Within the past few years, cryptocurrencies have experienced a remarkable increase in popularity and significance in the digital finance market. In 2022, the overall crypto market cap skyrocketed to a staggering $2.5 trillion, a significant increase from $128 billion in 2017. This surge has sparked interest from investors and enthusiasts, with over 420 million crypto users worldwide, making crypto one of the most promising investment options today.
To explore this year's crypto market, you must figure out the best crypto to invest in today to stay profitable. Over 25,000 crypto coins are in the crypto market, and many more are rolling out daily, each with unique features, technology, and market possibilities. So, whether you're an experienced crypto investor or a beginner, you need the correct information and guidance to identify the best investment opportunities in the crypto market.
And that's what you'll learn in this article. Here, we'll show you the seven best cryptocurrencies in 2023 and why they are the best investment options.
What To Know Before Investing In Cryptocurrency
The crypto market is very volatile, so that you can make money quickly. However, high volatility also means you can lose your investment in a snap if you're not careful. Hence, before you consider the best crypto to invest in today, you must understand these key factors that make a crypto asset a worthy investment.
● The Project Website
Overall, packaging and presentation say a lot about its viability. First, every reasonable cryptocurrency must have a website. So, not having a website is a huge red flag.
Although it's easy to build websites and make them look great these days, there are still some pointers to a viable crypto website. Such vital pointers include ease of use, general transparency, clear information regarding the project team, and an accessible whitepaper.
● Whitepaper
A whitepaper is an official document outlining everything you need about a crypto project. Important details you should look for in a whitepaper include the crypto objectives, marketing strategies, use cases, and tokenomics.
Even though you might not fully understand a whitepaper because crypproject'sAlthough it mostly sounds technical, check out the objectives and use cases to ensure they align with your investment goals.
● Use Cases
One of the easiest ways to identify the best crypto to invest in today is their use case. Use case or utility refers to whether and how the crypto can be integrated to solve real-world problems within the blockchain ecosystem. The more utility a coin/token has, the more valuable and stable it is.
For instance, the Ethereum (ETH) blockchain technology hosts many NFT projects and smart contracts. Similarly, Bitcoin (BTC) is accepted and used by many payment solutions as a trusted digital currency. As a result, these stable a"d "use"ul" coins remain valuable as the crypto market evolves and stay on top of the list of the best crypto to invest in today.
However, other coins are known "s "memes or shit coi"s." Even though most meme coins claim some use cases in their white paper, they're generally influenced by social media, making them more volatile and risky. So, you need to apply extra caution if you ever decide to invest in a meme coin, and that's why we've excluded meme coins in our recommendations for the best crypto to invest in today.
● Market Cap
The market capitalization of crypto refers to its overall market value. To get the market cap, multiply tcoin'sn's price by the total number of coins in circulation. The higher the market cap, the supposedly safer the crypto. So, most coins recommended in the list of the best crypto to invest in today have a high market cap.
● Trading Volume
Another effective way to determine the best crypto today is to check the trading volume. Trading volume is the amount of that coin or token traded over a particular period.
High trading volume suggests investors trust the coin over time, actively buying and selling, resulting in better stability and liquidity. Contrarily, coins with low trading volume are risky and mostly less stable.
● Market Adoption and Partnerships
The level of acceptance, integration, listing, and usage of crypto in the crypto space is one of the significant ways to check its viability. Partnership with reputable brands like Amazon, Visa, MasterCard, Google, etc., indicates that a cryptocurrency is most likely genuine and valuable.
Again, check out the exchanges and payment services that accept and list the coin or token for regular crypto transactions. For instance, you can easily shop online with crypto with the PlasBit Visa card and fund your PlasBit card using coins such as Bitcoin, Ethereum, Litecoin, Cardano, and USDC.
With the PlasBit wallet, you can securely store and manage your crypto in one place. Also, when you fund your PlasBit wallet with crypto, you can transfer money to a fiat bank account within seconds. So, it would help if you were sure that the crypt you're investing in is easily acceptable and supported by reputable crypto platforms and exchanges.
● Community Support
Every viable crypto should have an active, transparent support system to enhance technical assistance and minimize asset losses. How do you assess crypto's support? Start by checking out its community.
Visit their social media channels, especially Twitter and Discord. How many followers/members do they have? How active are the channels? Do they attend to the questions of their investors, and how fast? How about their publicity? If the answers to these questions are not great, then it's not safe for you.
Similarly, what are other crypto users saying about the coin? Examine their public reviews on websites such as TrustPilot and Reddit. Also, check out the support facility on their website for features such as email, live chat, phone call support, etc.
Best Crypto To Invest In 2023
Now that you understand what makes crypto a viable investment let's consider the seven best cryptos today.
1. Bitcoin (BTC)
Bitcoin (BTC) is the oldest, most popular, and most potent crypto in the digital market. It was created in 2009 by the pseudonymous Satoshi Nakamoto, and since then, BTC has become a significant force in the crypto world. Today, you can hardly mention anything crypto without BTC, making it arguably the best crypto to invest in today.
