Best Cryptocurrency to Invest in 2023

Here is a List of Cryptocurrencies we like for 2023, written at the beginning of the year

2023 is likely to be a challenging year given the uncertainties in the European and Chinese economies. We started 2022 with more certainty and assurance but the year completely unraveled on account of rising gas prices which in turn is linked to the Russian invasion of Ukraine. The COVID crisis in China for most of the year also kept the global economy down. We will start 2023 with much lower expectations given the bad news all around though one could also argue that the US economy is on much sounder footing than most of the world. In short, the beginning of the year is likely to be quite uncertain but things could change depending on the newsflow whether in Russia, the Interest rate, or China.

Here is a list of the Best Cryptocurrencies to Invest in 2023 and the analysis below (This list hasn’t been modified since the beginning of the year to track the efficacy of the list)

Best Cryptocurrencies to Invest in 2023 (Original List, Excluding Pre-Sale Tokens)

  1. Bitcoin (+67.3%)
  2. Ethereum (+37.4%)
  3. Tron (+64.1%)
  4. UNUS SED LEO (+4.4%)
  5. OKB Token (+65.1%)
  6. Dogecoin (-13.0%)
  7. Shiba Inu (-10.5%)
  8. Trust Wallet Token (-37.2%)
  9. NEST Protocol (-78.6%)

Honorable mention: XRP (+56.1%), HBAR (+27.6%), Filecoin (+6.1%), Apecoin (-70.6%), Axie Infinity (-29.1%), Enjin (-7.1%), Gala (-8.2%), SAND (-23.7%)

(YTD Performance)

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Best Cryptocurrency to Invest in 2023: The Big 3

1. Bitcoin

We like Bitcoin because it is different in many ways – Limited supply, some properties of Gold (like mining), and payment utility (Including money transfers). How Bitcoin evolves over time is difficult to predict. Prominent investors and intellectuals like Charlie Munger and Nassim Taleb have called it a fraud. Many others think it is a storage of value and a counter to Fiat. What we know for sure is that while Bitcoin has entered our living rooms, they are actually not present in our wallets (Cold or Hot). Also, unlike Gold, Bitcoin isn’t jewelry. Bitcoin’s success so far has been built on the excess liquidity after the GFC of 2008. In fact, Bitcoin prices have been closely correlated with the Fed’s monetary policy, a loose policy contributing to many of Bitcoin’s runs to a new all-time high.

The negative commentary makes Bitcoin a highly volatile and risky asset while the potential positives make Bitcoin part of every portfolio (even if the smallest proportion).

2. Ethereum

Ethereum is different from Bitcoin in many ways. On the negative side, Ethereum was inflationary until recently (supply increased every year), it also now operates on a proof of consensus model (which is potentially riskier than POW). However, there are many positives – Ethereum has scaled up smart contracts (eg ERC 20 and ERC 721)) leading to a boom in Altcoins (many of which are based on the Ethereum blockchain) and NFTs. As a consequence, Ethereum is a leading player in both DeFi and NFT. Ethereum also solved its speed problem via strong layer-2 blockchains like Matic and Immutable.

The problem for Ethereum remains the same as Bitcoin, with limited real-world uses but the potential remains high even as it shares many of the familiar risks with Bitcoin (Highly volatile and Fed liquidity dependent).

3. Dogecoin

Dogecoin began as a Meme coin but today is the 8th largest cryptocurrency (by Marketcap). Dogecoin is singularly focused on payments and continues to be a big player in that space along with Bitcoin and Shiba Inu. Further, Doge is actively supported by Elon Musk who gives it a frequent push higher with his utterances. With Musk’s takeover of Twitter, many believe Doge payments could be incorporated into Twitter making it the biggest payment token in the world. However, all of this is speculation.

Dogecoin is an open-source blockchain that was launched as a mere joke. The makers of the coin have said that the coin is meant to be fun and nothing else. It soon garnered attention after big names like Elon Musk, Snoop Dogg, Lil Yachty, Kevin Jonas and Gene Simmons started voicing for Dogecoin.

Also, it is an altcoin whose total supply is not capped i.e., there is no limit on the number of DOGE tokens to be minted.

