Top 5 Bitcoin Alternatives One Must Consider In 2023 - Our Picks
Here are the top 5 bitcoin alternatives one must consider in 2023. For a detailed review of each coin, continue reading.
Bitcoin Cash - One of the most popular Bitcoin forks in the market.
Shiba Inu - SHIB seems to have a promising rally in 2023.
Dogecoin - The popular meme coin could be an ideal buy now.
Ripple - Experts envision a bullish future for XRP.
Litecoin - The 'silver to Bitcoin’s gold' could be a worthy addition to your portfolio.
A Closer Look At The Top 5 Bitcoin Alternatives One Must Consider In 2023
Bitcoin is unarguably the breakout star in the world of cryptos that has paved for a legion of other altcoins. With widespread adoption and mainstream recognition, it has always been a go-to investment option for several investors. But today, there are thousands of other cryptocurrencies worth considering, especially in such a volatile market condition. As we are heading to a new year, predicted to be bullish by experts, here are the top 5 Bitcoin alternatives one must consider in 2023.
Bitcoin Cash (BCH)
Bitcoin Cash is one of the best BTC forks that has been keeping its market cap high throughout the years with strong fundamentals and steady demand. It is one of the best BTC alternatives one must consider in 2023, as it was designed to make real-world use of Bitcoin. It aims to be a digital cash rather than a store of value. Bitcoin Cash has a much faster transaction speed and top-notch security features than Bitcoin. It has positioned itself as a viable payment platform, with less than one penny transaction cost and the capacity to process over 25,000 transactions per block.
The BCH network has seen slow and steady growth rates over the years. Developments and projects like Anyhedge have been launched on the platform, ensuring its growth within the crypto sphere.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Shiba Inu (SHIB)
Shiba Inu is a memecoin inspired by a memecoin. But despite its semi-serious beginnings, the crypto rose to prominence in 2021, and even today, thousands of major businesses accept SHIB as payment. Shiba Inu could be one of the best Bitcoin alternatives in 2023 as the team is developing new cases and utilities for the token. SHIB is accepted as a viable payment method by over 715 merchants worldwide.
Investors are awaiting the launch of its metaverse called the Shiberse in 2023. With this, users can buy digital land, interact with other users, play games, and earn a passive income alongside.
Also, developers are keenly working on a Layer 2 scaling solution known as Shibarium, which will be launched shortly. This would significantly lower transaction fees and increase throughput. The network would reduce congestion from Ethereum and make transactions on the network potentially faster and cheaper. Shibarium will also introduce a burning mechanism that will significantly reduce Shiba Inu's massive supply and eventually increase the demand and the price of the token, making SHIB a good buy now.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Dogecoin (DOGE)
The original meme coin, Dogecoin, has elevated from its status of mere joke crypto to a viable investment option in 2023. It caused a stir in 2021, with its price skyrocketing to new all-time highs of $0.7376 in May. Since then, Dogecoin has spawned a robust and highly enthusiastic group of supporters known as the DOGE Army, which propels the coin’s value and popularity across social media platforms.
Dogecoin has also attained price gains and growth through hype from influential personalities like Elon Musk, Snoop Dogg, and many others. Musk has always been the most vocal supporter of DOGE, tweeting constantly about the crypto’s value and naming himself as the “Dogefather”. Therefore, Musk’s recent Twitter acquisition could be a good catalyst for the price of DOGE, as he has plans to integrate payments into Twitter, pushing the price and the value of the token.
Apart from mere hype and speculation, DOGE is often used to tip content creators and several merchants and big companies like Tesla now also accept DOGE payments. Also, the Dogecoin-financed space mission might finally occur sometime in 2023, making it a potential Bitcoin alternative to adding to your watchlist.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Ripple (XRP)
Unlike other cryptos, Ripple is a payment protocol that leverages blockchain technology to facilitate international money transfers. It offers low transaction fees and has extremely fast processing times. Ripple has also partnered with hundreds of financial institutions, which makes it a strong investment option for investors.
The proposed goal of Ripple is to establish a legal framework that separates currency-like tokens from investment securities. However, the crypto has been trapped in a legal lawsuit with SEC, keeping the XRP price at a resistance level. But experts believe that Ripple is poised to survive the lawsuit in 2023, after which its price could see new all-time highs.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Litecoin (LTC)
Litecoin is one of the oldest crypto with many similarities to Bitcoin. But LTc is an improvised version of Bitcoin, which makes it a better alternative to BTC in 2023. Bitcoin offers a faster payment process, is relatively cheap, and is an extremely safe highway for making payments, especially microtransactions.
LTC has been showing serious gains recently, and experts believe that it would perform even better shortly. The crypto has made serious progress in terms of adoption and has been included as a payment method in Venezuela's mainstream international payments system.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
The Bottomline
Diversification of an investment portfolio is one of the best time-honored investment advice for investors, even for crypto investments. Considering their growth potential and developments in the pipeline, these 5 are the top Bitcoin alternatives one must consider in 2023 for profitable returns.
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