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Cryptocurrency has been gaining traction in the past few years, and its popularity is expected to continue growing. Therefore, staying up-to-date with the latest news and trends is important to make informed decisions when investing in cryptocurrencies.
This article will provide an overview of the top 10 cryptocurrencies you should consider buying in 2023. We will discuss their use cases, the potential for growth, market capitalization, and more. By understanding these factors, you can make an educated decision on which crypto to buy in 2023.
What is BYDFI?
BYDFI is a crypto exchange that started operations in 2019. It is known for its user-friendly features and advanced trading abilities, such as margin accounts and derivatives trading, with competitive transaction fees. According to our investigation & review of BYDFI, it is deemed a dependable and secure platform for cryptocurrency contract trading, suitable for even novice traders.
Ethereum (ETH)
Ethereum is a blockchain-based platform that enables peer-to-peer networks to execute and verify applications, known as smart contracts. These smart contracts allow people to securely transact with each other without the need for a central authority. Ether has several different uses. For example, it is commonly traded as a digital currency on exchanges, stored as an investment, used to purchase goods & services, and used to pay transaction fees on the Ethereum network.
Despite the potential of an economic recession present in 2022-23, Ethereum is a solid investment in the long term. We are optimistic about its performance for the next 1-3 years and recommend buying it if you have a long-term outlook.
In the 12H timeframe, the price action of $ETH/USDT is moving inside the horizontal resistance zone. Therefore, a downward movement is expected from here. On the other hand, if it breaks its resistance zone after a successful retest, it can go to $2030.
Binance Coin (BNB)
BNB is the cryptocurrency token at the heart of BNB Chain’s platform. It is one of the world’s most utilized utility tokens, and it can be used for both trading and a variety of applications & use cases. Additionally, traders can utilize BNB like any other crypto coin.
Binance Coin (BNB) is a crypto token used to pay fees on the Binance exchange. As of January 2023, Binance exchange was the biggest crypto exchange in the world, enabling an impressive 1.4 million transactions every second. Binance Coin (BNB) has seen a surge in its price, with an upturn of 13% in the past week. Not only that, but its daily trading volume also saw an impressive 80% increase in the same period. BNB’s market cap grew by 12%, with these positive results.
In the 1H timeframe, the price action of $BNB/USDT is rejected from the horizontal resistance zone. A further downward movement is expected from here. Suppose it breaks its resistance zone. Then it can go upward.
Ripple (XRP)
XRP is one of the most prominent coins in terms of market capitalization, ranking higher than SOL and DOT. It is highly efficient in transaction speed and cost, making it a great storage option. Moreover, it provides a more environmentally-friendly alternative to cryptocurrencies that rely on proof-of-work consensus algorithms.
XRP is a great asset for investors who invest in digital currencies from a top-down approach. It has an attractive price point that allows more people to enter the market and benefit from higher investment returns. Unfortunately, XRP is trading 90% lower than its all-time high, making it one of the most undervalued cryptocurrencies. This isn’t due to any inherent flaws in the technology or fundamentals but likely because of the lingering negative impact of the US SEC’s ongoing lawsuit.
In the 2H timeframe, the price action of $XRP/USDT consolidates inside the rectangle channel. Currently, the price has broken the horizontal resistance zone of the rectangle channel. Now the price is testing the channel resistance. After a successful retest, it can go upward.
Cardano (ADA)
The Cardano blockchain is a brilliant tool for developing smart contracts and creating dApps & protocols. Moreover, it facilitates instant fund transfers with little to no transaction fees, making it an ideal technology in business & finance.
Cardano (ADA) is a great investment option. Experts predict that Cardano may hit a new high in 2023 due to the continuous advancements within the Cardano system and the entire cryptocurrency market. Therefore, investing in Cardano could yield potential returns in the future.
ADA, the cryptocurrency from Cardano’s blockchain platform, has had quite a rise in price since 2017, when it was valued at $0.02. On January 20th, 2021, it was priced at around $0.32 – indicating an impressive 1500% increase in only four years.
In the 1D timeframe, the price action of $ADA/USDT of the descending broadening wedge chart pattern. The price has broken the broadening wedge resistance trendline. And the price has been tested successfully. Therefore, a further upward movement is expected from here.
Solana (SOL)
Solana (SOL) has recently seen immense growth due to its high-speed performance, reasonable fixed costs, and reliable network. This has made it a go-to choice for developers and financial institutions who anticipate Solana becoming the Visa of the crypto world soon. The asset is usually used for transaction & staking fees on the Solana Blockchain.
With its sustainability and advanced features, Solana has gained the attention of many investors looking to invest in SOL tokens. Furthermore, as more projects move to the platform and become more popular, we anticipate a rapid growth in user numbers on the network.