DOGE’s current market price at the time of writing is $0.092. Its price, one year ago, was $0.2, meaning that DOGE has declined by 22x since last year. Also, Dogecoin’s market price has fallen by nearly 1.47 times in the last 3 months.

Apart from Dogecoin’s price movement, let’s have a look at how its competitor has done so far this year. One of the notable competitors is Shiba Inu (SHIB).

The current market price of SHIB is $0.000009 and is up by nearly 3% in the last 24 hours. Also, the market price of SHIB has declined by more than 4.19 times in a year.

Dogecoin is ranked 8th according to the coinmarketcap ranking and can be used to make payments in more than 300 online stores and businesses (including Tesla), despite being a meme token.

Compared to its competitor, SHIB (which is ranked #15), DOGE is performing much better overall and hence can be chosen for a middle-term investment under $10.

Best Cryptocurrency to Invest in 2023: Community Power

4. Shiba Inu

Shiba Inu Coin has one of the largest communities in the Cryptocurrency world. Shiba Inu’s leadership is fairly responsive. These two make Shiba Inu Coin an interesting prospect. Shib started as a ‘meme’ coin but is increasingly evolving into a token with potentially numerous use cases. It is accepted as a payment in numerous places, Shiba Eternity is an interesting game while Shibaswap is an excellent DEX platform. There are more innovations coming. The problem for Shiba Inu is the over-engineering and slow pace of development. But the potential remains high both in 2023 to 2024 subject of course to the economy and whether the development pace is sustained.

Best Cryptocurrency to Invest in 2023: 2022 Performers

Cryptocurrencies (with more than 100m market cap) that have performed well in 2022 include – NEST Protocol and Trust Wallet Token.

5. TRUST Wallet Token

Trust Wallet Token took off after a loss of confidence in exchanges soon after the FTX crash and Binance FUD. People are switching to non-custodial wallets, such as Trust Wallet and Atomic Wallet Coin because the custodial crypto wallets store all the user’s data in cold and hot storage which are easier to hack by intruders. This leaves a huge scope for such non-custodial wallets.

The Token can be used as a payment method for various services accepting TWT. Being a BEP-20 asset, TWT can be used to swap with (or to buy) other crypto assets. Trust Wallet has many unique features over its peers, such as enhanced usability, a mobile app to play mobile games, access to numerous dApps & decentralized exchanges, etc. Furthermore, TWT can be used as a payment method for various services accepting the coin, and TWT holders can access huge discounts on crypto investments via Trust Wallet.

Trust Wallet supports numerous tokens in different blockchains such as Binance, TRON, and Ethereum. Also, TWT holders can have added advantages while using the Trust Wallet. For instance, they can have discounts on various cryptocurrency purchases.

6. NEST protocol

Nest Protocol is a pricing oracle network based on the Ethereum blockchain to ensure that off-chain data is synced to on-chain prices (Like Chainlink). A distributed pricing oracle network provides price information outside of the blockchain in a decentralized way, without a single point of entry or a governing body.

Tokens with a high market cap that have performed relatively well include OKB, UNUS SED LEO, and Tron

7. Tron

Tron is a blockchain-based operating system that aims to provide complete ownership to digital content creators. Tron primarily aims to revolutionize digital content sharing and entertainment. In other words, its motive is to create a digital content entertainment platform that can help users to share their digital content easily and cost-effectively. With Tron, artists can completely own their content and share that without worrying about transaction fees. It is indeed a plus point for Tron Blockchain.

Tron and Cardano both are great projects, but Tron is inexpensive compared to Cardano. Also, Tron’s governance is very much similar to EOS’s making it decentralized and progressing.

8. OKB Token

OKB token is for use on OKX Exchange and is somewhat similar to LEO and BNB. It can be used for payments on the OKX exchange. Other benefits include – Trading Fee Discounts, Investing in OKC Buyback, OKX Earn feature to earn more OKB tokens, and OKX Jumpstart to start investing in early crypto projects that are of high quality.

Best Cryptocurrency to Invest in 2023: Metaverse Tokens

Metaverse has been gaining much attention since last year and there are plenty of metaverse coins listed to trade. Hence, we have come up with the 6 best metaverse crypto coins to buy and add to your portfolio.

Also, as we know the crypto market is suffering huge losses after the covid breakout and almost all the major cryptocurrencies are underperforming this time. The main reason for the same is the difference in the current macroeconomic factors as compared to the pre-covid times.

