10 Best Crypto to Buy Now in 2023
With current technological advancements, you don’t need to go to Wall Street to become a professional investor. There are thousands of assets in which you can put your money online. Cryptocurrencies belong to one of the most popular asset classes these days. There are thousands of attractive projects, but which are really worth investing in? Let’s explore the 10 top coins.
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Binance Coin (BNB)
- U.S. Dollar Coin (USDC)
- XRP (XRP)
- Cardano (ADA)
- Binance USD (BUSD)
- Polygon (MATIC)
- Dogecoin (DOGE)
- Comparison Table
- Pros and Cons of Investing in Crypto
- What are cryptocurrencies?
- How does trading cryptocurrencies differ from trading stocks?
- Do you have to pay taxes on cryptocurrency?
- Are there cryptocurrency exchange-traded funds (ETFs)?
- How do you buy crypto?
- Why are there so many cryptocurrencies?
- What are altcoins?
- Why is bitcoin valuable?
- Why are cryptocurrencies important?
Digital coins would have been so popular if Bitcoin wasn’t introduced to the world in 2009 by Satoshi Nakamoto. The technology of blockchain, on which BTC actually runs, turned out to be a revolutionizing invention, which quickly attracted the attention of enthusiasts from all over the globe. Thanks to security and fast anonymous transactions, Bitcoin quickly became mainstream and so remains such till today.
Despite the recent crash in price in 2023, the original cryptocurrency is still on-demand. We have already witnessed several occasions of BTC recovering, especially, after the halving procedure, which is expected to take place in 2024.
At the date of its launch, Ethereum was a real game-changer. This isn’t just a blockchain with its token, but an entire platform that can be used to develop different types of applications on the basis of smart contracts. The potential of applications developed on the capabilities of Ethereum is mind-blowing, and the introduction of NFTs was a very good example of this.
🪙TRADE ETHEREUM WITH PRIMEXBT🪙
The crypto market has established itself a reputation as a revolutionary space where industry-changing innovations are being launched. Tether (USDT) is quite a decent example to describe this statement. The team behind this project decided to introduce money pegged to fiat currency but running within the virtual space. This is what we now call a stablecoin — the best available means to make safe online transactions without applying volatile crypto tokens.
🪙TRADE TETHER (USDT) WITH PRIMEXBT🪙
Binance Coin (BNB)
As you can guess from its name, BNB was launched by one of the most successful exchanges for trading virtual coins. Now, it can be used both as a utility token and as a payment method on the platform. Since 2017, the utility of Binance Coin has greatly increased, which contributed to its growing price. As a result, now, what was once considered to be a utility token on a big exchange, is traded as one of the most demanded cryptocurrencies.
🪙TRADE BINANCE COIN (BNB) WITH PRIMEXBT🪙
U.S. Dollar Coin (USDC)
USDC decided to follow the same path as Tether. Similar to it, US Dollar Coin is a stablecoin that aims to remain its price at the level of around 1 U.S. dollar. This makes it a very good storage of funds during periods of extreme volatility in the digital market.
XRP is one more project that is winning the competition against many other cryptocurrencies due to the innovative concept and unique aim that resonates with crypto users. XRP was designed to facilitate exchanges of fiat currencies to crypto coins and backward. The developers also worked a lot on making transaction fees lower, which makes this project a very good innovation for more efficient cross-border transactions.
Since 2022, Ethereum has been considered the biggest blockchain to work on proof-of-stake validation. However, many forget that Cardano was actually the one that was originally launched with this consensus mechanism. This makes Cardano one of the most competitive platforms for its bigger analog, Ethereum, since it has more potential for further scaling and introduces a more efficient system of problem-solving.
One more aspect that makes ADA attractive to investors is that it’s one of the best-performing penny coins, meaning its price is below $1. Thus, it requires less capital than BTC and ETH worth thousands of dollars.
🪙TRADE CARDANO (ADA) WITH PRIMEXBT🪙
Binance USD (BUSD)
Binance Coin isn’t the only virtual asset developed by the exchange. In cooperation with Paxos, it created one more stablecoin we would like to add to this list. Similar to the above-mentioned assets, it follows the USD price. BUSD enables easier transactions and minimizes the impact of general market volatility on your crypto investment portfolio.
