Looking for cryptocurrencies to add to your watchlist this 2023? You are just in the right place. Continue reading to find out the top 5 best cryptocurrencies to add to your watchlist this 2023:
Here are the cryptocurrencies to add to your watchlist this 2023
1. Ethereum (ETH)
Ethereum, also known as ether, is the world’s second-largest cryptocurrency after bitcoin, occasionally outperforming it. Ethereum implemented a major upgrade in 2021, which included reducing the supply of ether, which is currently at 122.37 million coins as of January 4. The upgrade also allows the Ethereum network to process more transactions per second, improve platform scalability, and reduce transaction fees.
In comparison to bitcoin, Ethereum lacks scarcity (the supply of bitcoin is limited to 21 million coins) and widespread acceptance by businesses and governments. Unlike bitcoin, however, Ethereum is more than just a store of value. It also serves as the foundation for an infrastructure upon which apps can be built.
2. The Binance Coin (BNB)
In terms of trading volume, Binance is the largest cryptocurrency exchange. Binance coin, like bitcoin, has a hard limit on the number of tokens in circulation — currently, 159,964,095 tokens out of a maximum of 200,000,000 tokens are in circulation. This aided the token price’s exponential rise in 2021.
Furthermore, Binance invests roughly one-fifth of its profits each quarter in permanently removing, or “burning,” BNB tokens, which increases the value of the remaining tokens. It has already burned over 38.5 million BNB tokens and plans to burn 50% of the maximum supply eventually.
3. Decentraland (MANA)
Decentraland is an Ethereum blockchain-based virtual reality game that uses the MANA token as in-game currency. Users can buy goods and services, buy land, visit other players, and create and monetize their own content. MANA’s current price of $0.3247 represents a 13.5% increase from its 52-week low of $0.2859 — and a 91% decrease from its 52-week high of $3.54.
MANA is the fourth-largest gaming cryptocurrency by market capitalization. Although Decentraland faces competition from The Sandbox and ApeCoin, and in-game assets are quite expensive — land parcels recently listed on Blockee start at two ethereum, or about $2,600 at current prices — it does have some advantages that could propel the MANA token forward. Users, for example, retain ownership of digital assets created in Decentraland and can convert them to cryptocurrencies other than MANA.
4. Algorand (ALGO)
Algorand, founded by renowned computer scientist Silvio Micali, has established itself as a rival to the Ethereum blockchain. According to Securities.io, hundreds of companies use it, and it received a significant boost in 2021 when El Salvador announced that it would establish its blockchain infrastructure using Algorand. This made ALGO deserve a spot as one of the top cryptocurrencies to add to your watchlist this 2023.
5. Tether (USDT)
Tether is a type of “stablecoin” that is linked to another asset, making it a less volatile alternative to bitcoin. In the case of tether, that asset is the US dollar. In terms of valuation, Tether typically has a one-to-one relationship with the dollar, implying that it is less volatile than cryptos such as bitcoin and ether.
Tether is the largest stablecoin and the third-largest coin overall, with a market cap of $66.25 billion. It’s also the most traded coin, with cryptocurrency investors using it to hold funds or make transactions with funds they want to protect against price swings that bitcoin, ether, and other non-stable cryptocurrencies are prone to. You can also lend it to cryptocurrency platforms in exchange for double-digit annualized interest rates without being concerned about volatility wiping out your profits.
Profits and Gains from Cryptocurrency
When looking for the next big cryptocurrency, two things to look for are similar to what a stock investor would look for: market capitalization and price.
The market capitalization of a network indicates how much money has been invested in it. The larger the market cap, the more stable the asset, though it also means the coin has less room to grow. It’s also important to monitor the price to see if investors are bullish or bearish on the cryptocurrency.