Crypto Investment Opportunities in 2023: Which Coins and Tokens to Watch Out For"
Investing in Cryptocurrency has always come with the mindset of owning a whole or a portion of an asset while expecting return on investment. With the present situation going on in the crypto space, last year 2022 was considered bad for the crypto market. While this is not unexpected considering the volatile nature of crypto coin, prices can fluctuate and become unpredictable. However, the bearish situation of market had people either falling out or hodling coins.
However, things seem to take a different in the crypto market since the beginning of the year 2023, while there were predictions concerning crypto becoming bullish , it is evident in how there is a pump in the prices of crypto. For instance, bitcoin rising up to 30% at the start of the new year. Even on the hive blockchain, the hive price has doubled since becoming bullish, rising from 0.25$ to 0.44$. Those who bought during the dip would be glad they did because they can get double the price now.
WHY INVEST IN CRYPTO?
There are various reasons why an individual should invest in Cryptocurrency, no doubt there are risks involved but that is why it is advisable to part with side money and not your life savings.
- LONG TERM SAVINGS: Investing in Cryptocurrency can be considered as a long term savings where you purchase an asset over a period of time to yield profits or to appreciate overtime. A side money that is not useful at the money can be saved over a period of time and yield interest, unlike the local banks that deducts unnecessary charges.
- investing is crypto is considered safe and secured, it is reliable in the sense you are entitled to your account with your safe private keys. It provides you with exclusive ownership of assets.
- preference of digital or virtual currency over fiat currency is another choice of investing in crypto.
- a means to earn passively by buying and hodling crypto for a period of time. For instance, buying and hodling Leo and hive token which appreciates over time.
- it is also effective to invest in a decentralized financial platform than a centralized one.
- considering the the web 3.0 blockchain, crypto is the future.
IS IT WISE TO INVEST IN CRYPTO IN 2023?
The year started on a good note with the crypto market looking favorably to investors. Although, people should have bought when the dip was low and hodl while they gain in the bull market. However, it is not too late. Recently, the price of hive skyrocketed from 0.25 to 0.4,although Iwas fortunate to take advantage of the bearish situation at 0.25$, when it increased to 0.34$ I thought it would last a while or even get lower but alas, it's increasing by the day. It either you buy now or spend even more later. So yes, it is a wise development to invest in crypto.
COINS AND TOKENS TO LOOK OUT FOR IN 2023
Considering the bull market as at 2023, there are certain crypto coin that should be considered this period and these include bitcoin, hive, ripple (xrp), dogecoin, etherum and so on. However, considering the volatility of crypto coins, I subscribe to investing and saving in stablecoin as it has more benefits just like the Hive backed dollar (HBD) resident in the base layer of the Hive blockchain.
WHY CHOOSE STABLECOINS?
Simply put stablecoin are Cryptocurrencies whose prices are pegged to something else. Thus, these altcoins can be considered as currency since they can be used as a medium of exchange and are valuable. Examples of stablecoins are USDC, Tether, Busd, DAI, HBD...
From my experience last year, I choose to save all my hive earnings in hbd last year. At a point there was inflation in a country where the naira lost it value against the dollar, thus by saving in stablecoins like hbd, it didn't affect me as it was pegged at $1.
Reasons for choosing stablecoins
- the prices are pegged, for instance the hbd is pegged to $1
- it is decentralized
- it is backed by holding of other assets called reserve
- it maintains a stable value
- it has a non volatile prices attached
- with hbd which is a stable coin you can send and receive it from anywhere in the world.
- serves as a bridge between Cryptocurrency and fiat currency.
HIVE TOKENS
Based on the fact that I am heavily invested in Hive, the hive token is another Cryptocurrency investment worthy of partaking in 2023. From the look of things hive has proven to be efficient overtime. Hodling hive tokens can be used to settle bills or even power up to improve your growth and development on the hive blockchain.
In all that has been said, while an investor can look out for volatile crypto Investment, he or she could also invest in stablecoins which provides liquidity for defi projects.