So, it would not be fair to discuss current crypto growth for long-term investment because the macroeconomic and liquidity factors will not remain the same in the future. So, we have used the pre-covid data to study the past performances of the metaverse coins.

Apecoin

Apecoin is a utility token and ERC-20 governance token within the ecosystem of Apecoin. The coin empowers the decentralized community that is building at Web3.

The following are the two main use cases of APE:

  • APE holders can directly participate in the governance of BAYC.
  • Token holders can access exclusive features on the ecosystem including games and merchandise.

Note that Apecoin was launched in 2022. Therefore, it doesn’t have relevant pre-covid data to compare.

APE is the governance token of BAYC and hence it is unique in contrast to its competitors. The reason is that BAYC NFTs are one of the most expensive and hyped NFTs in the market and APE provides the holder access to those NFTs. Moreover, some of the BAYC-affiliated businesses also accept APE as a payment method.

Axie Infinity

Axie Infinity is a trading and gaming platform based on blockchain, which is partially operated by its players only. The platform allows its players to collect, raise, breed, and battle the creatures called Axies. Every Axie here is an NFT having different strengths and attributes.

What makes Axie Infinity unique is that each of its creatures possesses six out of hundreds of potential body parts, providing an endless variety of Axies to produce. Also, Axie token holders can stake their AXS tokens to receive regular rewards. This platform is one of the pioneers of the P2E concept where the players can earn non-fungible tokens and cryptocurrencies while playing.

Axie has reported more than 680,144 monthly active users (as of October 2022) which is a lot higher than any of its competitors (including Decentraland’s 56,000 and Sandbox’s 200,000 monthly active players).

Enjin Coin

Enjin is an ecosystem of interconnected blockchain-based games and ENJ is its native token. Below mentioned are the two main use cases of ENJ:

  • ENJ is a store of value that can be used to back the value of NFTs.
  • ENJ allows the developers to tokenize the in-game assets on Ethereum.

The current market price of ENJ is $0.30, at the time of writing. Its market price increased from $0.026 to $0.133 during the pre-covid period (from December 2018 to February 2020) and hence, it increased by almost 5.11x during that period.

Sandbox is Enjin Coin’s prominent competitor, whose price changed from $0.062 to $0.048. It means that SAND’s price faced a decline of nearly 1.29 times during that period compared to 5.11x growth in ENJ’s price, clearly indicating that Enjin Coin outperformed its competitor.

Unlike its competitors, Enjin is tradable like other cryptocurrencies but also focuses on games, NFTs and other different assets on the platform. The platform allows the very easy creation of games and items. It means that the developers can launch different sorts of content on Enjin Network.

Moreover, Enjin Network has more than 20 million users as of now.

Gala

Gala games offer an array of blockchain games and provide the players control over their games by owning NFTs. Two main use cases of GALA are:

  • GALA tokens are used to purchase the in-game items i.e., NFTs in the gameplay.
  • GALA tokens are used as a mechanism to incentivize the players.

The current market price of GALA is $0.025, at the time of writing. Its market price increased from $0.0014 to $0.03 (till March 2021; as the previous data wasn’t accessible) and hence, it increased by almost 21.42x till March 2021.

Mana is Gala’s prominent competitor, whose price changed from $0.54 to $0.27. It means that MANA’s price faced an increase of nearly 2 times till March 2021, as compared to 21.42x growth in GALA’s price, clearly indicating that Gala outperformed its competitor.

“Gala games” is governed and owned by its players, unlike its competitors. Also, Gala Games will soon launch its own chain powered by a proof-of-work algorithm which will further add security to the games and the funds of the users.

Sandbox

Sandbox is a virtual reality game based on blockchain that allows users to build, sell and buy digital assets. Two main use cases of SAND are:

  • SAND tokens facilitate the users to undergo various transactions during the gameplay, such as purchasing LAND.
  • SAND holders can stake the token to participate in the governance of the platform.

SAND’s current market price is $0.59 and is changed from $0.04 to $7.46 and hence, it increased by more than 186x from January 2021 to November 2021 (as the pre-COVID data wasn’t available for this).

