2023 welcomed the crypto market in a consolidated view. Most cryptos barely moved by an average of -0.43%. This is pretty much what happens every new year’s eve. However, crypto prices suffered heavy losses in 2022 and became very cheap to buy compared to their all-time high potentials. Which cryptocurrencies should you buy? Here are 3 picks that can make you a crypto millionaire in 2023.
How did Cryptos perform in 2022?
2022 was among the worst years ever for cryptos. The average decline in crypto prices since the year’s beginning is around 70%. The primary causes of this reduction are two:
- After two years of irrational bullishness, the cryptocurrency market needed a long-overdue correction. As a result, prices dropped.
- Due to weak foundations, FTX and other cryptocurrency exchanges failed in 2022. In order to lock in profits, the bulk of investors sold their shares as a result, leaving other investors behind. The outcome was FUD in the crypto market.
Crypto 2023: Why is it a good idea to buy?
There are several reasons why some people might consider investing in cryptocurrency:
- Potential for high returns: Some cryptocurrencies have seen tremendous price appreciation over the years. For example, Bitcoin, the first and most well-known cryptocurrency, was worth around $0.003 when it was first created in 2009. As of 2021, it was worth over $40,000. While past performance is no guarantee of future results, some investors believe that cryptocurrency has the potential to generate high returns.
- Decentralization: Cryptocurrencies are decentralized, which means that they are not subject to government or financial institution control. This can be appealing to some people who are looking for an alternative to traditional financial systems.
- Limited supply: Many cryptocurrencies have a limited supply, which means that there is only a fixed number of units that will be produced. This can potentially lead to price appreciation if demand for the cryptocurrency increases.
- Use in online transactions: Some people use cryptocurrencies for online transactions because they are fast, cheap, and secure.
Crypto Millionaire: Top 3 Cryptos to BUY for 2023
Bitcoin (BTC)
Bitcoin is the biggest and oldest cryptocurrency in the market. It is currently priced around $16,500 per BTC. Looking at its previous all-time high price of around $70,000, Bitcoin presents a great opportunity to buy. This is because simply reaching this previous high price means a performance of more than x4. This quadruple performance is considered very high, especially when dealing with Bitcoin, one of the most solid cryptos in the market.
Ripple (XRP)
XRP is the second recommended cryptocurrency to buy for 2023. Ripple company was supposed to resolve its lawsuit with the SEC back in Q3 of 2022. However, things dragged and are today planned to resolve in Q1 of 2023. Once this happens, XRP should fly high.
XRP currently sits around 33 cents, and can do more than x8 to reach its previous all-time high of around $3.
Cardano (ADA)
Cardano is another crypto project that got hit the hardest due to the crypto crash. ADA prices dropped from their high of around $3 and reached the current price of 24 cents. Cardano is a great project that implements scientific approaches to scale their blockchain.
If ADA reaches its previous all-time high price, it can make a whooping x12 gain.
Conclusion
The crypto crash wiped out more than 2 billion in market capitalization. However, smart investors know when to enter the market. They are greedy when everyone else is fearful. The above cryptos have big potentials in the next bullrun. Currently, the crypto market is still showing weakness and it is not advisable to buy any cryptocurrency. However, once the market goes back to its uptrend, the above should soar in valuation.
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