With the year ending, and a bull market around the corner, it is important to look at the top cryptocurrencies to buy in January ahead of 2023. The year 2022 recorded several negative events in the crypto market like some top cryptocurrency exchanges going bankrupt and the prices of crypto crashing exponentially.
So many investors were bullish in 2022, predicting a significant rise in the price of digital currencies but unfortunately, the year experienced more of a downtrend as opposed to their expectations.
The first major shock wave came in May when TerraUSD (UST) crashed. UST was a stablecloin that had its value pegged to the United States Dollar. One dollar equaled one UST. The crash affected Luna and every company that had exposure to both cryptocurrencies was hit badly.
One of the companies that were affected due to their exposure to UST was Three Arrows Capital – a Singapore-based crypto hedge. As if that was not enough, in November, one of the world’s largest cryptocurrency exchanges FTX collapsed. The crash has continued to send a shock throughout the cryptocurrency industry.
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In November 2021, Bitcoin (BTC) reached its all-time high of $68,000 and had a closing-year price of around $46,000. A year later, Bitcoin is closing 2022 at the $16,000 mark.
With all this negative information flying about, crypto newbies might be confused as to how to continue their investments. Different questions might come to mind like what is the best cryptocurrency to invest in in 2023? is cryptocurrency still a safe investment? which cryptocurrency should I invest in?
Fortunately, you have found this post and in the next couple of paragraphs, we will be talking about the best cryptocurrencies you should invest in for the new year. The list consists of popular cryptocurrencies with large market caps and some metaverse projects.
7 Best Cryptocurrencies to invest in 2023
According to a post on Forbes, CoinMarketCap reports that there are approximately 21,910 cryptocurrencies with a total market capitalization of over $850 billion. It could be overwhelming to comb through the pile of cryptocurrencies picking the ones to invest in. In this post, I have made narrowed it down and made it easier by selecting the best 7 to consider. See the list below.
In no particular order:
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- Ethereum (ETH). Market Cap $146 billion
- Bitcoin (BTC). Market Cap $318 billion
- Chainlink (LINK). Market Cap $2.8 billion
- ApeCoin (APE). Market Cap $1.3 billion
- Binance Coin (BNB). Market Cap $39 billion
- Metacade (MCADE)
- Litecoin (LTC). Market Cap $5 billion
Ethereum (ETH). Market Cap $146 billion
The first coin on our list of top cryptocurrencies to buy in January 2023 is Ethereum.
Ethereum is arguably the most valuable blockchain and cryptocurrency available in the market right now. It is the leading smart contract platform and the most used network for decentralized applications (DApp).
In 2022, Ethereum upgraded its network and moved to a proof-of-stake mechanism from the previously used proof-of-work. The Ethereum ecosystem continues to grow, and so is the demand for ETH (the native cryptocurrency that runs the Ethereum network). The blockchain powers many NFTs (Non-Fungible Tokens), Decentralized Finance protocols, and Decentralized apps.
“The Surge” upgrade also known as Sharding is expected to happen in autumn 2023. This upgrade will further improve the scalability of the Ethereum network. It is expected to increase transactions from 15-30 transactions per second to over 100,000 transactions per second. This upgrade is expected also to increase the number of adoption which makes Ethereum a very profitable cryptocurrency to invest in for 2023.
According to data from CoinMarketCap, Ethereum has a market of $146 billion and is currently trading at $1,197.
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Bitcoin (BTC). Market Cap $318 billion
There is a 90% chance that you must have heard of Bitcoin even if you don’t know exactly what it is. Bitcoin is the most popular cryptocurrency in the market. It was created in 2009 by someone or a group with the pseudonym Satoshi Nakamoto.
Since its creation, Bitcoin has grown and increased in value over the years. Despite its recent crash, Bitcoin has remained one of the best-performing cryptocurrencies in the market. It is arguably the most valuable and decentralized cryptocurrency in existence.
Far back in May 2016, Bitcoin was selling at $500, fast forward to November 2021 when it reached its all-time high of $68,000. Bitcoin is always the first choice of investment for newbies and it will always keep its status as the king of all cryptocurrencies.
Live data from CoinMarketCap shows that Bitcoin has a market capitalization of $318 billion and is currently selling at $16,547.
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Chainlink (LINK). Market Cap $2.8 billion
The third coin on our list of top cryptocurrencies to buy in January 2023 is Chainlink (LINK). It is a Web3 decentralized network that can work with any blockchain that can execute smart contracts.