One of SAND’s notable competitors is Decentraland, whose price changed from $0.15 to $2.88 from January 2021 to November 2021. It means that Mana’s price faced a hike of nearly 19.2x during that period.

The number of monthly active users of Sandbox was reported to be 200,000 as of October 2022. While, its competitor, Mana, has 56,000 active users per month.

Sandbox is unique because it allows users to play both roles i.e., players and creators. Also, it combines Decentralised Autonomous Organizations with NFTs to build a decentralized digital platform for the gaming community.

Best Cryptocurrency to Invest in 2023: DeFi Tokens

Decentralized Finance (Defi) is a class of financial products such as protocols and apps that are built on blockchain. These financial products are governed by smart contracts.

Defi is a class that can potentially disrupt the financial industry because it can make it non-custodial and decentralized. Also, Defi coins are like a digital version of fiat coins because these can transfer value during financial transactions.

Defi can help investors to access new assets and have more control over their financial future. Therefore, the Defi category can experience huge growth in the future. Having said this, we are listing the 5 best Defi coins that you can add to your portfolio.

Note that the crypto market is suffering huge losses since 2021 (primarily after the COVID-19 breakout) and almost all the major cryptocurrencies including the Defi coins are underperforming this time. The main reason for the same is the difference in the current macroeconomic factors as compared to the previous year. Macroeconomic factors such as fiscal policy, Inflation, and employment levels, are not in favor of the crypto market at the moment.

Quant

Quant is a protocol that supports the mass adoption of DLT i.e., Distributed Ledger Technology. It provides the users with interoperability while developing tools for enterprise-grade applications.

The current market price of Quant, at the time of writing, is $120.24. QNT’s price increased from $2.06 to $43.17 from 2019 to 2021, indicating a 20.95 times increase in its price during that period.

One of its notable competitors is Loopring, whose price changed from $0.05 to $0.46 during that period. It means that LRC’s price faced a hike of nearly 9.2 times which is far less than the 20.95x growth in QNT’s price, clearly indicating that Quant outperformed its competitor.

The use cases of QNT are:

  • QNT can be sued to get access to Overledger DLT Gateway of Quant which allows developers to develop multi-DLT applications.
  • Another major utility of QNT is to pay transaction fees, platform fees, and annual license fees.

Uniswap

Uniswap is a growing network of Defi apps that consists of developers, traders, and liquidity providers collaborating in a financial marketplace that is open and accessible to all. Its Version 3 introduced important changes that made Uniswap much more efficient for liquidity providers and provided enhanced infrastructure and superior execution of trade orders (efficiency and effectiveness). Its current market price is $5.77.

Its price movement till 2021 states that Uniswap’s price has increased from $3.5 to $14.19, indicating a 4.05 times increase in its price during that time. Note that there are roughly 4.5 million users on Uniswap to date.

Let’s also have a look at how Uniswap’s competitor has done so far this year. Its one of notable competitors is Sushiswap (SUSHI). SUSHI’s market price changed from $2.5 to $3.89 and hence, it increased by almost 1.55x during the specified period compared to 4.05x growth in UNI. Hence, Uniswap clearly outperformed its competitor.

Below mentioned are three major use cases of the UNI token:

  • UNI tokens provide the holder with voting power which can be used for the governance of the network.
  • UNI coins can be used to invest and speculate.
  • These coins can be used as an excellent alternative to slow and expensive international transfers.

Pancakeswap

Pancakeswap is the open-source DEX blockchain platform that is built on BSC (Binance Smart Chain). Users can trade BEP-20 tokens using the PancakeSwap platform without requiring any intermediator along with retaining privacy. There are around 2.8 million users on Panckeswap as of September 2021.

The current market price of Pancakeswap, at the time of writing, is $3.95. CAKE’s price increased from $1.4 to $3.16 from 2019 to 2021, indicating a 2.25 times increase in its price during that period.

Let’s also consider Pancakeswap’s competitor’s price movements from 2019 to 2021. Its one of notable competitors is Sushiswap (SUSHI). SUSHI’s market price changed from $2.5 to $3.89 and hence, it increased by almost 1.55x during the specified period compared to 2.25x growth in CAKE. Hence, Pancakeswap clearly outperformed its competitor.

