What are Cryptocurrencies – The Most Popular Types of Virtual Currencies
April 18, 2023
How Much Should You Invest in Cryptocurrencies?
May 1, 2023
Investing in cryptocurrencies can bring really solid profits. However, it is necessary to constantly monitor the situation and exchange rates to close profitable transactions and not miss unfavorable drops for given cryptocurrency pairs. It is also worth carefully selecting the right crypto currencies for investment.
Which of them have a chance to be particularly beneficial for investors this year? What influences their popularity? What are the currently popular cryptocurrencies? Is it still worth investing in Bitcoin or Ethereum? We will write about this below.
Investing in Crypto – Is Cryptocurrency Worth It?
The topic of cryptocurrencies as an area for effective money investment has been raised for a long time worldwide. Due to the solid growth of many coins and tokens, trading in cryptocurrencies can bring solid profits for interested investors who carefully follow exchange rate changes. In many situations, their actions can give more than traditional investment areas.
Bitcoin itself crossed the $30,000 mark in mid-April 2023, which is the highest price since June 9, 2022. Analyzing the exchange rate changes of the oldest cryptocurrency, since the beginning of this year, its return rate is as much as 80%. What’s more, indicators for all crypto assets, measured by the S&P Crypto Broad Digital Market Index (BDM), indicate that the entire market has increased by 64%.
Therefore, it seems that investing in cryptocurrencies is currently still very profitable and can bring solid profits. However, remember that the value of cryptocurrencies depends on the dynamics and changes in the market, which can carry the risk of loss. Therefore, you should always invest only as much as you can afford to lose.
Cryptocurrency Ranking – Cryptocurrency Market and Forecasts for 2023
What trends do economists observe in the perspective of the coming months? Will it be a good time to invest in one of the oldest cryptocurrencies, or is it better to decide on new projects on the exchange?
Analysts indicate that in the near future we can expect further growth of the DeFi industry, i.e., decentralized finance. Interest in cryptocurrencies results from various factors. This is influenced, for example, by enabling payments using cryptocurrencies by the market giant PayPal. Soon there will probably be more changes in the area of cryptocurrencies. This is announced, for example, in Ethereum technology, one of the most popular cryptocurrencies (alongside Bitcoin).
Top 10 Cryptocurrencies Recommended by Various Financial Institutions – Which Virtual Currencies Are Worth Investing in on Cryptographic Exchanges?
The cryptocurrency market is a very dynamic space. It is expected that in the coming months a lot will happen, which will of course affect the investment behavior of people who deal with trading and long-term investments.
It is worth following the current quotations to be aware of what is worth investing in. Bitcoin is still out of competition, the first virtual currency introduced to the market. What other currencies appear in the rankings?
The most popular cryptocurrencies in terms of capitalization (March 2023) are:
- Bitcoin,
- Ethereum,
- Tether,
- BNB,
- USD Coin,
- XRP,
- Cardano,
- Lido Staked Ether,
- Dogecoin,
- Polygon.
In addition to the dominating Bitcoin, the list includes classic altcoins, such as Ethereum, but also stablecoins (e.g., USD Coin), closely linked to the US dollar (or using other fiat currencies) or gold, which gives them great stability and increases the level of security for investors. Interestingly, the list also includes other crypto currencies – meme coins, i.e., cryptocurrencies based on popular internet memes (including Dogecoin).
Apart from the top, Litecoin is currently out of the ranking but still enjoys a very good reputation, as well as other popular cryptocurrencies like Bitcoin Cash, Stellar, Cosmos, which constantly have a solid chance of growth in the coming time.
Other Cryptocurrencies (Growth Ranking) – What Else Is Worth Investing In?
When considering investing in crypto, it is also necessary to constantly monitor cryptocurrency prices and their growth. Solid growth in recent years has been recorded by currencies such as Stellar, Polkadot, Monero, Dash, Litecoin, and Solana. Their profitability, especially in 2020 and 2021, was very high. They are also slowly recovering after a difficult year 2022. It is worth, therefore, to follow the behaviors shown by specific crypto currencies to be successful in trading and achieve solid profits.
In many cases, practical tools automating trading can be used. Modern bots monitor cryptocurrency quotations on behalf of the trader 24 hours a day, without breaks, with equal precision and concentration at any time of the day and night. Many of them allow closing almost all profitable transactions. Such possibilities are offered by the effective EazyBot, a trading bot for trading on various cryptocurrency pairs. Within its framework, you can trade such currencies as:
- Bitcoin,
- Ethereum,
- Filecoin,
- Litecoin,
- XRP,
- Moneto,
- Ethereum Classic,
- Dogecoin,
- Tron,
- Curve DAO Token,
- Stellar,
- Bitcoin Cash,
- Polkadot,
- Solana,
- AAVE,
- Polygon,
- Uniswap,
- Cardano.
Many of them we have already mentioned in the earlier part of the article as particularly beneficial investment products to decide on in 2023.
Effective Investing in the Cryptocurrency Market – Summary
The effectiveness of investing in virtual money largely depends on the trader’s knowledge. If he constantly follows trends and behaviors of cryptographic exchanges, and also invests in main cryptocurrencies as well as developing, other crypto currencies, he has a chance to succeed and earn on cryptocurrency exchanges. However, you should always approach each investment with caution, as the investment may involve a loss.