7 Cryptos to Buy as a New Bull Market Emerges
The crypto market has long been marred by volatility, making it difficult to predict the future. However, experts predict that 2023 will be a pivotal year for those invested in cryptocurrencies. For anyone looking to invest in cryptocurrencies, now is a perfect time before pricing starts to take off again. Most projects are trading well below pre-pandemic prices, promising a healthy upside for most cryptos to buy.
It’s challenging to make sound investments in a bear market. Crypto markets, particularly, have been known to be cyclical and incredibly volatile, further complicating investment decisions. Perhaps taking a more measured approach and allocating the bulk of your portfolio to the more established names in the crypto space should help marginalize risk. Moreover, it would be prudent to allocate a small portion of your portfolios to up-and-coming altcoins with strong use cases with moonshot potential. Having said that, lets look at seven of the best cryptos to buy at this time.
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Bitcoin (BTC-USD) is the first and most popular crypto project, revolutionizing the industry since its inception in 2009. Its robust liquidity and sound reputation have become the gold standard against which all other cryptocurrencies are judged. As such, prices for other tokens are generally expressed in terms of BTC and their fiat equivalent.
If de-risking is what you’re after, then consider buying Bitcoin. Though it may not offer the bank-busting returns it once did, its undeniable popularity and liquidity make it the most sought-after digital asset. It holds an enviable position, and with its price down over 64% from its highs achieved in 2021, it’s the best time to scoop it up for long-term gains.
Source: shutterstock.com/BT Side
Ethereum (ETH-USD) stands out from other blockchains due to its laundry list of use cases, making it the top crypto platform in terms of real-world utility. Boasting the industry’s second most secure system and advanced decentralization, Ethereum has experienced immense success within the crypto space. Although it may not have impressive throughput, this is more than made up for with its top-notch safety protocols.
The security of Ethereum’s platform is why most developers opt for its amazing ecosystem. The leading crypto verticals including decentralized finance and NFTs depend on the platform’s viability to continue bolstering demand. Combining that with regular upgrades and a focus on utility, ETH is likely to generate massive long-term returns.
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Solana (SOL-USD) has been one of the most popular crypto projects over the past few years. It’s been gaining traction since, with some calling it one of the leading “Ethereum Killers” due to its incredible speed, robust scalability, and unprecedented efficiency.
In particular, the non-fungible token (NFT) market has seen significant engagement and adoption with Solana as users recognize the incredible potential for their investments. From its extremely low transaction fees at only a fraction of a penny to its blazing-fast speeds that handle up to 3,400 transactions per second compared to Ethereum’s 15. It’s no wonder why it is likely for massive gains ahead.
Source: shutterstock.com/Piotr Swat
Decentraland (MANA-USD) is an ambitious project that presents an exciting opportunity for investors looking to make bold moves in the metaverse. By purchasing MANA tokens, users can purchase and own land within the Decentraland universe and build their own experiences from the ground up. This new virtual world comes with a whole host of possibilities, from auction houses to participatory games, art galleries, and even virtual malls with digital stores.
Decentraland’s utilization of NFTs to incentivize its users is an incredibly innovative approach. Industry experts have highlighted it as one of the most promising projects in its field – a testament to its well-thought-out structure and long-term growth potential. The commitment of users worldwide has not gone unnoticed, and it looks highly likely that this will continue as the platform grows over time. Considering the projected cumulative annual growth rate of 37.5% for the metaverse market until 2030, investing into Decentraland’s MANA token promises a potentially lucrative return as engagement increases across the platform.
Neo (NEO-USD) is an exciting prospect for crypto investors, and its roots only add to the allure. Born out of Antshares, said to be China’s first public blockchain, Neo is touted as the ‘Ethereum of the Chinese market.’ Its visibility and influence have offered many a lucrative opportunity as it continues to amass credibility across national boundaries and technological frontiers.
Despite China’s ban on crypto mining and trading in 2021, Neo continues to thrive, supported by developing new innovative applications from Chinese developers. This makes Neo an attractive prospect – if China decides to reverse its stance on digital currencies, Neo’s already impressive value could skyrocket, representing a great opportunity for savvy investors.
Source: sdx15 / Shutterstock.com
Polygon (MATIC-USD) is an incredibly beneficial and established project for the Ethereum blockchain. It works as a layer-2 scaling solution, connecting Ethereum with other blockchains and resolving its scalability issues. Polygon has quickly become a go-to choice for developers looking to utilize a reliable scaling solution for carrying out smart contracts, allowing for rapid growth within decentralized applications.
As Ethereum is a leading blockchain platform, it is no surprise that many projects have sought to fix its scalability issues. Polygon stands out in the bunch, offering almost all possible scaling solutions to the Ethereum universe. Additionally, the TPS capacity of 65,000 with just one sidechain makes it a spectacular long-term project for developers and users alike.
Cardano (ADA-USD) enabled a new level of sustainability in terms of energy efficiency, making blockchain even more accessible to people worldwide with its proof-of-stake protocol. Major players in the cryptocurrency realm have taken notice, with Ethereum the latest to transition to the protocol pioneered by Cardano.
The remarkable development activity of Cardano is truly something to behold, and the numbers speak for themselves. With more than 2,400 commits higher than its nearest competitor, Cardano’s position continues to improve remarkably. This impressive development activity is largely due to its comprehensive development framework and highly dedicated team. Therefore, Cardano’s reputation as a leader in contemporary blockchain technology is of no surprise.
Disclosure: On the date of publication, Muslim Farooque held a LONG position in Ethereum and Solana. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.
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