The following are the major use cases of CAKE:

  • CAKE holders can participate in the governance of the Pancakeswap network using the CAKE tokens.
  • CAKE coins provide the holder with voting power which is proportional to the number of tokens.

Avalanche

Avalanche states that it processes transactions blazingly fast, and is low-cost and eco-friendly. By using the Avalanche platform, one can develop Ethereum-based dApps. Its current market price is $5.77 and Avalanche has more than 4.5 million users across the world.

Avalanche’s price movement from 2019 to 2021 indicates that AVAX’s price has increased from $5.3 to $54.93, indicating a 10.36 times increase in its price during that time.

AVAX’s one notable competitor is Polkadot, whose price increased from $2.9 to $10.95 during the 2019-2021 period. It indicates that DOT’s price increased by 3.77 times during that time in comparison to AVAX’s 10.36 times growth, clearly making Avalanche a winner here.

Using Avalanche, any user can launch a blockchain and set it to private or public. Avalanche has a safety threshold of 80% which is well above the industry standard of 51%. AVAX works on the Proof of Stake concept and its transactions can be finalized in under 2 seconds, as opposed to Polkadot’s 60 seconds and Bitcoin’s 60 mins.

Two main use cases of AVAX are:

  • AVAX is used as a currency to collect transaction fees and incentives within the network.
  • The token can be stalked to secure the Avalanche network.

Loopring

Loopring is a protocol that is designed to build decentralized cryptocurrency exchanges. LRC is the native token of Loopring and is an Ethereum-based cryptocurrency. Loopring aims to integrate the centralized order matching to the decentralized on-blockchain order settlement. In this way, it can bring the best aspects of both the exchanges (centralized and decentralized).

Below mentioned are the two main use cases of the LRC token:

  • LRC token is used for the key operations on the protocol. In other words, people can only operate a decentralized exchange on the Loopring platform with the help of LRC tokens.
  • Another use of LRC is in the governance of the Loopring ecosystem, where LRC holders can participate in the beneficial actions of the platform.

Best Exchange Coins To Buy

Binance: Launched back in 2017, Binance Exchange has come a long way. The Exchange Platform processes more than 1.4 million transactions per second, while also executing, on average, $2 Billion worth of trades every day. Binance has its own wallet, known as the trust wallet which is said to be a secure, decentralized wallet where users can send, receive and store their coins.

UNUS SED LEO: It is the utility token of the iFinex Ecosystem. The sole purpose of launching this token was to buy it back or burn it. It was launched as a remedial measure when the government seized a sizable chunk of the company’s funds. The company decided to issue LEO to those who lost their money first and then issue more to the public. The company plans to gradually buy them back to make up for the lost money of its investors.

OKB: OKB is the global utility token issued by OK Blockchain Foundation. OKB is another cryptocurrency exchange token to provides passive income to its holders. OK Foundation has tiers in place to give discounts on trading fees to stakeholders based on their OKB holdings.

Best Crypto to Invest in 2023: Other Tokens

Render Token

Render Network aims to revolutionize the process of digital creation and Render Token (RNDR) is the native token of Render Network and is built on the Ethereum blockchain.It aims to connect the artists who are in need of a Graphic Processing Unit with the people who have sufficient GPU capabilities to rent them. It removes the tech barriers of the computational systems i.e.; it allows people to share their unused or extra GPU power with the people in need of GPU. The network connects these people and helps them save money & time. Therefore, RNDR is one such best cryptos to buy under $10.

Render’s one major competitor is Flux. It is the cloud infrastructure platform that is fully decentralized and aims to build the largest decentralized computational network. Flux already had 13,500 nodes, and 98,000 CPU cores and offers 272 terabytes of RAM and 6 petabytes of storage.

The demand for Graphic Processing Unit rendering services is growing and hence, Render Network can potentially save the costs and time for such services. Additionally, users get the opportunity to earn passive income in the form of RNDR tokens.

Also Read: Render Token Price Prediction

Other Best Crypto Articles from Crowdwisdom

Other Best Cryptocurrency to Invest in 2023 Lists: Cryptos that made it to those Lists

  1. Cardano (ADA)
  2. Polygon Matic
  3. Polkadot
  4. Uniswap
  5. Litecoin

Note: Please consult a registered investment advisor to guide you on your financial decisions. 

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