Which 7 Cryptocurrencies Are Worth Buying In 2023?

Last Updated January 5th 2023

14 Min Read

Do you want to buy cryptocurrencies in 2023 but are unsure of where to start? Well, you are at the right place for that information.

In this article, you will get all the information you need about the best cryptocurrencies to buy and increase your odds of success.

Top 7 Cryptocurrencies To Buy In 2023

We will look at the best cryptocurrencies to buy in 2023 and why they worth considering.

Bitcoin (BTC)
Ethereum (ETH)
Dogecoin (DOGE)
Solana (SOL)
Cardano (ADA)
Binance coin (BNB)
Shiba Inu (SHIB)

1. Bitcoin

Bitcoin easily makes it to the top of the list of worthy crypto buys for 2023. This year it has been highly volatile, but its momentum is overall up.

In April, Bitcoin hit a high of $64k before correcting by over 50% to lows of $29k. It has since the rebound and a few days ago hit a high of $67k.

Its current price action has a lot to do with the approval of the ProShares Bitcoin Futures ETF. Two factors drive the excitement around this ETF.

Firstly, it is an indication that US authorities are warming up to the idea of crypto as a legitimate asset class.

In the past, there has been a lot of hostility towards cryptocurrencies in US regulatory circles. This is evident in the rejection of several ETF submissions since 2018 and the aggressive way the SEC has gone after Ripple.

Secondly, the approval of this ETF is expected to open up the adoption of Bitcoin by institutional money. The US is the largest economy in the world, and by extension, this means it is home to some of the largest investment funds in the world.

While a couple of American institutions have been active in Bitcoin since 2020, a lot more have been sitting on the sidelines awaiting regulatory clarity.

Now that this ETF has been approved, it is expected that many more institutions will allocate a part of their assets into Bitcoin. There is also the fact that the ETF allows institutions to have exposure to Bitcoin without dealing with the security risks that come with owning actual Bitcoins.

The expectations around this ETF have been the trigger behind the current Bitcoin rally that has seen it test a high of $67k.

Once the institutional flow of money comes, there is every chance that Bitcoin could trade at $100k, or more, by 2023.

Bitcoin’s potential also comes from the growing demand for it is chasing a very low supply. Due to the Bitcoin halving, the number of new Bitcoin’s entering circulation has declined over time. At the moment, the reward is only 6.25 Bitcoins per block.

That’s quite a huge cut to the supply, considering that not too long ago, the rewards per block was 50 BTC. The declining new supply also comes against a backdrop of more people preferring to hold on to their Bitcoin.

Data indicates that most Bitcoin whales are not only holding on to their Bitcoin but also buying more. This means that as more institutional money gets into the market, the demand pressure could easily push Bitcoin through the $100k mark at any point in 2023.

Then there is the fact that more countries are now flirting with the idea of making Bitcoin legal tender. El Salvador started it, and now other Latin American nations seem to be warming up to this idea.

Lawmakers in Paraguay and Mexico recently announced that they are promoting the idea of making Bitcoin legal tender. If any larger South American countries move forward with this proposal, it could be a game-changer for Bitcoin.

However, whether any of these countries move forward with such plans or not, the fact that such ideas are coming up is a bullish signal for Bitcoin.

All the above point to a potentially bullish 2023 for Bitcoin, and make it one of the best crypto coins to buy today, and hold going into next year.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

2. Ethereum

Ethereum has performed pretty well since 2020, and its upside momentum is growing. Back in 2020, Ethereum was trading at just a little over $200. Today, it is trading at $4000 and gaining.

Despite its massive price gains, Ethereum still has a lot of room for growth going into 2023.

Ethereum’s prospects come from its market dominance in the platform blockchain market and the fact that there is a lot of work ongoing to make it better at what it does.

Since 2020, Ethereum has been in the process of a transition to Ethereum 2.0. In December 2020, Ethereum staking started, and since then, more than 5 million ETH have been staked.

There has also been a change in how gas prices are determined. Since its launch, Ethereum gas prices have always been determined through a bidding system. This created a scenario whereby gas prices would shoot up to unsustainable levels in times of peak demand.

It’s a situation that had started making Ethereum unattractive to developers despite its market dominance. Things are changing though, and since the London fork in August, gas prices are stabilizing. The effect has been felt by investors too. Since that time, Ethereum has been on an uptrend and is one of the best performing cryptos in the last two months.

The stabilization in gas prices has a lot to do with the London fork getting rid of the bidding system. Rather than have people bid to have their transactions included in the next block, an algorithm now does the job. The algorithm takes a look at the aggregate demand and determines the gas prices at any given time.

