9 Upgraded Cryptocurrencies To Buy In February

Analysts recommend these upgraded cryptocurrencies for February

Last Updated January 25th 2023

16 Min Read

The crypto market has been gaining upside momentum over the past few weeks. This is driven by a growing institutional uptake of crypto and an improved regulatory environment. For instance, the ProShares Bitcoin ETF in the US has sent all the right signals to the market.

On top of that, the fundamentals of individual coins are getting better. For instance, Ethereum is solving its scaling issues, creating a lot of excitement in its ecosystem. For this reason, analysts are excited about the opportunities that the cryptocurrency market presents this month. Here are nine upgraded cryptos to buy in February as per analyst ratings.

9 Upgraded Cryptocurrencies To Buy In February

Shiba Inu (SHIB)
Binance Coin (BNB)
Ethereum (ETH)
Dogecoin (DOGE)
Solana (SOL)
Axie Infinity (AXS)
Cardano (ADA)
Chiliz (CHZ)
Bitcoin (BTC)

1. Shiba Inu (SHIB)

Shiba Inu is a meme coin that has emerged as one of the best-performing cryptocurrencies ever created. Since its launch, Shiba Inu recorded gains of more than 699,890%.

Shiba Inu has dropped again in the last few days, but technical analysts believe this is a buying opportunity. Analysts believe that after its current price correction, Shiba Inu has the likelihood to reach $0.000016 by the end of this month.

This forecast for SHIB has a basis in both technical analysis, and fundamentals. In terms of technical analysis, SHIB is headed towards $0.000016, which is a high liquidity zone.

In terms of fundamentals, there is a growing acceptance of SHIB as a means of payment despite it being a meme coin. SHIB was adopted as a payment by a French restaurant.

This comes hot in the heels of the inclusion of SHIB on Shopping.io. Shopping.io is a website that enables cryptocurrencies for payments on e-commerce sites like Amazon and e-Bay.

With the momentum, lots of interest has started going into meme coins. This is quite evident in the ongoing petition by the Shiba Inu community to have SHIB listed on Robinhood.

With all these factors in Shiba Inu’s favour, it is not surprising that analysts have a very strong rating for SHIB this month.

Read Our Shiba Inu Price Predictions here.

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

2. Binance coin (BNB)

Binance Coin is the crypto that powers the Binance exchange and pretty much all the Binance ecosystem. For instance, transaction fees on the Binance Smart Chain are done in BNB.

This use case, coupled with the quarterly coin burns, has made Binance coin one of the most successful cryptos ever. When it launched, the Binance coin was trading at less than a dollar, and today it is at over $300 and gaining.

Analyst projections for Binance coin have always been bullish for BNB, and the crypto has pretty much exceeded all of them. This month, the outlook is no different, and the expectation is that it will outperform most other cryptos.

For instance, analysts at Long Forecast believe that BNB could rally this month and test a high of $399.

This is pretty much in line with the improving long-term projections for BNB. According to Coin Price Forecast, Binance coin could come close to testing the $440 mark in 2026 This cryptoanalysis site also expects Binance coin to trade at over $530 by the year 2028.

These analyses are premised on the fact that the use-value of the Binance coin is growing. Today, the Binance Smart Chain has emerged as one of the most important for developers looking to launch smart contracts.

As the adoption of BSC grows, so will the demand for BNB. Besides, Binance continues with its quarterly coin burn for BNB and intends to shorten the period for the burn. This means going into the future, the impact of the burn on the coin price of BNB will be more pronounced.

It is not surprising that analysts are upgrading their outlook for BNB, making it a pretty strong buy at current prices.

Read Our Binance Coin Price Predictions here.

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

3. Ethereum (ETH)

Ethereum is a platform blockchain that is used as a decentralized Launchpad for smart contracts. This year, it has also emerged as one of the best performing cryptocurrencies.

There is a lot of positive expectations for Ethereum in the markets. According to a Forbes panel of analysts, Ethereum could reach $20T market cap in the next 10 years. That’s a huge jump from its current market cap of $189 billion.

The optimistic outlook for Ethereum has a lot to do with the improving fundamentals of this blockchain. Ethereum is in the process of an upgrade to Ethereum 2.0, and this has come with a lot of good tidings for this crypto.

For instance, in August, Ethereum underwent an upgrade called the London fork that made it deflationary. Through this fork, a portion of the fees generated during transactions is burned rather than distributed to miners.

This has been a critical factor that has helped drive up the price of Ethereum since August 2021. Besides the deflationary aspect to it, the upgrade stabilized Ethereum gas prices by eliminating the bidding system that was pushing gas prices to unsustainable levels.

