablecoin that was originally designed to maintain a value of $1.00 to keep valuations stable that mirrors traditional currencies like the euro, US dollar and Japanese yen. To summarize, Tether’s sole purpose is to enable users to send cryptocurrencies to one another without a third-party intermediary that aims to lower extreme volatility yet keep the value of traditional currencies.
According to data, the stablecoins market is worth above $130 billion today and has grown significantly from the $28 billion that it started out with at the beginning of 2021. This is due to stablecoins seeking to give the best of both worlds between traditional government-backed currency as well as cryptocurrency.
Following a quiet couple of months, Tether has come back to light after announcing that it has taken the time to mint at least 2.3 billion USDT tokens since the start of August, increasing the coins market capitalization to $76 billion. Additionally, Tether released its new attestation on August 9th that restored investor confidence with 49% of Tether’s reserves being invested in commercial paper (CP) and its certificates of deposits (CDs) reached approximately 93% rated A-2 and above, 5.5% at A-3 and 1.5% below this mark.
As of writing, Tether currently has over $76.33 billion USDT in circulating supply, whilst holding a price of $1.00. Volume has decreased by 3% to $68.9 billion within the past 24 hours.
If you are an investor that is looking to lower extreme volatility and offer value, Tether is the best crypto available on the market today.
Read Also: What Is Tether? Should You Invest In USDT and Where To Buy It?
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Dogecoin (DOGE)
A cryptocurrency that initially started out as a joke by Jackson Palmer and Billy Markus back in 2013, has now become the world's 11th largest cryptocurrency based on market capitalization as it sits on the market today at $23 billion.
Dogecoin (DOGE) is an open-sourced digital currency that through its light-hearted existence and its strong backing by Tesla CEO Elon Musk, has caused this crypto to fall in line as a serious crypto performer. Whilst Bitcoin currently has over 18.8 billion coins in circulation, Dogecoin on the other hand has over 132 billion coins circulating. But just like Bitcoin and others, Dogecoin can make transaction payments from person to person over the internet without having any intermediary involvement.
Due to the rise in other cryptocurrencies such as Bitcoin, Ethereum and others Dogecoin has also gained in value in recent weeks. But DOGE is heavily backed by Tesla CEO Elon Musk that has helped this cryptocurrency achieve great value, with 35% of buyers advising that it was the influential business tycoon that helped make their choice to invest in this meme crypto. Although there is no way of knowing exactly how much DOGE Musk owns, Musk did agree with Mark Cuban calling Dogecoin the “strongest” cryptocurrency as a medium exchange that is also ranked as one of his favourites.
Additionally, Dogecoin has released its new upgrade with its Dogecoin 1.14.4 upgrade that enables fee reductions, improves speed (2.5x in some cases), security fixes, GUI options to add peers and import private keys and peer traffic visibility and RPC improvements.
DOGE sits today at a price of $0.18. Although this crypto may look to be lagging behind and set to maintain trading around its current price, in near future, it has been predicted that this meme crypto could reach $0.5 by the end of 2023.
Read Also: Could Dogecoin Be A Millionaire-Maker Coin?
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Bitcoin Cash (BCH)
Being ranked the 23rdh most valued cryptocurrency on the market today with a market capitalization of $8.7 billion is Bitcoin Cash.
Firstly if you are new to cryptocurrency it's worth noting that Bitcoin Cash is not the same as Bitcoin. Bitcoin Cash was forked from the biggest cryptocurrency back in 2017 that has since become crypto in its own right. The peer-to-peer cash system’s main aim was to increase scalability in order to meet global payment demands and at the time of separation, the Bitcoin Cash block size increased from 1MB to 8MB resulting in handling more transactions per second (TPS), lower fees and more. As of November 2020, Bitcoin Cash has a block size of 32MB against Bitcoin’s block size of 1MB.
In recent developments, Bitcoin Cash is another cryptocurrency that will benefit from PayPal’s latest international expansion of being able to buy, trade and hold Bitcoin Cash through its app that was launched in the US last year.
Although Bitcoin Cash is currently trading down from its 52 week high of $1,635.15 to $470 as of writing, Bitcoin Cash is still up from where it started at the beginning of the year at $350. Looking ahead, if the bulls predictions are right BCH could look to reach new highs by the end of 2023 with the average price ranging from $900 to $1000 by the time the year is out.
