Best Cryptos To Buy Now in 2023 for Long-Term Growth
Cryptocurrency is an evolving market with ample opportunities for investors. With new and innovative blockchain projects emerging, it can be challenging to determine the best cryptocurrency to buy for long-term growth. However, with research and market understanding, investors can position themselves to benefit from this rapidly growing industry.
In this post, we will highlight the best crypto to buy in 2023 for long-term investment.
Best Cryptos to Buy For Long-Term Investment
Covo Finance is a newly launched decentralized exchange that allows users to easily trade popular cryptocurrencies like Bitcoin and Ethereum directly from their crypto wallets. It offers low-fee swap trades and allows leveraged trading up to 50x. The platform operates similarly to centralized exchanges but without the risk of custodial control.
Covo has its own utility and governance token called COVO. By staking COVO tokens, users can earn rewards in the form of protocol fees, additional COVO tokens called esCOVO, and Multiplier Points that boost their returns without causing token inflation.
The platform also rewards liquidity providers. 70% of the revenue generated from leverage trading and trading fees is distributed among liquidity providers. The distribution is done through a multi-asset pool called COVOLP, which consists of stablecoins and other cryptocurrencies like Bitcoin and Ether. The pool acts as a counterparty to traders, reducing the risk involved. To become a liquidity provider, users need to mint COVOLP tokens using assets that are currently underrepresented in the pool. These minted tokens are then automatically staked for rewards. When redeeming COVOLP tokens, liquidity providers are rewarded for selecting assets that are currently overrepresented in the pool.
Experts who study blockchain and cryptocurrency believe that Bitcoin could perform very well in the second half of 2023. Last year, Bitcoin had a lot of ups and downs. It reached a record-high price of about $70,000 but then dropped to around $16,000. However, things are looking up for Bitcoin because there is an event called “halving” coming up in about 18 months. This event has happened before and historically, Bitcoin tends to do well after it.
Even though Bitcoin can be unpredictable, some experts think it could reach prices of around $40,000 by the time the halving event happens in May 2024. This is based on the pattern that Bitcoin usually hits its lowest point just before the halving and its prices are usually around 60% of its previous highest price. Also, more and more big investors are getting interested in Bitcoin as a way to protect their money from inflation.
There are signs that 2023 could be a good year for Bitcoin. The data shows that there are more big investors who own a lot of Bitcoin, which suggests that they believe in its value and are buying more. Additionally, as more countries start using their digital currencies and making rules about cryptocurrencies, big investors are thinking that Bitcoin could be a good investment to protect their money. This has caused a lot of demand for Bitcoin and made its price go up.
Ethereum (ETH) is gaining popularity among investors and is considered one of the top cryptocurrencies to buy in 2023. At the moment, the price of Ethereum is $1,262.04, and its market cap is $154 billion.
One reason for Ethereum’s appeal is its blockchain technology, which is transitioning from a proof-of-work algorithm to a more environmentally friendly proof-of-stake system called Ethereum 2.0 or “The Merge.” This transition will significantly reduce Ethereum’s energy consumption and attract environmentally conscious investors.
Ethereum has also introduced EIP-1559, which changes how transaction fees are calculated and reduces the volatility of gas fees. This update can lead to a decrease in the total supply of Ethereum and potentially make it a deflationary asset, increasing its value over time.
Furthermore, Ethereum developers have plans to allow staked Ether withdrawal from validators, providing additional benefits for investors. These developments, along with network upgrades and reduced issuance of ETH, make Ethereum an attractive investment option.
With a 24-hour trading volume of $2.5 billion and millions of transactions processed, Ethereum continues to demonstrate its strength as a leading cryptocurrency.
Polygon (MATIC) is a technology built on Ethereum that helps make cryptocurrencies more popular and easier to use. It uses special techniques like the Plasma Framework and proof-of-stake architecture to make transactions faster and more efficient. With Polygon, you can do up to 65,000 transactions per second on a single sidechain, and the time it takes to confirm a block is only 4 seconds. This means you can do a lot of transactions quickly.