Aside from the London fork, the overall changes that Ethereum is going through have made it very attractive to developers and investors. For instance, once the transition is over, Ethereum will have gotten rid of the scalability issues that have plagued it for years. This means the developers who have been looking for alternatives will no longer have a reason to leave.

At the same time, with the shift to Proof-of-Stake, Ethereum is set to become one of the most attractive investments out there. That’s because its energy usage is set to drop to less than a percentage of its current levels. As such, institutions with an environmental obligation to their stakeholders will be freer to invest in it.

At the same time, with Proof-of-Stake, it is possible to stake Ethereum and earn a passive income off it. Considering that it is one of the safest cryptocurrencies after Bitcoin, then the number of investors staking is likely to rise into the future.

With all these factors in its favour, it is clear why Ethereum is getting analyst upgrades, not just for the month but for the next couple of years.

Read Our Ethereum Price Predictions here.

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

4. Dogecoin (DOGE)

Dogecoin is one of the oldest meme coins in the crypto market. Dogecoin started as a joke and was designed to satirize the crypto market dynamics at the time.

By its design, Dogecoin is not even supposed to gain in price. That’s because it is a copy of the Bitcoin code, albeit an inflationary one.

However, since 2020, when Elon Musk took an interest, Dogecoin emerged as one of the best performing and high potential cryptos out there. For instance, in 2021, Dogecoin rallied by over 1600%.

Long term, analysts are bullish on Dogecoin.

The projection was based on the fact that Dogecoin has Elon Musk backing and that many other celebrities have joined the Dogecoin train.

However, other analysts are not so bullish on this crypto too. According to an analysis by Coin Price Forecast, Dogecoin can trade at $0.15 by the end of 2023.

Digitalcoinprice believes Doge has the potential to trade at $0.46 in the next 5-years. That’s a huge jump from Dogecoin’s current price of $0.084.

The highly optimistic outlook for Dogecoin has a lot to do with Elon Musk’s influence over this crypto, and the fact that its core metrics are getting better.

With regards to Elon Musk, he pumped Dogecoin in 2021, and he has something bigger coming for this crypto that could see it make new highs in 2023. A while back it emerged that SpaceX and Geometric Energy Corporation were working on a Doge-funded trip to the moon.

At the same time, Dogecoin’s functionality is getting better. That’s because the developer team is scouting for ways to make it scale better.

With a combination of hype and strengthening core fundamentals, Dogecoin’s upgraded ratings by various analysts are pretty justified.

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.

5. Solana (SOL)

Solana easily ranks among the best crypto performers of 2021. Through the year Solana has gained over 9,000%. It has made new all-time highs above $260 on 9th November.

Solana’s rally has a lot to do with the fact that, it is emerging as one of the most credible threats to Ethereum’s dominance. That’s because it can scale to unprecedented levels, and its transaction costs are among the lowest of all platform blockchains.

Due to its innovative protocol design, Solana can handle over 50k transactions per second without slowing down the network. That’s multiple times higher than what Ethereum, or any of the other major platform blockchains, can handle.

This has seen its adoption shoot up quickly, with more than 400 major projects now building on the Solana blockchain.

Analysts have not been lost to its potential, and more of them are giving upgraded outlooks for it.

This is premised on the improved optimism around this project at the moment. On social volume rankings, it has moved up one spot. The same goes for its social dominance rank, which indicates how investors feel about the project.

Other analysts have even better projections for it going into February and beyond. For instance, as per an analysis by Coin Price Forecast, it is possible that Solana could hit and surpass the $40 mark by the end of 2024, and breakthrough $76 in 2027.

Per the analysis by Coin Price Forecast, Solana could trade at over $112 by the end of 2030. According to an analysis by Digitalcoinprice, Solana could trade at $125 in the next 5-years.

These predictions are based on Solana’s strong fundamentals and the fact that it is deflationary.

Due to its strong fundamentals, Solana is likely to keep drawing more projects, especially now that DeFi and NFTs are on an exponential growth path. Since Solana burns SOL generated in every transaction, it follows that with more projects on top of it, the value of SOL will go up.

This pretty much justifies the high analyst projections that it is getting and makes it a strong buy this month and in the coming years.

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.

6. Axie Infinity (AXS)

Axie Infinity is a revolutionary NFT gaming platform. The project has a gaming platform to develop gaming characters and sell them for AXS tokens.

The uptake has been so strong that Axie Infinity’s NFT portfolio is now the most expensive in the world.

The project’s massive potential has seen it draw a lot of interest from institutional money. The organization behind Axie recently held a series B funding round that pushed the project’s total value to $3 billion.