As it stands BCH currently holds volume of $1 billion and holds 90% of its circulating supply of 18.9 million BCH in circulation.
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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Polkadot (DOT)
As of 2021, Polkadot has become one of the biggest and one of the most popular blockchains in the industry to date.
Created by Ethereum’s co-founder Dr Gavin Wood, Robert Habermeier and Peter Czaban, Polkadot is an open-source multi-chain protocol that connects blockchains to one another that can process quicker transactions and improve scalability. Other unique features for Polkadot include that it is highly flexible and adaptive, the network automatically upgrades its features without any need to fork, and the network is highly protected by a governance system that helps to keep any hacking activity at bay.
Polkadot recently announced its participation in crowdloan auctions on its Kusama and Polkadot networks that should witness its price surge in the coming days. In simple terms, a crowdloan is a way to help support and fund the slots on the KSM and the DOT networks in order to support more projects.
Additionally, Polkadot has its hands in the fast-growing DeFi space with its Acala all-in-one DeFi platform that recently announced that it has incorporated MetaMask, Truffle and Waffle into its ecosystem in order to create a similar experience to one of most successful cryptos, Ethereum. Using MetaMask should benefit the crypto as Ethereum users look to participate in Polkadot making this a smooth transition.
As of writing Polkadot is currently trading at $28.51, down 47% from the ATH of $55 reached in November 2021 but is up by 964% from its all time low in August 2020 of $2.69. Whilst DOT currently holds a circulating supply of 987.5 billion and a market capitalisation of $28 billion.
Read Also: Will Polkadot (DOT) Make Me Rich?
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Ripple (XRP)
Created by Ripple, XRP was designed to be quicker, less costly and a more scalable digital asset than others on the market.
Ripple’s platform RippleNet is a network made up of institutional payment-providers that include money service organisations and banks such as Bank of America (BAC) and many more that use Ripple’s XRP in order to send money transactions globally. XRP can make transactions in a matter of seconds for a minute cost as low as 0.0001 XRP with minimal energy being used to undertake these transactions.
Although this crypto is extremely popular worldwide, its ongoing lawsuit with the U.S.Securities and Exchange Commission (SEC) holds uncertainty. Additionally, the chairman of the SEC, Gary Gensler announced at the beginning of this month that the crypto market is “the wild west” and in his own words “is full of fraud” caused XRP along with others to pull back slightly.
Nevertheless, crypto analysts are being bullish on XRP to continue rising in the coming years with Wallet Investor anticipating XRP’s price to reach $1.734 in 2023 and aiming to reach $3.9 by 2026.
As of today, XRP is currently trading at $0.89. And holds the title of being the 7th most valued cryptocurrency in the world based on market capitalization that upon writing sits at $43.9 billion.
Check Out: 5 Reasons Why Ripple Could Double Your Money
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Litecoin (LTC)
Although Litecoin has been slipping down the market to becoming the 18th largest cryptocurrency on the market today, it is still however a digital asset not to be missed that could shortly creep back up to be a top 10 crypto where it's used to being.
Holding similarities to Bitcoin, although on a much smaller scale, Litecoin is a cryptocurrency that was created by Google engineer Charlie Lee in 2011 that was based on the Bitcoin protocol, with Lee quoting that Litecoin is “silver to Bitcoin’s gold.” However Litecoin does hold a few clear differences from the popular crypto that include transaction time, with the normal time frame being around 2-8 minutes depending on the network load, lower transaction fees of between $0.03 - $0.04 compared to Bitcoin’s hefty fee averaging around $7.60 and more.
The reason for Litecoin’s recent decline is down to a few contributing factors that include more competition within this booming market and secondly, Litecoin’s DeFi segment has been placed under scrutiny in recent weeks due to the acceleration of which this market has and is continuing to grow which has caused regulators to place eyes on this market. This follows after New Jersey regulators approached Block Fi, a DeFi provider, to cease and desist operations that offer interest paid in Litecoin and other cryptocurrencies.
But on a positive note, Grayscale Litecoin trust (LTCN) has risen well in August including investment firm Morgan Stanley acquiring shares of Grayscale Litecoin entering the crypto market. This is a good sign for Litecoin.
Currently trading at $160, Litecoin is down around 61% from its all-time high of $412.96 reached in May 2021. But according to the bulls, Litecoin could potentially reach a high of $300 by the end of 2023. According to Wallet Investor, Litecoin is looking set to reach a high of $327 by the end of the year.
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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.