As we step into August 2023, the cryptocurrency market is consolidating, presenting investors with potential opportunities to acquire undervalued altcoins. Although the market’s volatility persists, the beginning of a new month offers the chance to enrich your crypto portfolio. In this article, we’ll explore the top 5 altcoins to buy in August 2023.
Crypto sectors to AVOID in August 2023
Before diving into our top picks, let’s first address the sectors that may be prudent to avoid. Worldcoin’s recent launch has been riddled with privacy concerns. Countries worldwide are increasingly apprehensive about projects that could expose extensive user data, making such ventures risky investments.
Additionally, the Decentralized Finance (DeFi) sector took a considerable hit following a recent security breach at CurveDAO. This event raises valid concerns about the security of other DeFi projects, suggesting caution in this domain.
Top 5 Altcoins to Buy in August 2023
Now, let’s delve into the top 5 altcoins that we believe are poised for growth this August.
5. Ripple XRP
XRP comes in fifth after Ripple’s triumphant legal victory against the SEC. The favorable outcome saw prices surge, subsequently correcting back to lower levels, offering a potentially attractive entry point. As Ripple embarks on a fresh journey, XRP is well-positioned to grow in August.
4. Cardano ADA
Fourth on the list is Cardano’s ADA, a promising project aimed at addressing scalability, sustainability, and interoperability. Currently valued around $0.30, ADA remains significantly undervalued compared to its all-time high of about $3. This disparity suggests a potential uptrend on the horizon.
3. Tron TRX
Tron, an ambitious project aiming to decentralize the internet, has shown a promising uptrend in its TRX token. After a recent price correction from $0.077, TRX appears primed for an upswing, justifying its third-place on our list.
2. Stellar XLM
In the second place is Stellar’s XLM, a project that enables low-cost, fast cross-border transactions. Given the price correlation between XLM and XRP, and with XRP’s promising outlook, Stellar is expected to follow suit.
1. Dogecoin DOGE
Our top pick is the meme token that took the world by storm – Dogecoin. Following the rebranding of Twitter to X, rumors are swirling that Dogecoin may soon be accepted as a payment option on the platform. Should this speculation become reality, Dogecoin’s prices could potentially skyrocket.
Will August be Green for Cryptos?
Assuming no major negative fundamental changes, August 2023 could be a green month for cryptos. If Bitcoin manages to break above the $30,000 threshold, this, in turn, could set the stage for an overall bullish market. As always, stay informed, invest wisely, and be prepared for any market condition.