The BTC's dominance in crypto is not just because of its age. With a market cap of $515 billion and a trading volume of over $11 billion as of June 6, 2023, Bitcoin is the biggest cryptocurrency in the digital market. Besides its large size, BTC is the most widely accepted coin, with mainstream acceptance by reputable companies such as Visa, Tesla, Stripe, etc.
BTC is also easy to trade, store, and spend, validating its claim as the number one on our list of the best crypto to invest in today. Popular exchanges such as Binance make it easy for you to trade BTC and make a profit using their Spot and Futures trading features. You can buy and hold BTC for better turnover. As of June 06, 2023, a BTC is worth $26,651. And if you're on a budget, you can still invest in BTC by buying fractions for as low as $10.
You can also store and manage your bitcoins using a safe and secure crypto wallet at PlasBit. To ensure your BTC is safe, we encrypt your PlasBit wallet with Secure Enclave with 2-factor authentication as an extra layer of security. You can easily spend and shop with your BTC by creating and funding your PlasBit Visa Card.
2. Ethereum (ETH)
Ethereum is currently the second largest crypto after Bitcoin, with a market cap of over $220 billion. Apart from its popularity and large market cap, Ethereum's price value and usage growth have been impressive. From $100 in May 2017, ETH rallied to an all-time-high value of $4,815 in November 2021. As of today, ETH sells for $1,838 on most major exchanges.
Ethereum is also a blockchain platform as it hosts several intelligent contracts and NFTs, making it a favorite for investors and developers. Although yet to be as widely accepted as BTC, ETH is gaining more ground by the day. Like BTC, you can fund your PlasBit wallet and card with ETH to store, spend, and manage your crypto seamlessly.
3. Binance Coin (BNB)
With a market cap of over $50 billion, BNB is easily one of the best cryptos to invest in today. It is the native cryptocurrency of Binance, one of the world's biggest and most popular crypto exchanges. Formerly launched on the Ethereum network, BNB runs on Binance Chain, Binance's blockchain.
Although BNB is not as robust as BTC and Ethereum, it has experienced its fair share of growth and development. Between 2017 and 2022, BNB increased from $0.10 to $412, over 400,000% growth. Even after the long bearish run of the market, BNB sits at a fair price of $261 as of June 2023.
4. Cardano (ADA)
With a market cap of over $13.4 billion, Cardano provides an excellent investment option for investors who want to diversify their portfolios. The most notable thing about Cardano is its proof-of-stake validation. If you're a long-term investor.; you enhance transaction speed. Also, Cardano transactions are cheaper because they take less energy than Bitcoin and other more extensive networks, justifying its deserved place on our list of the best crypto to invest in today.
With the recent launch of Adaswap, Cardano's test platform for developing decentralized apps, the coin might well be on its way to becoming a Web 3 network. That way, Cardano's price will rise, and with the future possibilities of web3, Ada earns its rightful place as one of the best crypto to invest in today.
5. Polygon (MATIC)
Polygon is the right coin if you're looking for crypto with credible partnerships and use cases. The platform has hosted over 52,000 decentralized apps, including reputable companies like Deutsche Bank, Stripe, Meta, etc.
According to CoinMarketCap, Polygon was developed to improve the speed for both transaction and verification by scaling Ethereum into a multi-chain system. To make transactions cheaper using zero-knowledge proof cryptography, Polygon launched Polygon zkEVM in 2022.
As for regular use cases, MATIC serves as a currency for settling transaction fees and other payment services, with solid support from Coinbase and Binance. As of June 2023, MATIC sits at $0.7 and has a market cap of $6.8 billion.
6. Litecoin (LTC)
Former software engineer at Coinbase, Charlie Lee, launched Litecoin in 2011 as an open-source blockchain project similar to Bitcoin. The similarities between the Bitcoin and Litecoin technologies earned Litecoin the nickname "silver to Bitcoin's gold."
Litecoin has a market cap of over $6 billion and 84 million tokens in total supply. Although the most recent crypto market crash dumped the price of LTC from an all-time high of $413 to $88 as of June 2023, LTC stands in a solid position to regain its momentum with the following expected bull run.
7. Avalanche (AVAX)
Although relatively new to the crypto ecosystem, AVAX is still one of the best crypto to invest in today for many valid reasons. The Avalanche blockchain is the fastest platform for smart contracts in the DeFi ecosystem. It shares some striking similarities with Ethereum - it uses the Solidity language and provides massive support for running decentralized apps using smart contracts.
The current market cap for AVAX is over $4.9 billion, with the current price at $13.8 as of June 2023.
Final Thoughts
Becoming a profitable crypto investor is not rocket science; you need the proper knowledge to take risks. If you understand and follow this list of the seven best crypto to invest in today, you can be sure your crypto investment journey is in a good direction now and in the future.
At PlasBit, we make your crypto investing experience seamless by providing cryptosAscryptosthe secure wallet you need to store and manage your crypto assets safely. You can also leverage our crypto debit cards to conveniently hop crypto investments and spend your crypto investments to store and manage your crypto assets safely.