Axie Infinity’s potential to change the gaming world has not escaped the eye of analysts. Most analysts have upgraded their expectations for AXS, and the outlook is pretty impressive.

Most analysts are pretty bullish on the outlook of Axie going into 2023 and beyond.

Per analysis by Digitalcoinprice, Axie Infinity has the potential to hit $61 in the next 5-years. The analysts at Coin Price Forecast also believe that by 2028, Axie Infinity could trade at $42 per token. That’s a huge jump from its current price of $11.

The highly optimistic projections for Axie Infinity are all premised on this project’s strong fundamentals.

One of its biggest fundamental strengths is its market dominance. Before Axie Infinity, there were other attempts to make blockchain-based play-to-earn gaming a thing. However, it is Axie that had the breakthrough and has since been the most dominant.

Its dominance means that gamers’ and investors’ adoption will likely grow faster than others that come after it. Already several copycat projects have come up, but none has achieved the acceptance that Axie has in the market.

On this front, Axie Infinity compares pretty well to Bitcoin and Ethereum that have gained a huge level of success due to their network effect.

On top of that, Axie Infinity is drawing much interest from gamers and investors for its staking feature. That’s because it gives them a chance to earn an income off it, while at the same time speculating on its potential price increase in the future.

Staking has played a huge role in its strong and growing demand thus far. It also means the upgraded and pretty high valuations that analysts are giving it are justified.

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.

7. Cardano (ADA)

Cardano, like Ethereum and Solana, is a platform blockchain. While it is still a project under development, Cardano created lots of excitement after it announced that it was integrating smart contracts capabilities. This move saw it rally by over 100% and hit a high of $3.

While it has since entered a corrective wave and erased most of these gains, most analysts have pretty bullish projections for the project.

Long term, one of the more comprehensive ADA analyses is by Coin Price Forecast. Per this website, Cardano could test a high of $0.66 by 2025. Going into the more distant future, these analysts believe that Cardano has the potential to hit $1.32 by 2030.

It is not just the analysts at Coin Price Forecast that are giving Cardano some mouthwatering projections, others like Priceprediction market analysts are pretty bullish too. Per the Priceprediction market analysts, Cardano could hit $3 by 2028.

Cardano’s strong projections are premised on the project’s improving fundamentals. Four years ago, Cardano was just a mere whitepaper. Today, it has one of the most advanced Proof-of-Stake algorithms in the market, and recently enabled smart contracts.

This justifies the strong buy ratings it’s getting because, as adoption grows, so will the value of ADA (the fuel behind the Cardano ecosystem).

Read Our Cardano Price Predictions here.

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

8. Chiliz (CHZ)

Chiliz is one of the top crypto performers this year. In 2021, this project increased by 1,400%.

Chiliz’s success has a lot to do with the massive potential of the market it is targeting-sports. Through it, a sports team can tokenize themselves for better engagement with their fans.

Already, some of the biggest football clubs in Europe such as Juventus, and Paris Saint-Germain have tokenized on Chiliz. Given that sports are a multi-billion industry, Chiliz holds lots of potential as a platform that could help sports teams unlock new value streams going into the future.

Due to its huge potential, this project has been receiving pretty good projections from analysts. For instance, based on price estimates by Coin Price Forecast, Chiliz could trade higher by 197% in 2028, reaching $0.40.

Considering the huge market that this project is targeting, Chiliz’s price projections are within reach in the short, and the long run.

Read Our Chiliz Price Predictions here.

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

9. Bitcoin (BTC)

Bitcoin, the number one crypto by market cap, has been getting pretty good analyst projections lately.

Analysts at Previsioni Bitcoin predict that BTC will hit $32,124 in December 2023. There seems to be growing consensus that Bitcoin is likely to trade at over $50k in the next year.

The projections are even much better for it going into the future. According to one of the biggest institutional crypto bulls, Cathy Wood, Bitcoin could trade at $1M by 2030.

Technological advancements, the Taproot upgrade and Lightning Network, and the increase in the usage of Bitcoin may help its price to rally.

Considering the huge institutional uptake of Bitcoin and the fact that Bitcoin’s block rewards are set to shrink to just 3.125 BTC, there is a good chance that these predictions could come true. It’s simply a case of the laws of demand and supply at work.

For context on how big of a deal this is, one needs to consider that Bitcoin rose from under a dollar to where it is today based on adoption and a lagging supply. Now that institutional money is coming in, Bitcoin’s upside momentum will only get amplified in huge numbers.

Read Our Bitcoin Price Predictions here.