At the end of one of the worst years in the history of the cryptocurrency industry, where the total market cap has fallen by 65%, it is time to look to the future and see which digital assets have the potential to succeed in 2023.
Top 5 cryptocurrencies to buy in January 2023
With this in mind, Finbold conducted an in-depth market analysis to find the cryptocurrencies that investors and traders in this space should look out for in the opening month of the following year.
Bitcoin (BTC)
Despite being heavily hit by the crisis in the broader crypto market that caused it to drop by nearly 65% since the start of 2022 to $16,600, Bitcoin (BTC) still offers a good investment, according to many leading crypto traders. opportunity.
So, its price may be at its lowest level right now, but some industry experts believe it probably won’t stay that low with the possibility of a first half rise and January could be the last chance to buy it. (With a “good bargain” as some analysts say)
Bitcoin quarterly price chart. Source: Finbold
Cardano (ADA)
Price challenges aside, Cardano (ADA) continued to see record growth in its network throughout 2022, including 192 increased native token counts on the platform alongside Plutus smart contracts, which increased 394% compared to 2021.
On top of that, transactions on the network increased by 139%, making the potential “Ethereum killer” a worthwhile investment in January 2023, despite the price being $0.25 at press time, which was 80% lower than in December 2021.
Cardano 3 month price chart. Source: Finbold
Ethereum (ETH)
Speaking of Ethereum (ETH), the Merge upgrade, which switched the network from Proof-of-Work (PoW) to the Proof-of-Stake (PoS) verification algorithm, failed to get the asset to move any significant upwards.
However, as more institutions adopt the asset, Ethereum could reach its true potential in early 2023 and have a strong positive impact on its price, making up for losses incurred in 2022, bringing the second-largest crypto by market cap to $1,198. . during broadcast.
Ethereum quarterly price chart. Source: Finbold
MonkeyCoin (APE)
A newcomer to the crypto scene, ApeCoin (APE), launched in March 2022 by the Bored Ape Yacht Club ecosystem, has faltered in recent months but has been very popular with whales lately.
The purpose of the staking mechanism is to minimize the selling pressure from the holders of the ecosystem’s non-folded tokens (NFTs), which were allocated 15% of the APE supply at launch. The effects of this will be evident in early 2023, with the potential to increase the current price of the asset by $3.64.
ApeCoin 3-month price chart. Source: Finbold
XRP (XRP)
XRP, mined by Ripple Labs, has long been implicated in a widely publicized lawsuit where the United States Securities and Exchange Commission (SEC) sued the blockchain company for allegedly illegally selling the token deemed a security by the regulator.
Considering Ripple’s compelling progress in this situation, chances of winning are on its side and if it does, this could lead to a strong bullish rally for XRP in 2023, meaning that January could be the last chance to get it.
XRP 3-month price chart. Source: Finbold
Conclusion
While the setbacks experienced by the crypto industry over the past year, such as the explosion of the Terra (LUNA) ecosystem and the collapse of crypto exchange FTX, show that nothing is certain and external events can have tremendous downward pressure, the above cryptocurrencies have shown resilience in tough times and this is perspective makes them one of the best cryptocurrencies to buy in January 2023.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.
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