Today’s article introduces seven of the best cryptocurrencies that could help investors get on the road to become a millionaire in 2023.
The cryptocurrency market has had an interesting couple of years. Following a widespread market downturn in 2020 as the covid pandemic took hold, the industry bounced back strongly in 2021 with many major tokens seeing record-breaking price runs.
In addition to the big players like Bitcoin and Etheruem reaching new highs, we also saw the exponential growth of DeFi and the rise in popularity of Non-Fungible tokens. Of course, there was also the remarkable Reddit-driven Dogecoin price run at the beginning of the year.
These unprecedented events mean that the cryptocurrency market looks very different going into 2023. Investors now need to consider how they can diversify their portfolios to include the best DeFi tokens, the platforms likely to be big players in the growing NFT trend and emerging projects implementing blockchain in new and innovative ways, whilst still holding the relative stability of the industry mainstays like BTC and Binance Coin.
So which projects are likely to be the biggest growers in 2023 and beyond? In the following article, we pick 7 cryptocurrencies that have the potential to make you a millionaire in 2023.
7 Top Cryptocurrencies That Could Make You A Millionaire In 2023
A good cryptocurrency portfolio should feature several tokens and projects that cover the different aspects of the market. Just like with any other form of investment, diversification is a key factor in mitigating risk.
With this in mind, we have put together the following list of cryptocurrencies that we feel have serious potential for growth in 2023. So, here are the contenders:
What follows is a brief overview of each project and an explanation of why we feel each one could be a worthy addition to your portfolio.
So, what is the top cryptocurrency that could make you a fortune in 2023? We’ve compiled a list of 7 options for you to consider.
1. Bitcoin
An uninspired choice, perhaps, but realistically Bitcoin is still going to appear in most lists recommending cryptocurrencies to invest in. Despite being the oldest project in the space, in some ways bordering on obsolete when compared to the latest smart chains and facing criticism over its environmental impact, in 2021 Bitcoin proved yet again that it still has the muscle to dominate the crypto space.
BTC has seen some remarkable price movement throughout 2021, experiencing significant price surges on several occasions. It first hit the headlines in January, after surging from $29,022 to $40,815 in little over a week. However, this was nothing compared to what was to come. In April, BTC surged again to a then high of $63,576. Remarkably though, Bitcoin still wasn’t done and in November it reached a new record price of $67,568.
So it seems that there is still plenty of life in the original Cryptocurrency. In fact, Galaxy Digital CEO Mike Novogratz believes that Bitcoin is going to further establish itself as “digital gold”. “I think it will continue to be adopted and it will take more and more of gold’s market cap,” he said.
Meanwhile, Thomas Lee - co-founder of Fundstrat Global Advisors - believes Bitcoin could see highs of $168,000 by the end of 2023, representing growth of about 170%. Lee made his prediction based on the new Bitcoin ETFs which launched in the latter half of 2021, which he believes will attract $50 billion in inflows during its first year, which in turn will drive up the token’s price.
If you are looking to buy crypto assets in 2023, then it's hard to argue against Bitcoin (BTC) being the first option to consider adding to your portfolio.
2. Ethereum
Another obvious choice, but Ethereum is still the number one platform for dApps and DeFi. The platform has held the number two spot behind Bitcoin for several years now and, whilst it has several rivals biting at its heels, it continues to attract the most innovative projects in the world of decentralised finance.
The platform actually encountered a few difficulties going into 2021, feeling the strain of a burgeoning demand for its services. Ethereum suffered congestion issues and its scalability was called into question. However, its development team has responded with a series of upgrades, loosely collected as the so-called Ethereum 2.0 upgrade.
One of the most significant changes on the horizon is a move from proof-of-work to proof-of-stake. Ethereum’s biggest problem has been its lack of scalability and relative sluggishness compared to newer smart chains. However, Ethereum 2.0 is set to change this. Whereas the network is currently capable of around 30 transactions per second. Ethereum founder Vitalik Buterin has alleged that 2.0 may eventually handle up to 100,000 TPS.
If the upgrade proves successful and is delivered on schedule, then Ethereum could re-establish itself as the top smartchain on the market, which should have a positive effect on price. In fact, crypto analyst Michaël van de Poppe believes that Ethereum (ETH) is on track for $20,000 by the end of 2023.
3. Cardano
Ethereum’s biggest rival at this stage is Cardano - the world’s first peer-reviewed blockchain. Cardano was part of a new wave of so-called third generation cryptocurrencies that purported to solve existing issues with scalability and transaction rates. It also has the advantage of being more environmentally friendly than the likes of Bitcoin and Ethereum.
The platform was created in 2017 by one of Ethereum’s co-founders, Charles Hoskinson. Cardano therefore had a high level of expertise from day one and was designed to improve upon Ethereum and provide the ultimate platform for developers to build dApps and DeFi systems.
