Discover the best blue-chip cryptocurrencies to invest in for 2023 with expert analysis and insights. Our cryptocurrency experts have identified the top-performing digital assets with a proven stability and growth track record. Make informed investment decisions and maximize your profits with our comprehensive guide.
BlueChip Cryptocurrencies to look out for in 2023
Investor interest is rampantly growing in the crypto world. With more than 19000 tokens, making the right investment decisions can be challenging. While there are more robust cryptocurrencies, they still hold certain risks. Hence, putting all your hard-earned money into one asset is not wise. Informed decisions enable the investor to enjoy higher ROI amid market volatility. Here is a comprehensive list of
the top 5 cryptocurrencies with significant returns in 2023. Come check it out!
Factors to Consider Before Investing in Cryptocurrency
Before you proceed to the list of bluechip cryptocurrencies in 2023, you should be wary of the following things as an investor:
- Understand the Crypto Exchange or Crypto Trading Platform: There are a few basic things that you must know when getting on board with the crypto exchange or platform. For instance, how to transfer fiat to your crypto account, buy and sell crypto, convert crypto into fiat, etc. Knowing whether a platform allows withdrawals and deposits in the local currency is imperative. The mass
adoption of cryptocurrencies for daily activities is still a work in progress. LotusX has all the answers to these questions. To know the steps and understanding of the platform, watch this video.
- Leverage some time in research: Do not follow the herd. Everyone follows a different investment and trading technique depending on their risk appetite and portfolio diversification. A slight loss in one asset class may not affect them because they might be recovering in their investments. Hence, conducting in-depth research on projects that intrigue you before you pour your hard-earned money is wise. Never buy into risk-free or guaranteed schemes.
- Diversify your Portfolio: “Bitcoin, Ethereum, and SOL give an excellent ROI,” says Mr. X. You follow the pack. But what happens when the asset takes a dip, and you own only one of them? You are in for substantial losses. Diversifying your portfolio is the only way to succeed in the financial world. It is essential to hold cryptos that help you have a balanced portfolio. Remember, Bluechip investments are more stable in a poor market situation as the small or meme tokens wipe out in value the fastest.
- Risk what you can afford to lose: Cryptocurrencies are inherently risky. Hence, you must never invest more than you can afford to lose. Every individual must clearly understand the amount they need for necessities and other expenses and the amount they can spare because the crypto market comes without assurance. The crypto market is like a roller coaster ride; set your foot in it only if you enjoy the thrill.
- No-Quick Fix Solutions: Many investors get on board with crypto investments, thinking they can make quick money. However, the crypto market is not a quick solution to your monetary requirements. On the contrary, it is full of scams with people trying to rob you every second. Ensure you do not engage in any such schemes. Choose a trading platform or crypto exchange like LotusX that is committed to providing you with hands-on experience and developing a team with dedication.
Top 5 Bluechip Cryptos
Here are the top five cryptos per market capitalization and investor interest:
1. Bitcoin (BTC) – The Market Dominator
Market cap: Over $595 billion.
You have to be living under a rock not to know about Bitcoin. Created in 2009, BTC is the original cryptocurrency, the first digital alternative to fiat currency. It is undoubtedly the most well-known cryptocurrency and continues to dominate the market. Bitcoin works on blockchain technology that logs transactions across a network of numerous computers. Bitcoin is aware of fraudsters and is kept secure with a process called Proof of Work. With unimaginable growth over the years and speculations to make new highs, BTC can safely be called a haven investment in most portfolios. For more information on BTC, you can read this.
2. Ethereum (ETH) – The most used Crypto token
Market cap: Over $230 billion.
Ethereum is the second-largest cryptocurrency per the market cap and is the largest smart contract platform that enables dApp creation. It is now a developer-favourite platform because it supports applications like smart contracts that automatically execute the required function when certain conditions are met. With an enormous developer community, Ethereum has the potential to contribute to the growth of other cryptocurrencies. Currently trading over $1900, preparing itself for a bull leg in the near future. It is the name of a blockchain platform and its native cryptocurrency. ETH powers the biggest NFT marketplace per trading volume, OpenSea; the largest decentralized exchange, Uniswap; and the largest monetized Metaverse, Decentraland.
3. Binance Coin (BNB)– Ethereum’s Biggest Competitor
Market Cap: Over $37 billion.
The Binance Chain is the Ethereum smart contract network’s biggest competitor and one of the largest crypto exchanges per daily trade volume. It is also one of the largest crypto exchanges in the world, with BNB as its native token. Launched in late 2017, BNB has quickly become an investor favourite and has been the most successful altcoin in the past five years. Holding BNB helps the trader lower the transaction fee on the Binance trading platform. Binance can be used to book travel arrangements, make payment processing, etc., and traded in other forms of cryptocurrency, like Bitcoin or Ethereum.
Market Cap: Over $12 billion.
Cardano is a fairly new cryptocurrency that has garnered traction and interest due to its security and sustainability features. Cardano’s growing popularity among decentralized app developers keeps the ADA token high in demand. Its updates and utilities undergo a rigorous peer-review process, bringing academia to the crypto industry as they hire academic experts for their development team. Cardano’s biggest strength is the most future-proofed blockchain ecosystem, which is why it is used in many industries, such as validating academic certification, tracking agricultural supply chains, tracing environmental fundraising campaigns, and boosting transparency.
5. Solana (SOL)
Market Cap: Over $10 Billion.
Investors have been happy with SOL, combining PoS and PoH mechanisms. SOL was mined to assist decentralized finance (DeFi), decentralized apps (DApps), and smart contracts. It runs on a unique combination of proof-of-stake and proof-of-history mechanisms, which help process transactions securely and quickly. Being launched in 2020, SOL began trading at $0.77 and has shown a massive run-up despite the market turbulence. As of today, SOL is trading above $19. Rest you do the math, and make an informed decision.
The mentioned blue-chip cryptocurrencies can be your best bet as of the current situation. This is not to say that the market is not volatile and will not affect the price of these tokens, but they will perform better and are safer than the others, providing a good ROI. However, achieving your due diligence before investing your money is always recommended. To trade or invest in any of the above cryptos, always select a credible platform like LotusX.