5 Best Altcoins To Invest In 2023 - Which New Altcoins To Buy; Our Picks
Looking for the 5 best altcoins to invest in the coming year? Continue reading to explore more about each project in detail.
Ether - Largest altcoin in the market set for a bull rally
FTT - Relatively new altcoin that has made media headlines
THETA - One of the best web3 cryptos to buy
YFI - Altcoin to buy now for multifold returns in 2023
SAND - Top metaverse gaming token to invest now
A Closer Look At The Best Altcoins To Invest In 2023 - Which New Altcoins To Buy
Every cryptocurrency other than Bitcoin is known is collectively called altcoins. The most popular reason for trading altcoins is the possibility of a higher return on investment in the short term. However, finding the best altcoins can be tricky, as there are thousands to choose from. Keep reading to learn more about our top picks for the best altcoins to invest in.
Ethereum (ETH)
At the top, alongside Bitcoin (BTC), Ethereum (ETH) is a market-leading cryptocurrency created to serve various purposes.
Users can use Ether (ETH) as a store of value, and developers can also build platforms on the Ethereum network. Majorly, users adopt Ethereum as a store of value, while developers, as mentioned earlier, use the Ethereum network to create cryptocurrencies.
One of the reasons why ETH is a reputable token is because a lot of what is related to Decentralised Finance (DeFi) applications and Non-Fungible Tokens (NFTs) rely on Ethereum technology to function.
The much-anticipated upgrade to a Proof-of-Stake network is addressing many platform issues. With the recent Merge on the Ethereum mainnet, ETH is expected to hit at least $10,000. In fact, many believe that it could overthrow Bitcoin, making it one of the top 5 altcoins to invest in 2023.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
FTX Token (FTT)
The popular cryptocurrency derivatives exchange FTX had an outstanding few months in 2021. It offers crypto derivatives trading, including futures and options. Instead of more traditional margin trading, which traders can use to multiply their gains or losses, the exchange uses leveraged tokens. These let customers take a leveraged position without dealing with the complexities of full-margin trading.
The exchange’s utility token, FTT, can be used to reduce trading fees on the exchange or serve as collateral against futures positions. It can also be staked to earn interest and get the chance to win NFTs.
FTX solved several problems faced by other derivatives exchanges, such as tedious trading processes, poor liquidity, and so-called "clawbacks." (Clawbacks are when money is taken from various investors to cover another person's bankruptcy.) Using FTT, users can earn free rebates, get discounts on their trading fees, and stake the tokens to receive high referral bonuses. Furthermore, they can vote in the community governance procedure.
FTT has even burned a portion of the supply to decrease the inflation of the token supply, which contributes to a healthy coin value.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Theta Network (THETA)
Theta is a decentralized blockchain network built for video streaming. As a peer-to-peer network, Theta aims to facilitate video delivery for users with enterprise validator nodes from Sony, Google, Samsung, and other companies.
Theta solves the problem of delivering video to certain parts of the world by reducing its costs. The platform believes it is crucial to provide high-quality streaming for everyone.
Users are rewarded with the Theta Fuel token (TFUEL) when they share their bandwidth and computing resources. THETA is linked to the governance of the platform. Another benefit of Theta is that it is an open-source platform, allowing innovation from the community. The network uses proof of stake and multi-level Byzantine fault tolerance (BFT) to secure it. THETA is one of the 5 best altcoins to invest in 2023 and beyond.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Yearn Finance (YFI)
Yearn Finance is our top pick for the best new altcoins that can give multifold returns in 2023. This project focuses on leveraging decentralized finance to lend out Peer-to-Peer loans without going through banks.
Yearn Finance offers these services through a range of products and features.
- APY (Annual Percentage Yield) - To determine the interest rates across different lending protocols
- Earn - This feature identifies the highest interest rates users can earn by lending out different assets
- ZAP - A tool that bundles multiple trades, reducing costs & labor.
All these activities take place in the Yearn Finance ecosystem using YFI - the native digital token. Users can earn YFI tokens by locking their crypto holdings on the Yearn Finance blockchain.
This is a common practice known as “Yield Farming” - earning more cryptocurrency by locking up your existing assets in DeFi protocols.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
The Sandbox (SAND)
The next digital currency to consider from our list of the best new altcoins to invest in 2023 is the Sandbox. In a nutshell, this project specializes in the Metaverse, whereby players from all over the world can explore the Sandbox ecosystem while communicating and networking.
Within the Sandbox Metaverse, users can create and personalize their own character, which can then be used to compete in play to earn games. This means that when certain tasks are accomplished, users can earn the platform’s in-game currency – SAND. Notably, it is also home to an abundance of NFTs.
For instance, the Sandbox allows you to use your SAND tokens to buy plots of land. You can then build property on this land and attempt to sell the respective NFT on the open marketplace. As a prime example of how lucrative this can be, a Sandbox user recently sold 100 virtual islands for the crypto-equivalent of $4.2 million.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
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