Using a proof-of-stake consensus mechanism, Cardano has demonstrated that it is capable of processing 257 transactions per second and future upgrades could see this figure increase exponentially. Its native token, ADA, has seen massive price growth across 2021. Having started 2021 trading at $0.18, ADA had soared to $3.09 in September, representing growth of 1600% for the year.
In addition to this substantial growth, Altcoin Daily host Austin Arnold believes ADA is likely to gain more ground in the year ahead, following partnerships with television satellite provider DISH and announcing that the network has received $100 million for investment in Cardano-focused projects in Africa.“Simply put, there are so many people in more developing areas of the world that don’t have financial stability, and that can be changed with Cardano with blockchain,” he said.
That being said, many investors choosing to buy Cardano in 2023 will do so with the hope of it nudging out Ethereum as the top blockchain for DeFi and NFTs.
4. Solana
Solana was launched in 2020 and has been touted as the “fastest blockchain in the world.” It features a custom built proof-of-history consensus mechanism that effectively allows it to be super-fast whilst remaining secure and decentralised. It has already proven popular with DeFi projects and has inevitably also been labelled an ‘Ethereum Killer’.
To give you an idea of Solana’s capabilities, developers behind the platform claim it can process over 50,000 transactions per second, whilst keeping the cost of each less than $0.01. To put this in perspective, Ethereum currently handles around 30 transactions in that time frame.
The project has certainly stirred up investor interest in 2021. In September alone, the SOL token surged by over 300% and forced its way into the top-ten cryptocurrencies, with a market capitalisation of just over $56 billion at the time of writing.
An estimated 400-plus DeFi projects have already migrated into the Solana ecosystem, but the platform has also benefited from the rise of NFTs, thanks to its native NFT marketplace. Whilst some have suggested that the burgeoning NFT market may be a bubble fit to pop, others have predicted that the trend could propel Solana to new highs.
The price predictions certainly support this - combined average Solana price predictions from DigitalCoinPrice, Coin Price Forecast and GOV Capital suggest SOL could rise by up to 46% over the next ten years.
5. Binance Coin
Binance Coin is another major token that currently holds the number three sport behind Bitcoin and Ethereum in terms of market capitalisation. BNB’S biggest selling point is undoubtedly the fact that it is the native currency of the biggest decentralised exchange in the world - the Binance Exchange. BNB can be used to pay fees on the network as well as secure preferential rates. Naturally, this has given BNB a consistently high trading volume.
In addition to the Binance Exchange, there’s also the Binance Smart Chain which despite having only gone live in September of 2020, has already established itself as a major rival to Ethereum as a platform for the development of smart contracts. Several DeFi projects are now running on BSC, including the likes of Venus, PancakeSwap and Linear Finance.
So aside from these credentials, what makes BNB a hot prospect for 2023? One of the most interesting developments on the horizon is the proposed introduction of a burning mechanism to increase the scarcity of BNB, which in turn could boost its value.
The plans are in their infancy, but developers have said that the mechanism will involve governable parameters for two system smart contracts for collecting gas fees and BNB holders will get to decide on how this affects GAS rewards.
In theory, these developments will have a positive impact on BNB’s token price over the course of 2023.
6. Polkadot
Another relative newcomer to the cryptocurrency market, Polkadot has already established itself as a major player on the smart chain scene and has the potential to usurp rivals like Ethereum and Cardano. Following significant price runs across 2021, DOT is now amongst the top ten biggest cryptocurrencies by market cap at $44,887,399,932.
Polkadot is an interesting concept. It is effectively a parachain blockchain network that seeks to link two types of blockchains: a main relay chain, where transactions are finalised, and on top of that user-created networks - i.e. parachains. The inner workings of Polkadot are, of course, far too complex to go into here, but suffice to say it is a project that promises to link numerous different blockchains together.
Polkadot offers a platform for developers to build apps and smart contracts. The relay chains of Polkadot then allow such dApps and contracts to be communicated with other blockchain networks. This interoperability is already a major selling point for Polkadot, but it also boasts extremely fast transaction speeds.
Looking at price predictions for Polkadot, it seems many analysts are optimistic about its future. DigitalCoinPrice, for example, believes that DOT has the potential to almost double in value across 2023. Meanwhile, WalletInvestor has it increasing in value up to around 40%, peaking towards the end of the year then continuing to climb into 2023.
7. Shiba Inu
Some might be surprised to see Shiba Inu in this list, but we think that the token has real potential to grow in 2023.
The project was set up in 2020 and made no secret of its intention to be a “DOGE killer”. As the name suggests, SHIB was very much set up based on the model of the original meme-coin. However, whereas Dogecoin is pretty much a one-trick pony, Shiba Inu has evolved into a complete DeFi ecosystem, complete with its own DEX and even offering an digital artist accelerator program.