🪙TRADE BINANCE USD (BUSD) WITH PRIMEXBT🪙
Since its launch in 2017, Polygon has performed impressive price increases, which brought around 53,027% in returns over its entire history. This platform is quite popular with developers, and the growing number of dApps is good proof of that. As for the date of writing, the total number of decentralized solutions exceeds 7,000.
🪙TRADE POLYGON (MATIC) WITH PRIMEXBT🪙
This is probably the most controversial option on our list. To begin with, DOGE wasn’t even launched as a serious project — the attempt to mock Bitcoin and other cryptocurrencies just got out of control. This is how the first and currently the biggest meme coin appeared to the crypto industry. Despite the lack of liquidity, it’s growing beyond the frames of a meme coin and becoming widely accepted as a payment method in companies across various industries.
🪙TRADE DOGECOIN (DOGE) WITH PRIMEXBT🪙
Let’s see how these top-10 coins compare to each other by major metrics in the market of virtual assets.
|Market Cap||$449.34 B||$199.6 B||$19.11 B||$10.73 B||$70.81 B||$47.86 B||$10.78 B||$42.54 B||$12.70 B||$11.24 B|
|Volume||$11.24 B||$5.37 B||$657.1 M||$204.99 M||$25.51 B||$559.49 M||$3.93 B||$1.51 B||$170.80 M||$392.37 M|
|Total Supply||19.303 M||122.37 M||99.989 B||132.671 B||70.884 B||157.220 M||10.737 B||42.564 B||35.045 B||10.000 B|
|Circul.||19.303 M||122.37 M||50.951 B||132.671 B||70.884 B||157.220 M||10.737 B||42.564 B||35.045 B||9.035 B|
Pros and Cons of Investing in Crypto
- No centralization by any of the financial authorities.
- Potentially high returns from a thriving project.
- A great instrument to hedge increasing inflation in the global financial markets.
- The possibility to make passive income through staking.
- A highly volatile environment of the crypto market.
- No proper regulations; issues with central authorities.
- No guarantees that the project won’t collapse eventually.
On the whole, we suggest that investing in one of those cryptocurrencies might be a good venture for you. However, bear in mind the cons of investing in virtual coins. Considering this, we recommend you take risk management measures and put allocate no more than 10% of your investment capital to digital assets. Follow the events and news on the markets to be able to react to them quickly and use the best crypto trading tools. Good luck!
What are cryptocurrencies?
A cryptocurrency is a digital asset issued on a blockchain and circulating within the decentralized digital ecosystem. Unlike fiat currencies, cryptocurrencies aren’t impacted by the monetary policy of central financial authorities.
How does trading cryptocurrencies differ from trading stocks?
From the point of view of traditional investing, stock trading is a safer option because stocks are backed by the cash of businesses, whilst the vast majority of cryptocurrencies aren’t backed at all. Stablecoins are the only cryptos that are backed — most of them have financial reserves in USD.
Do you have to pay taxes on cryptocurrency?
When you convert your crypto holdings to US dollars, you will need to report these dollars as profits or income and pay taxes for them. However, if you only hold and use crypto, you aren’t required to pay taxes.
Are there cryptocurrency exchange-traded funds (ETFs)?
Yes, there are exchange-traded funds consisting of cryptocurrencies. Similar to stock ETFs, they track the prices of a basket of virtual currencies.
How do you buy crypto?
You buy crypto through special crypto exchanges. To do this, you need to find a good platform, register a trading account, make the minimum deposit, and choose the trading pair that suits you.
Why are there so many cryptocurrencies?
As for the beginning of 2023, there are around 9,000 cryptocurrencies, even though in 2022, this number used to be bigger. The reason for such a big number of digital assets is that they can be created by everyone. There’s no regulatory body that will decide whether your security should be registered or not.
What are altcoins?
Bitcoin is the original cryptocurrency. All other digital coins issued on blockchains are called altcoins. ETH is the biggest altcoin.
Why is bitcoin valuable?
Bitcoin is valuable due to its multiple cases for utilization, supply, and scarcity. As a rule, the scarcity of this coin increased following the halving procedure.
Why are cryptocurrencies important?
Cryptocurrency is a revolutionary concept. Thanks to the introduction of digital money and blockchains, people can do financial operations without third parties such as banks. This is an entirely new way to deal with funds.