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2023 has welcomed the crypto market with a consolidated view. Most cryptocurrencies moved just -0.43% on average. This is pretty much what happens every year on New Year’s Eve. However, cryptocurrency prices have suffered huge losses in 2022, making them very cheap to buy compared to the all-time high potential. Which cryptocurrency should you buy? Here are three options to help you become a crypto billionaire in 2023.
How will Cryptos perform in 2022?
2022 was one of the worst years ever for cryptocurrencies. The average decline in cryptocurrency prices since the beginning of the year is around 70%. There are two main reasons for this decline:
- After two years of irrational bullishness, the cryptocurrency market needed a long overdue correction. As a result, prices fell.
- Due to weak foundations, FTX and other cryptocurrency exchanges went bankrupt in 2022. As a result, many investors sold their shares and left others behind in order to secure profits. The result was FUD in the crypto market.
Crypto 2023: Why Should You Buy?
There are several reasons why some people consider investing in cryptocurrencies.
- High profit potential: Some cryptocurrencies have seen significant price increases over the years. For example, Bitcoin, the first and most famous cryptocurrency, was worth about $0.003 when it was first created in 2009. In 2021, it was worth over $40,000. While past performance is no guarantee of future results, some investors believe cryptocurrencies have the potential to generate high returns.
- decentralization: Because cryptocurrencies are decentralized, they are not under the control of governments or financial institutions. This makes it attractive to some people looking for an alternative to the traditional financial system.
- Limited supply: Many cryptocurrencies are in limited supply. That is, the number of units produced is fixed. Increased demand for cryptocurrencies can lead to price increases.
- Use in online transactions: Some people use cryptocurrencies for online transactions because they are fast, cheap and secure.
Crypto Millionaires: Top 3 Crypto Buyers in 2023
Bitcoin (BTC)
Bitcoin is the largest and oldest cryptocurrency on the market. Currently priced at around $16,500 per BTC. With a previous all-time high of around $70,000, Bitcoin presents a great opportunity to buy. This is because simply achieving this high price means more performance than that. x4This 4x performance is considered very high, especially when dealing with Bitcoin, one of the most stable cryptos on the market.
Ripple (XRP)
XRP is the second preferred cryptocurrency to buy in 2023. Ripple was set to settle its lawsuit with the SEC in the third quarter of 2022. High.
XRP is currently around 33 cents and can do more. x8 It hits an all-time high of around $3.
Cardano (ADA)
Cardano is another crypto project hit hardest by the crypto crash. The price of ADA fell from a high of around $3 to reach its current price of 24 cents. Cardano is a great project that implements a scientific approach to scaling blockchains.
If ADA hits all-time highs, it could cause havoc x12 gain.
Conclusion
The cryptocurrency crash has wiped out more than $2 billion in market capitalization. But smart investors know when to enter the market. They are greedy when everyone else is afraid. The cipher above has great potential in the next bull run.Currently, the crypto market is Still showing weakness and not recommended to buy cryptocurrenciesHowever, should the market return to an uptrend, the above valuation should skyrocket.
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