What Are the Best Cryptocurrencies to Invest in for 2023?

Although we might not quite be done with 2022 yet, most people will already be thinking ahead to 2023. This is especially true for investors, who will be starting to take stock of their current portfolio and review how it is performing. Most investors like to keep a diverse set of assets and cryptocurrencies play an important role in this.

While you may have invested in some crypto assets in 2022, you may well be looking at adding more to your portfolio in the coming year. But which are some of the top cryptocurrencies to think about for 2023?

ApeCoin

Source: academy.binance.com

Any good cryptocurrency list will show ApeCoin and this asset is a good option for investors in 2023. Although it only launched in March 2022, it showed excellent performance to reach all-time highs of $39 during the year. This demonstrated that it is not only a resilient coin but also one that is in demand. As an investor, this is something to think about and you should not be surprised to see this demand increase in the coming year.

This asset, after all, is closely associated with trending NFT projects such as MAYC and BAYC. This should continue in the new year and help it grab more headlines to spur its growth on. In addition, this coin is active in the metaverse and is constantly developing its network. All this should help it to be a coin that does well in 2023.

Terra

Source: wccftech.com

Another crypto asset that many think will have a great 2023 is Terra and its attached coin, Luna. As a result, it really is worth keeping tabs on the price of Luna as 2022 plays out, so you can think about entering the market as we move into the new year.

But why should investors be considering this coin? A look at previous price movements shows that it is a coin that can explode in value – as it did in early August 2022, when it shot up to $5.6104.

An all-time high of $18.87 also shows that the current market has plenty of room to move up in 2023 and deliver decent returns. Terra’s status as a stablecoin is also appealing for investors in the new year and represents a less volatile way to be active in this fast-changing market.

Smooth Love Potion

Source: academy.binance.com

Although this may sound more like something you would take to boost your love life, SLP is actually a bona fide cryptocurrency! In short, this coin is part of the popular blockchain game Axie Infinity. Players either win SLP tokens in battles with other players or buy them from crypto exchanges. Once they have done this, SLP can be used to buy, trade or sell Axie characters in the game.

The rising profile of Axie Infinity as a game plus the increased adoption of blockchain tech in gaming looks likely to see this crypto asset take off in 2023. The current SLP price shows it is climbing back towards a historic all-time high of $0.399727 and this also makes it worth considering as an investment in the coming year.

Ethereum

Source: wired.com

Although coins such as Terra, SLP and ApeCoin represent a chance to invest in upcoming crypto assets in 2023, you may also want to look at some more established tokens.

Although you could go with Bitcoin, many people look at Ethereum as a viable alternative. This is, after all, a coin that has been around for a while and which has seen tremendous growth in this time. It is also a coin that has proved its resilience and has shown that investors can make a good return on it.

This crypto coin is also essential to the whole smart contract market in modern business and plays a crucial role across the crypto market. It is, for example, where hot crypto tech such as NFT’s and De-Fi got started. This means it will only become more important as we move into 2023 and should see prices rise overall as a result in the coming 12 months. The recent merge in this coin and its practical use in the real world is likely to see demand for it soar in 2023 – along with its value.

Top coins to invest in for 2023

Just as catching the latest technology news makes sense for tech fans, thinking about which coins to put money into during 2023 is sensible for investors. While Ethereum is no surprise, the others we have looked at may be coins you have not thought about before. With the potential upside on them being attractive, they are well worth considering for any crypto investor.

What are the risks of investing in cryptocurrencies?

Source: coindoo.com

  1. Lack of regulation: Cryptocurrencies are not yet regulated by governments and financial institutions, which means there is no guarantee of safety and security for investors.
  2. Volatility: Cryptocurrencies can be very volatile, which can make them risky for investors.
  3. Fraud: Cryptocurrencies can be targeted by criminals who may try to scam investors out of their money.
  4. Cybercrime: Cryptocurrencies are susceptible to cybercrime, which can lead to theft or loss of money.
  5. Price volatility: The price of cryptocurrencies can be very volatile, which means that the value of an investment may change rapidly over time. While investments may offer some advantages over traditional investments, there are also significant risks associated with them. Anyone considering investing in cryptocurrencies should carefully consider all the risks involved before making a decision.

Final words

Cryptocurrency is quickly becoming a popular investment choice, with many people looking to get in on the action. Whether you are just starting out and want to learn more about cryptocurrency before investing, or you are an experienced investor who wants to explore new opportunities, this guide will help you get started.