Besides making gas prices more predictable, the London fork introduced a coin burn feature that is at the core of Ethereum’s recent rally. The way it works is simple. Rather than the fees generated being distributed to miners, they are burned. In effect, this made Ethereum deflationary.

In essence, as more people use Ethereum for various reasons, the higher the price goes. This has already been happening over the last two months, and there is a good chance that it will continue gaining.

Besides, a lot more technical upgrades are coming to Ethereum in 2023. One of them is the introduction of layer 2 scaling solutions such as Optimism. Optimism and other solutions will take a huge load off the Ethereum mainnet and make transactions more efficient. This is expected to drive up the adoption of Ethereum, further pushing up the demand for ETH.

Ethereum is also increasingly becoming a favourite altcoin for institutional investors. The uptake of Ethereum by institutional money is now close to that of Bitcoin on most institutional platforms.

This is a factor that will keep driving up the value of Ethereum going into 2023 and beyond, especially now that Ethereum is deflationary.

Based on the factors, Ethereum could easily hit $10k or more in 2023.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

3. Dogecoin

For someone looking to make good money in 2023, considering Dogecoin would be a good decision.

Dogecoin is a meme coin, and while it may not have the fundamentals of Bitcoin or Ethereum, it has proven to respond pretty well to hype. In 2020, Elon Musk’s tweets alone saw it rally by over 12,000%.

Things are likely to be much better for Dogecoin in 2023 because its upcoming news is unprecedented.

Earlier this year, Elon Musk promised that he would put a literal Dogecoin on the moon. At first, it seemed like a joke, but later it turned out that he was serious. SpaceX and Geometric Energy Corporation are working on a lunar mission code-named Doge-1. The mission is scheduled for Q1 of 2023 and is fully funded in Dogecoin.

There is a lot to love about this mission for Dogecoin investors and anyone thinking about putting some money in Dogecoin going into 2023.

For starters, the mission will draw in lots of media attention because it is by SpaceX. SpaceX is owned by Elon Musk, a man who never shies away from publicity. The kind of hype that he will create around this event could be enough to propel Dogecoin to price levels that no one would have thought possible.

Secondly, there is a good chance that the entire market will be in a full-blown bull market by the time this event takes place. The signs that the bull market will be at its peak in 2023 are already there.

A few days ago, Bitcoin, the primary indicator of crypto market direction, broke its all-time highs of $64k. It went on to make new highs at $67k. While it has since experienced a slight correction back to the $60k price level, the momentum is overall bullish.

The trigger behind Bitcoin’s price action is the ProShares ETF, which is expected to drive up the institutional uptake of Bitcoin. Due to the increased risk of inflation in all major economies, Bitcoin is increasingly becoming a hedge for the wealthy. In essence, the ProShares ETF has only opened an avenue for institutions and the wealthy to increase their presence in crypto.

If Bitcoin rallies all through the remaining part of 2021, then there is a high likelihood that altcoins, especially meme coins, could catch up in early 2023. This has been the case in all past bull runs where altcoins tend to catch on as Bitcoin approaches new peak prices.

For Dogecoin, such a scenario would be a perfect confluence of events. It is a scenario that could see it repeat the mega bull run of 2020, and possibly some more. With such potential, Dogecoin is definitely crypto worth buying in 2023.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

4. Solana

Anyone who bought Solana earlier this year must have had one of the easiest trades ever. The crypto has defied the sluggish price action in the rest of the market and made new all-time highs in a few months.

The best part is that it does not seem to be slowing down. In the crypto rally mid this week, when Bitcoin hit highs of $67k, Solana was one of the altcoins that outperformed the market.

This goes to show that if Bitcoin sustains its current momentum and pushes through the $100k mark by 2023, Solana could rally too. Price above $1500 would easily be within reach for this new, yet high-potential crypto.

However, it is not just Bitcoin’s potential Bull Run that makes Solana a cryptocurrency worth buying.

There is also the fact that it is one of the most fundamentally strong cryptocurrencies in the market today.

Solana is a platform blockchain and has emerged as one of the strongest challengers to Ethereum’s dominance. That’s because its transactions costs are super low, under $0.01, and it can handle over 50k transactions per second.

This means it has the capacity to handle any kind of decentralization applications without causing any problems to the network. This factor has made it a darling for DeFi project developers, and creatives minting NFTs.

