The crypto market has had a turbulent 2022. With the many collapses and bankruptcies that have been seen this year alone, it’s no surprise that the market is ending on a low note. However, as another year is ushered in, there are many cryptocurrencies in the space that offer opportunities in the coming year. Here is a list of assets that have proven and will continue to prove themselves.
Bitcoin (BTC)
Naturally, bitcoin tops the list of top cryptos to watch in the new year. As a pioneer in the space, the digital asset still holds a significant share of the market, as well as multiple bull runs with performance that has exceeded anyone’s expectations.
When looking for digital assets to invest in for the new year, look no further than BTC. This is the closest to a “safe” investment crypto users can get. In addition, it is a good hedge against inflation due to continuous performance. If the asset bottoms out in the new year, there could be a good rally in price.
Ethereum (ETH)
After bitcoin, the next best thing in the crypto market remains ethereum. There have even been arguments that this asset is better than its predecessor Bitcoin due to its wide range of use cases, including but not limited to the popular decentralized finance (DeFi) sectors and non-fungible tokens (NFT).
Much like this asset did in the use cases, it was a good investment. It hit a high of $4,800 before the bear market began, and although it is down over 70% from that all-time high, ETH still packs a punch and is one of the assets numbers that should perform incredibly well in the next bull market. . .
Dogecoin (DOGE)
At first glance, the appearance of dogecoin on this list may seem out of place, but it has earned its place. The meme coin has since gone from being a joke among social media users to one of the most popular cryptocurrencies in the world. He continues to enjoy the support of the likes of Elon Musk and Matt Wallace who have shown no signs of slowing down.
DOGE’s social media following has also soared to over 3 million followers on Twitter, with over 4.5 million holders. This means that there is still a lot of confidence in the digital asset despite the current low prices. And as the 2021 bull run has shown, it’s not necessarily utility that determines whether a cryptocurrency will perform well, but rather the amount of support it receives from investors. This makes dogecoin a reasonable bet in the future.
Binance Coin (BNB)
Binance Coin (BNB) is arguably one of the best performers in the bull market. Even in the bear market, the coin held its gains better than its larger counterparts such as bitcoin and ethereum. BNB is backed by Binance, which is the world’s largest crypto exchange by trading volume. Being tied to such a formidable company has done wonders for the asset, which is currently the 5th largest cryptocurrency in the world by market capitalization.
BNB is very promising in 2023 as Binance overcomes the FUD that is destined for it. The crypto exchange has also shown users that it is capable of withstanding the type of bank runs that led to FTX’s bankruptcy, showing that they remain in a position of strength. As Binance continues to dominate, so will its native currency, BNB.
XRP (XRP)
XRP is a digital asset whose growth was triggered by the ongoing Securities and Exchange Commission case against Ripple. However, with the case being in court for so long, it is likely that an end is near. If Ripple were to triumph over the SEC in this case, the price of XRP will likely explode in response.
One problem with this pick is that unlike the others on this list, he stands to lose a lot if the case is in favor of the SEC. Thus, an investment in XRP is more than a bet on how the Ripple v. The SEC case will come to light. There is potential for a lot of profit but also potential for a lot of loss with this one.
Prime (Shiba Inu)
Shiba Inu receives an honorary mention on this list due to its performance in 2021. The meme coin has suffered multiple drops and crashes that have left the vast majority of holders at a loss, but its large and strong community shows that it can still stay more store with this digital asset.
Market cap drops to $751 billion | Source: Crypto Total Market Cap on TradingView.com
Featured image from TechStory, chart from TradingView.com
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