Best Cryptos To Buy Now in 2023 for Long-Term Growth
As cryptocurrency continues to evolve and mature, many investors are looking for the next ample opportunity in the market.With the proliferation of new and innovative blockchain-based projects, there are many options to choose from.From established players to up-and-coming contenders, deciding the best cryptocurrency to buy can be daunting.However, with careful research and a keen understanding of the market, investors can position themselves to reap the rewards of this rapidly growing industry.
The Best Cryptos To Buy Now in 2023 for Long-Term Growth are:
– Covo
– Bitcoin
– Ethereum
– Polygon
– Cardano
– Link
1) Covo
The rapid collapse of one of the largest crypto exchanges in the world, FTX, took the world by storm, looking for decentralized alternatives.
Covo Finance is a newly launched 100% decentralized spot and perpetual swap exchange that enables users to easily trade Bitcoin (BTC), Ethereum (ETH), and other popular cryptocurrencies directly from their crypto wallets.
The platform provides low-fee swap trades and enables leveraged trading up to 50x.It offers a trading experience similar to centralized exchanges like Binance but with no custodial risk.COVO Token – a utility and governance token that incentivizes users with various rewards.
Staking your COVO tokens earns rewards in three forms: 30% of all generated protocol fees in Matic, Secondly, stakers can earn esCOVO tokens, which can be staked or vested and are converted to COVO over 365 days, and Multiplier Points, which boost yield without contributing to token inflation.Multiplier Points increase yield from staking COVO tokens at the same rate as if a user was staking the same number of COVO tokens, thus boosting long-term holders’ returns and reward without contributing to token inflation.
For growing liquidity pools, 70% of platform revenue from leverage trading and trading fee are distributed to liquidity providers.Fees are distributed among a multi-asset pool called COVOLP, consisting of 50% stablecoins and 50% of other currencies, such as Bitcoin, Ether, Chainlink, and Uniswap.The Pool functions as a counterparty to traders on the Covo platform, mitigating the risk of trades.Traders open their positions against the pool, and money for trade is sourced from the liquidity pool.To become a liquidity provider, users must mint COVOLP tokens with any asset that is currently underweighted in the pool based on its current composition.Minted COVOLP tokens are automatically staked in a pool for rewards.
When redeeming COVOLP for any index assets, liquidity providers are rewarded for selecting to receive assets currently overweight in the pool.
Overall, Covo is number one on the list of best cryptos to buy now as it shows us the potential of Decentralised Finance (DeFi) and provides a simple-to-use platform that puts users’ money security at the forefront while offering a wide range of tokenization, trading and revenue generation services.
2) Bitcoin (BTC)
Many blockchain and cryptocurrency analysts believe Bitcoin could become an asset with the best performance in the second half of 2023.
Bitcoin (BTC) had a volatile year in 2022, with cryptocurrency dropping from its all-time high of around $70,000 to just over $16,000 at press time.With the next “halving” event about 18 months away, this puts Bitcoin among the best cryptocurrencies to buy now.
Despite continuing volatility driven by rising interest rates, Bitcoin could easily reach prices of around $40,000 by the time the halving event arrives in May 2024.Halving follows Bitcoin’s historical pattern of hitting bottom just before the next halving, with prices typically 60 percent of their previous all-time high.Institutional demand and the emergence of https://www.coingecko.com/en/coins/bitcoin as an inflation hedge further contribute to cryptocurrency’s long-term viability and appeal.
With continued demand from institutional investors and rising adoption trends, Bitcoin stands an excellent chance of reaching its historic peak value.As investors are increasingly bullish on Bitcoin’s potential, several indicators suggest that 2023 could be a year of significant potential growth.On-chain data shows that Bitcoin whales holding at least 1000-10,000 BTCs have appeared more frequently, indicating a growing interest in accumulation.
Furthermore, as the web of central bank digital currencies (
CBDCs) continues to grow and even more countries consider cryptocurrency regulation, institutional investors are seriously considering Bitcoin’s potential as a hedge.Many investors, such as Michael Saylor of MicroStrategy, have a bullish outlook on cryptocurrency.As a result, institutional demand is driving a surge in bull markets.This demand can be clearly seen in Bitcoin’s adoption since the beginning of the year.
3) Ethereum (ETH)
Ethereum (ETH), the world’s second-biggest cryptocurrency, is rising in popularity as investors recognize its potential to become one of the best cryptos to buy now in 2023.
As of the time of writing, Ethereum’s price was $1,262.04, with a 24-hour trading volume of $2,497,613,545.The live market cap of ETH is $154B.
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Ethereum blockchain is secured via Ethash proof-of-work algorithm and is transitioning to proof-of-stake or Ethereum 2.0, also known as “The Merge.” This transition reduces ETH issuance and is expected to minimize Ethereum’s annual energy consumption from 112 TWh/yr to only 0.01 TWh/yr resulting in a 99.9% drop.This green approach attracts investors to cryptocurrency and is anticipated to bring an influx of institutional money.