In the 4H timeframe, the price action of $SOL/USDT has broken the horizontal resistance zone of the rectangle channel. Currently, the price is testing the channel resistance zone. After a successful retest, it can go upward. 4EMA and Ichimoku cloud are also showing bullish momentum of $SOL.
Polkadot (DOT)
Polkadot is a blockchain platform that facilitates the crossing of values & data between disparate networks. It boasts impressive speed and scalability and uses the DOT coin for staking & governance functions. The token can be purchased or traded on BYDFI & other exchanges. Gavin Wood, the co-founder of Ethereum, developed Polkadot – a cryptocurrency with no predefined limit on its supply. This means only a continuous flow of new tokens is available in circulation.
Analysts of the cryptocurrency sector predict that the DOT currency could reach a maximum of $8.37 in July 2023 and a minimum of $7.21. The projected average rate for Polkadot in July 2023 is estimated to be around $7.45. Polkadot witnessed an impressive surge in its price in May 2020, hitting $6.30, then hitting its highest-ever value of $55.11 in May 2021. However, it saw a sharp decline of nearly $4 by December 2022. As of January 20th, 2023, the cryptocurrency has regained its footing to be priced at $6.
In the 1D timeframe, the price action of $DOT/USDT moves between the horizontal support and resistance zone. We must wait for a successful breakout or breakdown to confirm its next direction of $DOT.
Polygon (MATIC)
In 2023, Polygon could be a worthwhile investment for those looking to make money in cryptocurrency. Those more comfortable with taking short-term risks may not find it as appealing and would rather look for quick rewards, but long-term investors could get more out of this asset as it can generate strong returns.
Polygon (MATIC) is an Ethereum-powered platform & blockchain network with its native token, MATIC. This token can be used to pay fees, secure & govern the network, and is available for purchase on exchanges like BYDFI. The launch of Polygon has helped make it easier for other Ethereum-compatible projects to develop & expand.
In the 2H timeframe, the price action of $MATIC/USDT is rejected from the horizontal resistance zone. Therefore, a downward movement is expected from here of $MATIC.
TRON (TRX)
Tron is a blockchain-based platform that enables content creators to access a worldwide network. The TRX token helps pay creators for their content and provides access to the Tron system. Unlike conventional social media sites, Tron uses permissionless tools to ensure information reaches them quickly & securely.
TRON has been gaining attention in cryptocurrency due to its specialized features, such as faster transactions. However, it is important to understand the risks associated with investing in crypto assets before taking the plunge. TRX is expected to become one of the most decentralized cryptos and may hit the mark as high as $0.09 by the end of 2025. Moreover, if favorable regulations are implemented in 2023, TRON could reach $0.16, just a few cents away from its previous highest price.
In the 1W timeframe, the price action of $TRX/USDT is moving inside the descending triangle. However, we must wait for a successful breakout or breakdown to confirm its next direction.
Litecoin (LTC)
Litecoin has established itself as a viable investment option, and it is extremely simple to access relevant data related to technical & fundamental analysis since it is widely available online. Unfortunately, the cryptocurrency market declined in the early months of 2022, a trend usually followed by “smart money” investors returning to the market and accumulating crypto assets.
According to experts in the market, Litecoin will remain above $110 throughout September 2023. It is also predicted that the maximum peak price this month will be around $129, while the average value is forecasted to reach $115.
In the 12H timeframe, the price action of $LTC/USDT is moving below the horizontal resistance zone. Therefore, a downward movement is expected from here. On the other hand, if it breaks its resistance zone. Then it can go upward.
Chainlink (LINK)
Chainlink is an Ethereum-based token that runs the decentralized oracle network. This network helps smart contracts on the Ethereum blockchain to access data sources, application programming interfaces (APIs), and payment systems securely. Chainlink is a decentralized network of nodes that allow on-blockchain smart contracts to receive data & information from outside sources. It uses secure hardware, reducing any reliability issues that may arise when relying on a single centralized source.
TradingView has given Chainlink a good Buy signal, indicating that the token has growth potential. Furthermore, their analysis of the cryptocurrency’s price has revealed that LINK will likely trend upward in the foreseeable future.
In the 12H timeframe, the price action of $/USDT has formed an inverse head & shoulder chart pattern. Currently, the price is trying to break its neckline. 4EMA is also showing bullish momentum. Suppose it breaks the neckline of the inverse head & shoulder pattern. Then we will see well gain in $LINK.
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Closing Thoughts
The Crypto market is known for its volatile nature. According to the above analysis, the coins we discussed might prove to be profitable if other market conditions prevail favorably. We suggest you engage in adequate research before investing in any digital assets.
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