After a tricky 2022, 2023 has been a stellar year so far for crypto. Over the first nine months of the year, crypto prices were up by almost 30%. Clearly, now is a great time to invest in crypto, but the big question is, what is the best crypto to buy right now?
To help you out, here are six of the best options the market:
1. Avalanche (AVAX)
For an attractive alternative to traditional mining processes there is Avalanche. Investing in Avalanche involves using AVAX tokens as your collateral, in return for becoming a Proof of Stake (POS) system validator. You are then responsible for transaction confirmations and adding to the blockchain. This means you can earn interest on your staked Avalanche tokens.
2. Solana (SOL)
If you’re looking for low transaction fees and fast growth, then Solana needs to be a crypto on your radar. Solana’s bespoke proof of history and proof of stake mechanisms allow for swift and secure transactions. Since launching in 2020, the price of Solana has risen by over 4000%, and it is showing no sign of slowing down.
3. Cardano (ADA)
If you are familiar with Ethereum, you will have a good idea of what to expect from Cardano. This relatively new crypto enables decentralized applications and smart contracts, which are powered by its native coin (ADA). Like Solana, Cardano embraces proof of stake validation, this leads to faster transaction times for all users.
4. US Dollar Coin (USDC)
If you want to avoid the issue of high volatility when trading your crypto, then US Dollar Coin represents a solid choice. This stablecoin is pegged to the US dollar. One USDC has a designated value of one US dollar. As with other stablecoins, two of the key benefits of USDC are trustworthiness and transparency. USDC can be used for global transactions, and it is powered by Ethereum.
5. Bitcoin (BTC)
Obviously, you have heard of Bitcoin, but you might not know that it is still one of the most attractive cryptos to invest in. Bitcoin is valued at around $500 billion and holds a market share of just under 50%. In line with the overall performance of crypto, Bitcoin experienced a difficult 2022, but has bounced back in style so far in 2023. Bitcoin runs on a blockchain and transactions are logged on a ledger, which is distributed across thousands of computers.
6. Tether (USDT)
This is another stablecoin that, theoretically, keeps its value equal to a fiat currency. As with US Dollar Coin, this means the crypto is less likely to experience extremely price changes. Tether is favoured by traders looking for a steady investment that provides reliable liquidity.
Of course, there are hundreds of crypto options out there, which makes it imperative to conduct thorough research before deciding which options to go for. Consider key factors such as your budget, your risk aversion and the current market trends. Most importantly of all, remember to always trade responsibly.