Chainlink is built on the Ethereum network and was created in 2017 by Sergey Nazarov and Steve Ellis. Projects like Aave, Synthetix, and Compound in the Decentralized Finance space use Chainlink.
LINK, an ERC677 token is the native cryptocurrency of the network. Chainlink will play a significant role in Web3, providing the groundwork that is needed for the wide adoption of crypto. Chainlink promotes smart contracts and makes it possible to access real-world data and functionalities without compromising the existing security in the blockchain.
Today, Chainlink has a market cap of $2.8 billion and is currently trading at $5.5 according to a chart from CoinMarketCap.
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ApeCoin (APE). Market Cap $1.3 billion
Apecoin was launched in April 2022, and since then it has gathered lots of popularity. It is built on the Ethereum network and has its governance token Ape. Apecoin is the cryptocurrency used in Otherside – one of the most anticipated metaverse projects and expected to launch in 2023.
Yuga Labs is the team behind Otherside, the same team credited with the success of the Bored Ape Yacht Club (BAYC) NFT collection which can be said to be one of the most valuable NFTs of all time.
With the launch of Otherside in 2023, investment in Apecoin is expected to rise. Ape’s connection with fast-growing NFT and metaverse markets makes it a perfect choice of cryptocurrency to consider investing in.
Apecoin can be used in several cases, like in decentralized exchanges, to purchase things online from the Shopping.io platform, in Play to earn games, and in the MoneyFirm NFT platform. Apecoin has a market cap of $1.3 billion and it is currently selling at $3.62.
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Binance Coin (BNB). Market Cap $39 billion
Binance coin (BNB) is the utility token of one of the world’s largest cryptocurrency exchanges, Binance. Since its creation in 2017, BNB has grown from just being a utility token on Binance to one of the top 5 cryptocurrencies in the market.
BNB can be used to pay transaction fees. Users who hold the coin on the Binance platform can have discounted fees on trades. BNB can also be used for participating in token sales on the Binance platform.
The starting price of BNB in 2017 was just $0.10. By the end of 2022, the price has risen to $243. That is a lot of growth in the space of 5 years. With all these factors in mind, Binance coin is the 5th on my list of best cryptocurrencies to buy in January 2023.
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Metacade (MCADE)
Metacade is a newly launched Web3 project that is built on the Ethereum network. The project aims to be the biggest arcade on the blockchain that offers a wider variety of play-to-earn games.
You can connect with like-minded gamers while playing P2E games. The platform offers everything you need to succeed in play-to-earn gaming. The Metacade platform also comes with lots of earning opportunities. MCADE tokens are rewarded to users for contributing good content to the community.
What’s more exciting is that Metacade will be launching its Metagrants program later in 2023 which will offer funds to developers who are creating the best Web3 games. MCADE holders will be able to vote on which Web3 game deserves to get Metagrant financing. The winner will be given the fund to get their project off the ground.
In the last quarter of 2023, Metacade will also be launching its virtual arcade where you will be able to play with friends and compete in tournaments for a chance to win MCADE tokens.
With the GameFi industry expected to grow at 10x by 2025, Metacade is positioning itself at the forefront of this rising industry. The presale for the project is live now, you can participate by clicking This Link.
Litecoin (LTC). Market Cap $5 billion
Litecoin was created by Charlie Lee and launched in 2011. It has been generally referred to as the silver to bitcoin’s gold. Litecoin operates the proof-of-work mechanism using scrypt cryptography.
Litecoin is similar to Bitcoin but runs on a different mining algorithm. It has a total supply of 84 million coins. The blockchain generates new blocks every 2.5 minutes. LTC is predicted to make top gains in 2023.
Today, live data from CoinMarketCap shows that Litecoin (LTC) has a market cap of $5 billion and is trading at $69.73.
Final Thoughts
Investing in cryptocurrencies and digital assets is wise but should be done with caution. In terms of the best cryptocurrencies to buy in January 2023, Metacde (MCADE) tops the list. The project is still new and in its presale stage.
Each of the coins on the list has reasons for investors to be bullish in 2023, but the clear winner is Metacade. The project will be launching into one of the fastest-growing industries in the world. If you are looking to invest in the project, then you better do it quickly because the earlier you buy, the more MCADE token you get.
Disclaimer: This is not financial advice. Always do due diligence or consult a financial coach before investing in any digital asset.
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Victor Swaezy
Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.