The world of finance is witnessing a massive rise in popularity, thanks to the power of social media. Crypto has emerged as one of the most talked about asset classes these days. However, like most assets, the price of cryptocurrencies is also subject to market forces.
While volatility may not be a positive sign for investors, traders are always on the lookout for a fall in the price of their favorite crypto so that they can buy low. Moreover, early adopters of crypto have earned exorbitant profits, leading to more interest in it.
In this post, we bring to you the top 5 cryptocurrencies that you can consider adding to your wallet in 2023. Let’s get mining.
- Solana (SOL) – The huge public curiosity about crypto has definitely made cryptocurrencies more secure. Today, the rise and fall of crypto prices are not solely governed by what one famous entrepreneur says about it.
Solana is a public blockchain system that supports smart contracts. SOL is its native cryptocurrency. While Solana is extremely popular due to its secure systems, you can also easily check Solana Price Prediction For 2023-25 before loading it onto your wallet.
It is interesting to note that Solana is secure because it is the platform that created the Proof-of-History (PoH) method to verify transactions done through its platform. This has resulted in it having a big market cap. - Bitcoin – How could we not include Bitcoin in this list when it is the first cryptocurrency which comes to your mind when you talk of this asset class? What started as a blockchain platform way back in 2009 is now the biggest cryptocurrency globally.
Just like people who are starting to invest in the stock market prefer to stick to blue chip companies which have a large market cap, new crypto enthusiasts may start with Bitcoin since it is the original cryptocurrency.
The philosophy behind Bitcoin was to ensure that you have complete access to your money. Whether this can be achieved or not remains to be seen, but the fact that Bitcoin gave rise to so many other cryptocurrencies cannot be denied. - Ripple (XRP) – Global money transfer is an expensive affair. It is here that the role of Decentralized Finance (DeFi) becomes crucial. Ripple is a DeFi asset, the main aim of which is to bring down the costs and ensure seamless transfer of money around the world.
The native cryptocurrency of Ripple is XRP. Like Solana, XRP also supports smart contracts and reduces the time taken for processing cross-border transactions by banks. Since it has multiple uses, Ripple has garnered a large number of loyal users very fast.
While Ripple has run into some issues with the Securities and Exchange Commission (SEC), the fact that it has also partnered with big finance companies like JP Morgan makes it a factor of interest. - Shiba Inu (SHIB) – If you have heard of Dogecoin because of one event, then there is a very good chance you might have also heard of Shiba Inu (SHIB). Its popularity soared when the creator of Ethereum was given hundreds of tokens, and he decided to burn them.
The fact that those same tokens were then valued at billions of dollars gave Shiba Inu its moment of glory. As you might have understood by now, SHIB is the native token that is being strengthened further in 2023 so that its network is more stable and secure. - Ethereum (ETH) – Like Bitcoin, there is no escaping the mention of Ethereum. Not just a cryptocurrency (ETH), it is also a blockchain platform that supports smart contracts and has given a push to non-fungible tokens (NFTs).
If you look at the growth in its price for a 6-year period ending 2022, it has been tremendous. In fact, the popularity of Ethereum can be gauged by the fact that everyone you know on Twitter has a .eth username.
Any cryptocurrency which captures the imagination of people, like Bitcoin and Ethereum, is surely worth paying attention to.
From Bitcoin to Dogecoin and every other coin in between, there are tons of cryptocurrencies that will try and get into your wallet. As an individual, you must take into consideration the various risks associated with each currency before taking the plunge.
At the same time, it must be remembered that volatility is not a crypto thing alone, and most asset classes witness it in their lifecycle. If your decision is based on sound financial logic, you can certainly weather the storm.
