The cryptocurrency market has been gaining in popularity, and the same has translated into value appreciation over time. If you invested just $1,000 in most altcoins before 2017, that would be worth over 1 million dollars by now! The same goes for someone who put in the same amount in meme coins in 2021.
However, while such moments of luck exist, building a million-dollar net worth out of cryptocurrencies takes time, especially when making a modest investment. The good thing is that you stand a high chance of making a million dollars out of cryptocurrencies compared to other investments, say equities or real estate.
That said, investing in the cryptocurrency market is not for the fainthearted, especially due to the many scams in the market. Luckily, there are many good cryptocurrencies to choose from including Bitcoin and Ethereum, which have been around for a while now.
5 Cryptocurrencies Could Help You Make A Million:
The list below will take an in-depth look at the best cryptocurrencies you can buy in 2023. Each of these coins could help you make a million if you are patient.
1. Harmony (ONE)
If you want to make a million dollar from digital asset, Harmony is one of the best cryptocurrencies to buy in 2023. While the broader market started 2023 in the red, Harmony is one of those that started the year with a bang. It was a continuation of its 2021 performance when it closed the year higher by 4000%.
Harmony's performance in the latter part of 2021-to-date has a lot to do with the high-profile nature of projects building on top of it. One of the projects that have particularly boosted Harmony's profile is DeFi Kingdom.
DeFi Kingdom is more than just a game, it's an immersive experience filled with fierce battles and intricate mechanics. You can play as one of many unique characters or design your own hero from scratch. It is also a DEX and a liquidity pool through which rare NFTs can be traded.
With the excitement around DeFi and NFTs on the rise, investor and developer interest in Harmony has shot up in anticipation of the next big project. There is every reason why investors would look forward to more high-profile projects launching on Harmony.
For starters, Harmony targets a very interesting aspect of the market, and that's the cross-chain running of Dapps. This is huge because if blockchain ever takes off and gains widespread adoption, then, Dapps that can run across platforms will have to become the norm.
However, it is not just about its positioning as a cross-chain applications platform that makes Harmony tick; there is also the fact that its core metrics are pretty strong.
One thing that stands out about Harmony is its transaction speeds and scaling capabilities. Harmony has a two-second transaction finality on Ethereum, with costs lower by more than 1000 times.
Besides its scaling capabilities, Harmony is also highly secure due to its highly decentralized nature. At the moment, more than $700 million worth of Harmony is staked by more than 154 stake pools. This is a confidence boost for developers wishing to build cross-platform Dapps.
However, the best thing about Harmony is that it has an active and passionate Dev team behind it. This is most evident in the milestones that Harmony was able to achieve in 2021. For instance, in 2021, top market makers like Sushi swap and Curve Finance launched on Harmony. Harmony also launched Harmony Explorer, among other developments.
The Harmony team has some pretty strong prospects for 2023, too, including a push to onboard 1 million users. With such a strong team, Harmony is likely to keep making records both in technical capabilities and price.
When you factor in its core metrics - strong team, and ongoing developments - it is not hard to see why Harmony is one of the top cryptos that could help you make a million.
2. Decentraland (MANA)
Decentraland makes it to the list of crypto assets that can make you a million because of its positioning as one of the best Metaverse projects in the market. The Metaverse is gaining traction, and there are projections that it could be worth upwards of $8 trillion in less than 10-years. While this may seem like wild speculation, if events since 2021 are anything to go by, then the Metaverse is something worth taking seriously.
One pointer to the Metaverse going big is giant tech corporations' interest in it. For instance, back in 2021, Facebook took the bold step of rebranding to Meta. While announcing this move, Facebook CEO stated that the existing brand could not represent what Facebook is doing now or will be doing in the future. This indicates how bullish Facebook is on the Metaverse as the next frontier of growth. Coming from a company whose current product range has given it a market cap close to $1 trillion, such a statement is a big deal.
