- Ethereum is a good crypto because of its strong market share.
- Chainlink has a strong presence in the oracle industry.
- Aptos has seen its total value locked jump to $55 million.
Crypto prices have had a long winter in 2022 as the sector battled numerous challenges, including the collapse of Terra and FTX. Like the stock market, cryptocurrencies also battled soaring interest rates in the United States and the rising possibility of a major recession. With rates set to remain elevated, there is a likelihood that cryptocurrency prices will struggle in 2023. Here are some of the best cryptocurrencies to buy in 2023.
Ethereum | ETH
Ethereum price had a difficult performance in 2022 as it collapsed by 75% from its all-time high. This decline happened even as the Ethereum merge happened. This merge transformed the network from a proof-of-work (PoW) into a proof-of-stake (PoW) platform. The transition set the stage for more upgrades in the network.
Ethereum also saw the total value locked (TVL) in the network crash from over $150 billion to less than $50 billion. Non-Fungible Token (NFT) volume crashed from its highest level in January.
Ethereum is a good crypto to buy in 2023 because of its strong market share in the blockchain industry. While it faces significant competition from the likes of Avalanche, Solana, and Tron, it has maintained its market share.
Another likely catalyst for Ethereum price in 2023 is the expected upgrades. The first one will be the Guangzhou upgrade that will let users withdraw their staked profits. Further, the developers will work on increasing its throughput through sharding technology.
Find out how to buy Ethereum.
Chainlink | LINK
Chainlink is another best crypto to buy in 2023. For starters, Chainlink is a market leader in the smart oracle industry. It is an infrastructure layer product that makes it possible for developers to incorporate off-chain data to the on-chain. For example, a developer can take crypto prices data from an off-chain platform like CoinMarketCap and then use it in a decentralized exchange.
Chainlink is widely used across most of the biggest DEX in the world. It has also introduced new features, including proof-of-reserves for exchanges. As I wrote recently, the network also made it possible for people to stake the coin. Therefore, LINK could become a winner as it transitions into a decentralized oracle network.
Find out how to buy Chainlink.
Aptos | APT
Aptos is a relatively new cryptocurrency that could become a good investment for 2023. It is a smart contract platform that is significantly faster than and more cost-effective than Ethereum. In the past few months, it has seen the total value locked (TVL) rise to more than $55 million, helped by PancakeSwap. Therefore, as adoption grows, there is a likelihood that Aptos price will do well in 2023.
Other cryptocurrencies to invest in in 2023 are Uniswap, dYdX, Polygon, and Cosmos.
