Cryptocurrencies have been on a surge-and-dump-cycle over the past few years, with 2021 being a lucrative year, followed by a bloodbath in 2022. However, 2023 looks bullish for several cryptocurrencies as the prices are slowly bouncing back again.
There are numerous theories and speculations as to why the crypto market witnessed a big surge in value in January 2023. Some experts believe that it could be the result of the “January effect,” which says that asset prices rise in value in January more than in any of the months. While others point out the continuous improvement and stabilization of the US inflation, pushing another bullish rally.
Whatever the reason is, cryptocurrencies have opened another lucrative opportunity for investors to generate good returns, and these are the 3 profitable cryptos for the first quarter of 2023.
Bitcoin (BTC)
Bitcoin, the de facto cryptocurrency, is known for its resilient nature and holds a huge capacity for a massive comeback. Its price saw a significant price rise from its November resistance in mid-January and is currently trading at $24,683.87. This could be the onset of a rally that might be positioning the asset to embark on a bull run, making it the top profitable crypto to buy in the first quarter of 2023.
A key reason to buy Bitcoin now before the prices explode is the scheduled Bitcoin halving event of 2024. Halving events have always helped it to establish long-term bullish drivers. As it helps in contracting the crypto’s supply, the scarcity would increase demand, bringing momentum to Bitcoin’s price.
Additionally, “Bitcoin Whales” have also started accumulating the coin again, causing a stir in its price and value. Even institutions and bank behemoths like Goldman Sachs have termed it as the best-performing asset in the world in 2023, despite its losses. Furthermore, payment gateways like VISA also plan to partner with leading crypto payment platform Wirex to launch crypto-enabled debit and prepaid cards for Bitcoin in over 40 countries. All these are expected to push the price of BTC to new record highs, making it the most profitable crypto to buy now.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
VeChain (VET)
VeChain is one of the unique cryptocurrencies that combines both centralized and decentralized finance to facilitate use cases like tracking goods and information to improve efficiency in the logistics and supply and chain sectors. Often leveraged by corporates, VET provides quick and instant settlements and payments. In addition, the crypto leverages decentralized governance and IoT technologies to create an ecosystem and addresses critical data issues across verticals, like medical, energy, food and beverage, sustainability, and sustainable development goals.
VeChain is constantly adopted by corporations thanks to the platform’s anti-fraud technology, which can authenticate high-end items. This gives an added layer of trust and confidence to both customers and manufacturing companies. It is one of the most profitable cryptocurrencies for the first quarter of 2023, with a long list of growing partnerships. Apart from industries like supply chain and logistics, VET is adopted by over 40 companies across 12+ industries. Some of the notable names in this list include Walmart China, FoodGates, Bayer China, Shanghai Gas, BMW, H&M Group, PICC, and LVMH.
Transparency is one of the key goals of the VeChain network, and this promotes reliable consumerism and fair payments. Additionally, the blockchain also has in-built support for IoT, NFC, smart contracts, sensors, and RFID technologies, making it an ideal choice for recording and tracking information.
The team has recently released the cryptos Roadmap for 2023 and 2024, one of the key reasons VET is an exceptional crypto investment option in 2023. In addition, the developers have numerous plans in the pipeline, like the carbon footprint explorer, VeChain naming system, a multichain generic data bridge, a wallet browser extension, and an Ethereum token bridge. These bode well for VET, making it one of the most profitable cryptos to invest in in the first quarter of this year.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Stellar (XLM)
The primary function of cryptocurrencies that prepare them for mass adoption is to facilitate instant international transfer that could challenge modernized banking systems. XLM is one of the most profitable cryptos that provides this. Stellar is a decentralized, fast, scalable, and sustainable network specifically designed for financial products and services.
Being both a cross-currency transaction system and a platform for digital asset issuance, Stellar aims to connect and unite the world's financial infrastructure to work on a unified solo network. Users can create, send, and trade multiple cryptocurrencies with ease, thanks to its P2P decentralized network.
In 2022, the crypto entered into the arena of smart contracts by announcing the launch of Soroban, the native smart contracts platform on the Stellar network, with new use cases. This would fuel the already growing adoption rate of the Stellar network. Furthermore, the network has entered into multiple partnerships. For instance, the coalition with Fonbnk creates an onramp for mobile-first, cash-based economies using prepaid airtime and USDC on the Stellar network. Additionally, the crypto’s partnership with MoneyGram International, the world’s largest money transfer company, is becoming even stronger with the release of a live cash-in and cash-out pilot in the US.
All these would significantly push the adoption of XLM, making it one of the most profitable cryptos for the first quarter of 2023.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
The Bottomline
The world of cryptos is constantly evolving, and it is crucial to stay ahead of the game of investments to generate profitable returns in the long run. These are 3 of the most profitable cryptos for the first quarter of 2023, carefully selected based on their potential, market relevance, and growth potential.
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