Similarly, Microsoft, another big tech company, made its entry into the Metaverse through the launch of Mesh. While the Metaverse at this point is pretty much synonymous with play-to-earn gaming, Microsoft is opening up its next frontier - using the Metaverse to redefine how people work. Through Microsoft Mesh, people can work together seamlessly even when operating remotely, thanks to the ultra-realistic avatars that Microsoft's Metaverse has introduced.
You are probably wondering what all these companies have got to do with Decentraland being a millionaire making cryptocurrency. Well, these companies reinforce the potential of the Metaverse to be worth several trillion dollars in a couple of years.
Considering that Decentraland is one of the Metaverse cryptocurrencies gaining the fastest in adoption, its potential to rally is pretty high. MANA doing 10X from its current price is not something far fetched.
To better understand how big of a deal Decentraland is, one just needs to look at the activities taking place on its Metaverse recently. In late 2021, a $2.4 million piece of virtual land was sold in the Decentraland Metaverse. Decentraland started 2023 on a high note too, after Samsung announced the opening of a virtual store on the Decentraland Metaverse.
Such high-profile moves have hugely driven up the profile of MANA as a high potential Metaverse cryptocurrency that could make you a million.
Several other factors could drive Decentraland adoption, key among them being decentralization. Like the internet, the Metaverse will only gain traction if it is decentralized and anyone can participate. Decentraland lives by this standard and is governed by a DAO. No one has control over the Decentraland Metaverse, and every MANA holder can participate in determining the direction that Decentraland takes.
This is a confidence boost for developers and could trigger exponential growth in activity. Couple that with the growing hype around the Metaverse, and MANA becomes a top cryptocurrency that can turn ordinary investors into millionaires within the foreseeable future.
Don't Miss: Decentraland (MANA) Price Predictions
3. Ethereum (ETH)
Ethereum already has a market capitalization of close to half a trillion dollars. While that's pretty high, there is a chance that it could easily do 5 to 10x from its current price. This means it can easily turn a pretty modest investment into $1 million or more.
So what makes Ethereum tick as a cryptocurrency that can help you make a million? There are many reasons, but the biggest one is Ethereum tokenomics since August 2021. If you look at cryptocurrency charts between August 2021, and November 2021, you will notice that while most cryptocurrencies were losing value or trading sideways, Ethereum was in an uptrend. It even made new all-time highs of $4800 in November.
This all boils down to the upgrade done in August, also called the London Fork. This is an upgrade that made Ethereum deflationary by introducing a coin burn. Since that upgrade, the more Ethereum is used, the more tokens are burned. By extension, this means the supply is shrinking as demand rises, a factor that triggers the price to go up.
The London Fork is such a big deal because the underlying demand for Ethereum is only set to go up, once the transition to Ethereum 2.0 is completed. That's because once the upgrade is completed, a lot of the transactions that create network congestion on the mainnet will be moved to layer-2 solutions like Polygon. The result will be to make Ethereum transactions cheaper, and much faster than they are now.
While many platform blockchains will still be much faster and cheaper than Ethereum, none of them can compare to Ethereum in terms of network security. Due to the large number of people staking Ethereum, and its high price tag, Ethereum's network security will be akin to that of Bitcoin even when operating as a Proof-of-Stake network. This gives Ethereum an edge over the other faster networks, especially in DeFi, where network security issues can create systemic risks for the entire economy.
Besides its deflationary tokenomics and a high potential for adoption, Ethereum's potential as a millionaire making crypto is enhanced by its growing institutional appeal. Institutions are increasingly taking an interest in cryptocurrencies, and in the altcoins category, Ethereum is taking the lion's share of that money. The institutional demand for Ethereum is so high that in 2021, VanEck filed for an Ethereum ETF in the U.S.
While no Ethereum ETF has yet been approved in the U.S, it is only a matter of time, given the growing importance of cryptocurrencies in the economy. Once an Ethereum ETF is approved, the rally it could trigger could easily see ETH test prices in the 10s of thousands.
Essentially, for anyone who wants to make a million off crypto and without too much downside risk, Ethereum is one of the safest bets. Unlike many smaller altcoins that can disappear in an instant, there is a pretty high chance that Ethereum is here to stay.