Ethereum (ETH) is continuing to grow with the introduction of EIP-1559 in August 2021.It replaces the first-price auction mechanism with a “base fee” that adjusts dynamically with transaction activity, reducing the volatility of ETH gas fees.With higher activity on the network, more ETH is burned, reducing its total supply and potentially making Ethereum deflationary, leading to a higher appreciation of its price.
Ethereum developers reached a consensus on a Thursday developer to prioritize enabling staked ether withdrawal from validators in Q1 of 2023.Based on outlined news, Ethereum investors have much to look forward to as cryptocurrency has proven to be a solid investment as of late with its network upgrades, reduction of energy wastage, reduced ETH issuance, and its potential to become deflationary with EIP-1559.With its current 24-hour trading volume of $2.5B processed millions of transactions, Ethereum is proving a strong contender for the best crypto to buy in 2023.
4) Polygon (MATIC)
Polygon (MATIC) is an Ethereum Layer 2 scaling solution that exists to boost the adoption of cryptocurrencies.Utilizing Plasma Framework and proof-of-stake architecture,
Polygon offers up to 65,000 transactions per second on a single sidechain and has a 4-second block confirmation time.
The platform also allows for the easy execution of scalable and autonomous Smart contracts, transforming Ethereum into a multi-chain system for various decentralized finance (DeFi) protocols.
Polygon has made significant strides in blockchain space in the past year, notably forming partnerships with Mastercard and Warner Music Group.Mastercard is launching a Polygon-based accelerator program to help musicians build their careers via Web3, as well as a non-fungible token (NFT) collection called “Mastercard Music Pass” for those not accepted into the program.In addition, global entertainment giant Warner Music Group has partnered with Polygon Studios and e-commerce and interactive platform builder LGN.io to build a Web3 music platform called LGND Music.These partnerships bring credibility to the platform and expose Polygon to millions of new users, thus placing Polygon (Matic) among the top analysts’ list of best cryptos to buy now in 2023.
5) Cardano (ADA)
The cryptocurrency world has been abuzz with news regarding Cardano (ADA) in 2023.
The open-source blockchain platform’s recent launch of Alonzo hard fork delivered price surges, leading cryptocurrency to gain 116% in the following month.With the network aiming to ‘redistribute power from unaccountable structures to individuals’ and its growing list of successful use cases, investors have taken an interest in Cardano, leading to its impressive 30% rise since December 30.
Cardano isn’t waiting for 2023 to ramp up its network activity.The platform is already seeing steady growth in smart contracts, with 4,803 Plutus smart contracts as of January 8 and 780 added in December.
Additionally, Cardano is introducing two new stablecoins to their platform in the first quarter of 2023.First is USDA, a centralized stablecoin backed by US Dollar, and second is Djed, a token created in conjunction with Coti.
These Stablecoins might bring more liquidity and diversification to the network, allowing crypto traders to dabble in a broader range of financial strategies.
Cardano is not only making progress in terms of development activity but also in price action as of late.As investor enthusiasm for cryptocurrency increases, ADA will likely receive even more attention.Given the evidence of its progress and ongoing features of its network, Cardano is indicating that it is one of the best cryptocurrencies to buy now in 2023.
6) Link (LINK)
Chainlink is a decentralized oracle network that provides a reliable connection between real-world data and blockchain-based applications.With this, business applications and smart contracts can interact with many data sources – from web APIs to traditional banking systems.
What makes this crypto particularly appealing is that it offers a secure and trusted offline data connection that meets the needs of large and smaller companies.
Chainlink recently conducted its first-ever token draw from its staking pool, with a total of 24.27 million tokens worth around $170 million being distributed.The Chainlink team announced on Twitter that the community staking pool had reached its maximum capacity of 22.5 million tokens, filling up within days.The community allotment was fully subscribed within just two days.While community allotment has been filled, node operators can still participate in the staking process, as the overall staking pool is capped at 25 million tokens.
Node operators have around 730,000 remaining tickets that they can still stake.
When looking for the best crypto to buy in 2023, it’s important for investors to do the research and understand the risks and rewards associated with investing in cryptocurrency.
With the continuing evolution of cryptocurrency and the abundance of available investment opportunities, it is possible to excel in this rapidly growing market.Covo, Bitcoin, and Ethereum have established themselves as top contenders for the best cryptocurrency to buy now.With a stronger focus on energy efficiency and reduced fee fluctuations, investors can look forward to a successful and stable investment in these cryptos.
Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only.By using this, you agree that the information does not constitute any investment or financial instructions.Do conduct your own research and reach out to financial advisors before making any investment decisions..