Thanks to these innovations, along with some quirky and highly visible branding, SHIB has already developed a strong and vocal community - suggesting it may see bull runs similar to those experienced by Dogecoin. It’s probably fair to say that, when it comes to investment, Shiba Inu is the riskier of the tokens in this list, but therein lies opportunity. It also presents a great option for diversification, assuming you include more stable tokens in your portfolio.
Shiba Inu price predictions for 2023 vary from analyst to analyst, but several are predicting major growth. DigitalCoinPrice’s technical analysis has SHIB virtually doubling in value in the first half of 2023 and potentially growing considerably more in the years that follow.
Other Tokens To Look Out For In 2023
The above list represents seven tokens that we think have serious potential in 2023, however investors should always be keeping an eye on market developments to see which other projects might get their time in the sun.
In particular, it’s worth keeping track of other DeFi projects, such as Aave, Compound and Maker. These projects continue to evolve and still have the potential to further change the cryptocurrency market.
It’s also worth keeping an eye on some of the more niche projects. Basic Attention Token, for example, has the potential to revolutionise the way we experience marketing and advertisements online. Similarly, Tron has its sights focused on the entertainment industry and aims to become the go-to platform for sharing music, videos and other digital content.
Of course, it’s also worth keeping an eye on Dogecoin - perhaps following Elon Musk on social media - to see if you can spot any potential price rallies.
Why Invest In The Cryptocurrency Market 2023?
It isn’t just the cryptocurrency market itself that has changed significantly over the last 18 months or so - attitudes towards investing in digital currency and blockchain technology have also shifted.
Gone are the days when cryptocurrency was seen as a niche market for reckless investors looking to get rich quick. Whereas most early cryptocurrency projects offered a digital alternative to fiat currency, the industry has now evolved to include entire financial ecosystems and blockchain is now used in everything from advertisement to online entertainment.
The growth of the market means there are now far more options for diversification than there were ten years ago. However, the market is still highly volatile and for this reason, it offers a great deal of opportunity.
There is certainly risk involved. No one would argue that cryptocurrency is here to stay, but which projects will be around and which will disappear are anyone’s guess. The market is constantly in flux and investors should be aware that it still lacks the stability of traditional investment vehicles like stocks or bonds.
Conclusion
If you’re considering which cryptocurrency to buy in 2023, then the above list has given you some food for thought. It has been one of the most exciting years yet for digital currency and the projects that have come to the fore across the last 10 - 12 months really do have the potential to revolutionise not just finance, but several other industries.
Of course, nothing is guaranteed when it comes to cryptocurrency, and our list of 7 top cryptocurrencies that could make you a millionaire in 2023 is only suggestive, but there are several projects that seem poised for growth and the cryptocurrency market in general is only getting stronger.
Whether you choose to stick with the more established names like Bitcoin, Ethereum and Binance Coin, or bet on some of the up-and-coming projects like Polkadot and Solana, remember that the market can change quickly so you should always be abreast of the latest cryptocurrency news. This includes being ready to react if new competitors emerge on the market and threaten to derail your existing strategy.
FAQs
What are the top cryptocurrencies to invest in 2023?
If you’re looking for cryptocurrencies to invest in in 2023 then you might find yourself spoilt for choice - there are numerous projects that are expected to see significant growth over the next year or so. Major players like Bitcoin, Ethereum and Binance Coin are likely to hold the top spots, but projects like Polkadot and Solana show no signs of showing down and have the potential to yield significant returns.
Is Bitcoin still a good investment in 2023?
Bitcoin is still the biggest cryptocurrency by a considerable margin. It’s market cap at the time of writing was $1.14 trillion. Its nearest rival is Ethereum, which comes in at $485 billion. BTC may have come under fire for its lack of scalability and environmental cost, but the token is still hugely valuable and still tends to be ahead of the market when it comes to price growth.
Which cryptocurrency will rise in value in 2023?
Cryptocurrency investors come in all shapes and sizes. Some look to hold major tokens like Bitcoin for the long term, whilst others are on the hunt for the next Dogecoin-esque price surge. If you’re looking for a token with more potential for volatility, then we think Shiba Inu has the potential to explode in 2023.
Is 2023 going to be a big year for cryptocurrency?
Whilst 2021 will be a hard act to follow, there’s every reason to expect big things from the cryptocurrency market in 2023. The DeFi and NFT trends show no signs of slowing down and as more and more people continue to realise the potential of blockchain technology, cryptocurrency investors could be about to see their biggest year to date.
Ultimately, investing in cryptocurrency will always involve risk but the market’s volatility is one of the reasons it has become one of the most popular asset classes on the planet.