With over 10,000 cryptocurrencies (also referred to as ‘token’) to choose from, it can be a real head-scratcher to pick the right token for you that will maximize your returns.
Nowadays, we hear the word ‘crypto’ everywhere. With the wave of digitalization following the pandemic, Everyone is looking to invest their money in virtual currency that is on its way to becoming the next big thing, and some may even argue that it is already the hottest commodity.
Every investment strategy needs to be well planned and reviewed. One of the most critical elements to consider in your strategy is ‘diversity.’ This guide will explore and talk about the top five cryptos in 2023, and all five tokens will cover a range of project types, market caps, and risk levels.
Dogecoin (Cheap token to purchase)
Started as a lighthearted alternative to traditional cryptocurrencies, Dogecoin (DOGE), the meme coin, has unofficially been adopted by the CEO of Tesla, Elon Musk. He has started accepting this coin to enable the purchase of Tesla’s merchandise and has lately started accepting the same in the supercharger stations he owns.
Both the name and logo of the coin, which takes inspiration from a meme, are not the only factors that set it apart from traditional cryptocurrencies. Unlike any other crypto, it was not designed to be scarce. With 10,000 new coins mined every minute, DOGE has no maximum supply limit.
DOGE is one of the cheapest tokens available to purchase currently, as it is trading below $0.20. For frequent and timely updates on this particular coin, follow the twitter handle of Elon Musk.
Ethereum (To hold for long term)
We all have heard about Bitcoin, the most popular cryptocurrency. But, many analysts believe that Ethereum has a much higher price potential than Bitcoin, which makes it the best option to hold for the long term.
Launched in 2015 and a runner-up in the popularity contest, Ethereum is nothing like Bitcoin. It was not created as digital money. The founders wanted to build a new decentralized computing platform and make blockchains more secure and open.
Financial tools, games, complex databases, and many other things already run on the Ethereum blockchain. With the potential expected to be unlimited, investing in ‘Ether (ETH),’ the native token used by the Ethereum network. Holding onto it for the long run may be the right thing to do at the moment.
Decentraland (Best metaverse crypto)
Another new and exciting project in the world of crypto to be introduced this year, Decentraland, is a virtual world where users can buy and sell digital real estate while exploring and playing games within this virtual world. There are two types of tokens part of Decentraland:
- MANA: A cryptocurrency that enables the purchase of LAND, and all the virtual goods and services available on Decentraland
- LAND: It is a non-fungible token (NFT) that defines the ownership of any piece of land parcels, i.e., digital real estate.
The users who own MANA have a lot of in-game benefits available to them.
As the metaverse concept is getting popular among the public, Decentraland is one of the tokens expected to gain from the expansion.
Cardano (Excellent development team)
Cardona is one of the biggest tokens in terms of market cap. It is designed as an open-source blockchain network that is flexible, sustainable, and scalable for running small contracts and allows the development of decentralized finance apps, new tokens, games, and much more.
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Cardano offers to be a ‘safer’ option than other blockchain networks due to the design being done by expert academics and with the use of peer-reviewed literature.
Aave (Best new crypto in the DeFi space)
Considered by numerous analysts to be the best new cryptocurrency to buy within the DeFi space, the emerging cryptocurrency, Aave, is a decentralized lending system used to lend, borrow and earn interest on crypto assets without any middlemen being present. This makes sure that the users do not need to trust any particular institution or person to manage their funds. The only thing they need to worry about is the code’s functionality they use.
The Aave software enables the user to create lending pools to lend and borrow 17 different cryptocurrencies, including ETH, MANA, and BAT.