Read Also: Ethereum Price Predictions
4. Binance Coin (BNB)
Since it launched, the Binance coin has made a lot of people millionaires. Back in 2017, it was trading at pennies. Today it is trading at over $500 and that's a correction from its 2021 highs of close to $700.
Going into the future, Binance Coin remains one of the best cryptocurrencies for anyone looking to become a millionaire without taking excessive risks. Based on its fundamentals, Binance has the potential to do 5 to 10x from its current market cap without necessitating an unrealistic market capitalization.
One of the factors that give Binance coin such prospects is its tokenomics. BNB is a deflationary cryptocurrency, and every quarter, Binance burns millions of BNB. This is the primary reason why the Binance coin has gained so much value since it launched and why it could gain even more going into the future.
The coin burn is even more important because Binance plans to accelerate the coin burn in the next couple of years. This means in the short term, the Binance coin could experience a supply shock relative to its fast-rising demand. Applying simple economics of demand and supply, this is a factor that could see Binance coin easily trade at over $3000 in the foreseeable future.
Besides the coin burn, there is a real underlying demand for Binance coin. Unlike most cryptocurrencies that rely on speculation to drive value, the Binance coin is widely used, and its use case is on an upwards trajectory. One of Binance coin's biggest use cases is paying fees within the Binance ecosystem. While other cryptocurrencies are used to pay fees on Binance, the exchange encourages and incentivizes users to pay using BNB.
There are also aspects to the Binance ecosystem that rely solely on BNB for fees, one of them being the Binance Smart Chain. The Binance Smart Chain is a smart contracts platform that has grown in popularity due to its low costs and high scalability compared to Ethereum.
With BSC gaining in adoption, especially for launching DeFi projects, the demand for BNB will only go up over time. This, coupled with the BNB's reducing supply, could push this crypto to prices above $1000 within 2023 and more than $3000 in the next 3 to 5 years. Many analysts have similar projections for BNB, too, with most of them projecting that Binance coin could trade at anywhere between $2000 and $5000 in the short term.
For investors that get into Binance coin at current prices, this presents a massive opportunity to make a million off BNB. For instance, if Binance were to test $3000, a relatively modest investment can be turned into a million easy.
Read More: Binance Coin Price Predictions
5. Sandbox (SAND)
Like Decentraland, Sandbox is a better-known player in the fast-expanding Metaverse space. This means, as FOMO builds around the Metaverse, SAND stands to take a significant portion of the incoming investments.
So far, SAND has proven itself as a cryptocurrency that can mint millionaires. In 2021, Sandbox was one of the best cryptocurrency performers and closed the year with gains of over 10,000%.
Going into the future, there is a lot to love about Sandbox. For starters, the number of games in the Sandbox Metaverse is on the rise, and with every new game, the price of Sandbox goes up. For instance, Sandbox rallied by over 100% in November 2021, ahead of the launch of a play-to-earn game called Alpha.
The impact new games have on the SAND token has a lot to do with the way the whole Sandbox ecosystem is structured. The Sandbox token is used to pay for all transactions within the Sandbox Metaverse. For instance, when players create characters within the game and need to sell them, they exchange them for SAND, which can then be exchanged for fiat or any other cryptocurrency. Essentially, the more games launch on Sandbox, the higher the demand for SAND, and that's a plus to the price.
With play-to-earn gaming set to be the next evolution of gaming, Sandbox's growing ecosystem presents unique growth opportunities for the SAND token. This is one cryptocurrency that could easily do 100x from its current price. For a market that could be worth close to $10 trillion within this decade, that's realistic and within reach.
Check Out: The Sandbox Price Predictions
Cryptocurrencies are highly volatile, and it is hard to predict their direction. While some have made millionaires out of $1000 investments in the past, others have gone to zero. Despite this unpredictability, the five cryptocurrencies above are predicted to record considerable growth in 2023.
That said, it is always best to do your own research before investing in cryptocurrencies.