5 Cryptos To Watch As The Blockchain Bounces Back - Our Picks
Bitcoin - The Must-have Crypto
Ethereum - one of the top cryptos to buy now
Cardano - One of the most valued cryptocurrencies to buy
Binance coin - One of the best utility coins to watch out for
Tether - Stablecoin to watch as blockchain bounces back
A Closer Look At The Top 5 Cryptos To Watch As The Blockchain Bounces Back
2022 was not kind to most mainstream asset classes. Stocks and bonds both slumped in unison, causing the worst year on record for the conservative "60/40" portfolio of stocks and bonds since 2008. But cryptocurrencies were easily the most wounded asset class of all, with total market capitalization plunging more than 63% over the year, from about $2.2 trillion to less than $800 billion.
However, as blockchain bounces back in 2023, here is a list of cryptos to watch out for and invest in to stay ahead of the curve and make massive gains.
Bitcoin (BTC)
Cryptocurrency is an incredibly nascent asset class, with origins only dating back to 2009. As 2022 showed, extreme volatility is parred for the course, so investors looking to insulate themselves from the total collapse of their holdings will want to go with more established names.
And none is more established than Bitcoin – the first cryptocurrency and largest by market cap, with a valuation of about $323 billion, or roughly 40% of the overall market. BTC boasts the most mainstream acceptance of any of the top cryptocurrencies, with a number of publicly traded instruments tracking its performance, alongside publicly traded stocks such as MicroStrategy Inc. (MSTR) and Tesla Inc. (TSLA), among others, that hold Bitcoin on their balance sheets.
Bitcoin is a must-have crypto as blockchain bounces back in 2023.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Ethereum (ETH)
The No. 2 cryptocurrency by market cap is Ether, which is the native token on the widely used Ethereum blockchain. Often colloquially referred to as Ethereum, the coin's market cap exceeds $150 billion and accounts for about 19% of the total cryptocurrency market.
Unlike Bitcoin, Ether's underlying network is far more than just a tool for peer-to-peer payments; the Ethereum blockchain is custom-made for smart contracts and decentralized finance tools, as well as for so-called Web 3.0, or Web3, applications and the trading of non-fungible tokens, or NFTs.
While Ether's price was hammered alongside the rest of the market in 2022 – ETH lost more than 67% of its value last year – the crypto nonetheless still has high utility as the native token of a wildly popular network. Plus, Ethereum's switch from the energy-inefficient, proof-of-work protocol to the much more efficient proof-of-stake system gives it a leg up on BTC in an increasingly environmentally conscious world.
These factors make ETH one of the top cryptos to watch as blockchain bounces back.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Cardano (ADA)
Founded in 2017 by Ethereum co-founder Charles Hoskinson, Cardano is a proof-of-stake blockchain and one of the largest blockchains to successfully run the more energy-efficient proof-of-stake protocol.
Cardano aims to foster a developer-friendly ecosystem for dApps. Unlike Ethereum, Cardano has a hard cap on the number of coins that can ever exist, topping out at 45 billion. Thankfully for investors, more than 34.5 billion, or about 77%, of that supply is already in circulation, meaning the amount of overall dilution remaining is both known and relatively limited. One of the best cryptocurrencies to buy now, Cardano shed 81% in 2022, but it trades roughly even with its price just two short years ago.
ADA is one of the most valued cryptocurrencies and is expected to rally in 2023, making now a good time to invest.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Binance Coin (BNB)
Binance Coin, or BNB, is the digital currency of the Binance exchange. The platform allows investors and traders to trade and pay fees using BNB. Initially, the coin operated on the ERC-20 standard within the Ethereum blockchain, but BNB is now known as the platform's native token.
Since its humble launch in 2017, the coin has achieved much over the years. Despite the cryptocurrency winter of 2018, BNB has shown remarkable resilience within the altcoin market. Fast forward to 2022, the Binance coin still creates massive interest among crypto enthusiasts. Just last year alone, the coin roughly gained around 1,344%, which was much higher than Ethereum or Bitcoin.
BNB's future largely depends on the expansion of the Binance Exchange platform. And looking at the current scenario of the platform, the coin’s future seems quite positive, which can potentially lead to new highs.
Hence, many crypto analysts predict BNB's price to cross the $600 mark in 2023, making it one of the top 5 cryptocurrencies to watch as blockchain bounces back this year.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Tether (USDT)
The cryptocurrency called Tether is based on the blockchain tied to the US Dollar. Financial firms hold physical money reserves, bond funds, treasury notes, and other valuables that can be used as security or collateral. Unlike their cryptocurrency cousins, Bitcoin and Ethereum, stablecoins usually have a 1:1 link with the US Dollar and are much less unpredictable.
The initial tokens of Tether were released on the Bitcoin system in the year 2015. It was among the earliest booming stablecoins and the first cryptocurrencies. It was not just technologically innovative but also featured a distinguished group of pioneers and developers, such as Brock Pierce, director of the Bitcoin Foundation.
USDT coins are still being created despite the backlash, as demands are still rising. To address the exorbitant fees, sluggish performance, and lack of scaling of the Ethereum network, Tether was newly introduced on Polygon, which has grown enormously famous in its own right.
Tether provides unique benefits and is one of the top 5 cryptos to watch as blockchain bounces back.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
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