One of the reasons why Polygon is gaining attention is because it has formed partnerships with big companies like Mastercard and Warner Music Group. Mastercard is creating a program on Polygon to support musicians and help them build their careers using new technologies like Web3. They are also creating a collection of digital items called NFTs for musicians who are not part of the program. Warner Music Group is working with Polygon to create a new music platform using blockchain technology. These partnerships bring credibility to Polygon and expose it to millions of new users.
Because of these advancements and partnerships, many experts believe that Polygon (MATIC) is one of the best cryptocurrencies to invest in right now. It offers innovative solutions to make cryptocurrencies more accessible and has the support of big companies in the music and financial industries.
Cardano (ADA) has been making headlines in the cryptocurrency world since 2023. Recently, they launched an important update called the Alonzo hard fork, which caused the price of Cardano to increase by 116% in just one month. This has caught the attention of investors who are interested in the platform’s goal of giving more power to individuals and its successful use cases.
Cardano is not wasting any time and is already experiencing growth in its smart contract capabilities. They have thousands of Plutus smart contracts, and more are being added regularly.
In addition, Cardano is introducing two new stablecoins to their platform in early 2023. These stablecoins, called USDA and Djed, will provide more stability and options for traders, allowing them to try different financial strategies.
Cardano’s progress in both development and price action has been promising. As more people become enthusiastic about cryptocurrencies, ADA is likely to gain even more attention. Considering its achievements and ongoing features, Cardano is considered one of the best cryptocurrencies to invest in during 2023.
Chainlink is a special cryptocurrency called a decentralized Oracle network. It acts as a bridge between real-world data and blockchain-based applications. This means that business applications and smart contracts can use Chainlink to connect with different sources of data, like websites and banking systems. This is helpful for companies because it provides a secure way to access and use data offline.
Recently, Chainlink did something exciting called a token draw from its staking pool. They distributed about 24.27 million tokens, which are worth around $170 million, to the people who participate in staking. Staking is a way to earn rewards by holding and supporting the Chainlink network. The community staking pool quickly reached its maximum capacity of 22.5 million tokens, and all the available spots were taken in just two days. But don’t worry, there are still opportunities for other people called node operators to participate in staking. They have about 730,000 tickets left to stake. So even though the community allotment is full, the staking process is still open for node operators to join.
If you’re thinking about investing in cryptocurrency in 2023, it’s essential to do your homework and understand the risks and rewards involved. Cryptocurrency is a fast-growing market, and there are many options to choose from. Three top contenders for the best cryptocurrencies to buy right now are Covo, Bitcoin, and Ethereum.
However, investing in cryptocurrency can be exciting, but it’s important to understand that there are risks involved. Do your research, stay informed, and make decisions based on your own financial goals and risk tolerance.
RoboFi is a decentralized finance (Defi) platform that aims to establish a marketplace for innovative Dao crypto trading bots. The platform offers an Initial Bot Offering (IBO) system, which allows community members to maximize their earnings through a simple, secure, and user-friendly process. RoboFi leverages blockchain technologies to create a safe and transparent environment, enabling developers to launch crypto trading bot platforms with ease. Moreover, the platform offers easy access to these bot applications, providing individuals with additional earning opportunities.
RoboFi’s ecosystem is powered by the VICS token, which serves as the primary currency within the platform. The VICS token is a BEP-20 token that can be used to access various features within the RoboFi ecosystem, including staking, trading, and participating in IBOs. The platform’s goal is to enable the community to build, test, and deploy innovative trading bot strategies, and leverage the power of Defi to create new and profitable investment opportunities. Ultimately, RoboFi seeks to democratize access to advanced trading strategies and make it easier for everyone to participate in the crypto market.
VICS token offers a unique and attractive proposition as a BEP-20 token on the Binance smart chain. It serves as a primary utility token in the RoboFi ecosystem, which is a trusted marketplace for cryptocurrency trading bots. Its key functionality includes serving as a governance token for DABots, enabling token holders to participate in Initial Bot Offerings (IBOs) and gain additional benefits. VICS is readily available for trading on major exchanges.