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Crypto Millionaire: Buy THESE cryptos before they boom in 2023?

2023 welcomed the cryptocurrency market in a consolidated way. Most cryptocurrencies barely moved from the average of -0.43%. This is almost what happens every New Year’s Eve. However, in 2022, the prices of cryptocurrencies fell heavily, and their all-time high potential became very cheap to buy. What cryptocurrencies are worth buying? Here are 3 options that will make you a cryptocurrency millionaire in 2023.

Crypto

2022 was one of the worst years for cryptocurrencies. The average drop in cryptocurrency prices since the beginning of the year is about 70%. The main reasons for this reduction are twofold:

  • After two years of irrational bullishness, the cryptocurrency market needed a long overdue correction. As a result, prices have fallen.
  • Due to a weak foundation, FTX and other cryptocurrency exchanges crashed in 2022. As a result, in order to take profits, the majority of investors sold their shares, leaving other investors behind. The result was FUD in the crypto market.

Fig.1 Total capitalization of the cryptocurrency market in US dollars in 2022 – coinmarketcap

Crypto 2023: why is it profitable to buy?

There are several reasons why some people might consider investing in cryptocurrencies:

  • High return potential: The prices of some cryptocurrencies have risen significantly in recent years. For example, Bitcoin, the first and most famous cryptocurrency, was worth about $0.003 when it was created in 2009. It cost over $40,000 in 2021. While past performance does not guarantee future performance, some investors believe that cryptocurrencies can generate high returns.
  • Decentralization: Cryptocurrencies are decentralized, which means that they are not subject to control by the government or financial institutions. This may be attractive to some people who are looking for an alternative to traditional financial systems.
  • Limited supply: Many cryptocurrencies have a limited supply, which means that only a fixed number of units will be produced. This could potentially lead to higher prices if the demand for cryptocurrencies increases.
  • Use in online transactions: Some people use cryptocurrencies for online transactions because they are fast, cheap, and secure.
  • Crypto Millionaire: 3 Best Cryptocurrencies to Buy in 2023

    Bitcoin (BTC)

    Bitcoin is the largest and oldest cryptocurrency on the market. It is currently worth around $16,500 per BTC. Considering its previous all-time high price of around $70,000, Bitcoin represents a great buying opportunity. Indeed, just hitting that previous high price means more than a 4x increase in performance. This four times performance is considered very high, especially when it comes to Bitcoin, one of the strongest cryptocurrencies on the market.

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    Fig.2 BTC/USD weekly chart – GoCharting

    Ripple (XRP)

    XRP is the second recommended cryptocurrency to buy in 2023. Ripple was due to settle its lawsuit with the SEC in the third quarter of 2022. However, things have dragged on, and a decision is now expected to be made in the first quarter of 2023. Once that happens, XRP should skyrocket.

    XRP is currently hovering around 33 cents and could rise more than 8x to reach its previous all-time high of around $3.

    XRP/USD 1-week chartFig.3 XRP/USD weekly chart – GoCharting

    Suspension (ADA)

    Cardano is another crypto project that has been hit the hardest by the cryptocurrency crash. ADA prices fell from a high of $3 to reach the current price of 24 cents. Cardano is a great project that implements scientific approaches to the development of its blockchain.

    If ADA hits its previous all-time high, it could see a massive 12x gain.

    Fig.4 Weekly chart ADA/USD – GoCharting

    Conclusion

    The crypto crash wiped out over $2 billion in market capitalization. However, savvy investors know when to enter the market. They are greedy when everyone is afraid. The aforementioned cryptocurrencies have great potential in the next bull run. Currently, the cryptocurrency market is still showing signs of weakness, and it is not advisable to buy cryptocurrencies. However, once the market returns to its uptrend, the above valuation is expected to rise sharply.

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