With both of these markets growing at an astronomical rate, the number of NFTs and DeFi projects building on top of Solana will only continue rising into the future. This means Solana could still gain in value even if the market remains as it is and trades sideways all through into 2023. The organic demand for SOL by the project’s building on Solana pretty much guarantees that it gains in value.

Solana’s prospects are improved because its core metrics are getting better as time goes by. One of these metrics is decentralization. Recently, Solana was criticized as being centralized.

However, this is quite normal for all new projects. Since anyone is free to take part in the governance of Solana, it follows that it will only trend towards decentralization going into the future. This will serve to make it more secure while retaining its most prominent benefits of scalability and affordability.

Simply put, Solana is getting fundamentally stronger by the day, and this makes it massively undervalued at current prices. The fact that it is trading at all-time highs of $200 notwithstanding.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

5. Cardano

Cardano has been one of the best crypto performers year-to-date. While it has slowed down over the past month, it has maintained most of the value from its pump to $3 a while back.

Going into 2023, there is every reason to buy Cardano. For starters, Cardano tends to respond quite well to crypto market bull runs. In 2017, when Bitcoin rallied to $20k, Cardano went from a few pennies to over $1 in less than 2 months.

In the 2020/21 Bull Run that peaked in April, Cardano went from less than $0.10 to trade at over $2. If this history is anything to go by, there is every reason to bet on Cardano now.

That’s because there is every indication that a crypto Bull Run that could last well into 2023 is just getting started.

The biggest indicator of such a scenario is Bitcoin’s price action at the moment. Back in May, Bitcoin entered a sharp corrective phase after China announced a ban on mining. The correction was further accelerated by the same country’s ban on trading.

However, Bitcoin has overcome all that and went on to break through its all-time highs. This, coupled with the recently approved ETF, has given it and the entire market momentum.

This makes now a perfect time to buy into Cardano in anticipation of it making new highs by 2023.

It is also noteworthy that Cardano fundamentals are now much better than at any other time in the past. During the 2017 Bull Run, Cardano rallied from less than a penny to $1 yet it had no fundamentals. The project was quite literally just a whitepaper at the time.

In 2020 to early 2021 rally, Cardano was still a work in progress and was yet to introduce smart contracts. Things are pretty different today. Cardano now has smart contracts, and already has an ecosystem growing on top of it. This means as the next Bull Run gains momentum, Cardano the project will be in a much stronger position than it has ever been in the past. This makes it a pretty good bet in 2023, and for many years to come.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

6. Binance Coin

Binance coin is one of the best crypto coins worthy buying in 2023. The main factor that makes Binance coin a worthy buy is its tokenomics. Binance coin is highly deflationary, and every quarter, Binance burns millions of dollars worth of BNB.

This means demand for BNB is always chasing a very limited supply of tokens. Going by basic economics, the only direction that Binance coin can go is up over time. At the same time, the use case of the Binance coin has been going up.

Besides its usage for paying fees on the Binance exchange, Binance coin is also the crypto used for transactions in the Binance Smart Chain. Given that BSC is one of the fastest-growing platforms for smart contracts, it follows that Binance coin’s use-value will only go up over time.

With the Bull Run all but set to start, Binance coin has the fundamentals that could see it outperform the market going into 2023. It was one of the top performers in the crypto Bull Run that ended in April, and this time around, things are unlikely to be different.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

7. Shiba Inu

A crypto portfolio for 2023 cannot be complete without Shiba Inu. Like Dogecoin, this is a meme coin, but if the last crypto Bull Run is anything to go by, meme coins are an easy way to crypto wealth. Shiba Inu rallied by over 500,000% in the last Bull Run and created lots of millionaires in the process.

Things look even better for Shiba Inu now, both in terms of fundamentals and from the hype perspective.

From a fundamentals perspective, Shiba Inu has had a lot of improvements since the last Bull Run ended in May this year. For instance, the project burned a huge amount of tokens. Vitalik Buterin also donated $1 billion of his tokens and burned the rest to a dead wallet.

This means the supply of Shiba Inu has dropped quite sharply since the last Bull Run. If the economics law of demand and supply is anything to go by, this means if demand shoots up, the price of Shiba Inu could shoot up as well. The project also launched a DEX that has helped drive up its trading volumes.

Besides its improving fundamentals, Shiba Inu’s price action is giving signals that if the market enters another full-blown bull market, it could easily do a repeat of late 2020 to early 2021.

This was evident in the last couple of days when it rallied by over 200% in less than 48-hours. It is an indicator that if Bitcoin sustains the momentum it has built up over the last couple of days, Shiba Inu could easily be in a new hype cycle by 2023.