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3 Cryptos to Buy Before the Market Starts to Soar in 2023

  • These three cryptos to buy are starting to look attractive at these lower levels.
  • Ripple (XRP): This project is seeing positive upward movement as it nears the conclusion of its legal case.
  • Polygon (MATIC): This is currently one of the fastest-growing cryptos, and Warren Buffet is an indirect investor.
  • Algorand (ALGO): Algorand is among the safest and cheapest blockchains, drawing users from all directions.
cryptos to buy - 3 Cryptos to Buy Before the Market Starts to Soar in 2023

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Crypto winter seems to be the talk of the town among most investors. Indeed, this year has provided plenty of reasons for investors in most cryptocurrencies to be net sellers. Only a select few may be looking at cryptos to buy right now.

That said, when no one wants to think about buying a particular asset class is usually the best time to go shopping. Many of the highest-quality crypto projects are now on sale, relative to their elevated levels last year. And even if one thinks that valuations can drop more, there’s always the potential that the next bull market is around the corner.

Much of what will determine whether this is true or not is how investor expectations around interest rates evolve. Yesterday, the Federal Reserve raised rates yet again, continuing its pace of rapidly raising the benchmark lending rate in a bid to cool the economy. That said, should investors start to believe that easing could be in the cards sooner than later, there are undoubtedly some cryptos to buy for the long term.

I think the following three projects are reasonably priced right now. Sure, further downside could be on the near-term horizon. But for those looking to buy at valuations that make sense, rather than trying to time the bottom, now may be a great time to pick up these beaten-up tokens.

XRP-USD XRP/Ripple $0.46
MATIC-USD Polygon $0.86
ALGO-USD Algorand $0.35

XRP (XRP-USD)

A concept token for XRP with stacks of tokens in the background. XRP price predictions.
Source: Shutterstock

One token that investors are less-certain about right now is XRP (XRP-USD). That’s because this is a crypto project that’s been beaten up by more than just the so-called crypto winter. Since late 2020, Ripple Labs (the parent company behind XRP) has been embroiled in a lawsuit with the U.S. Securities and Exchange Commission (SEC). This lawsuit alleges that XRP is a security. Therefore, previous coin offerings constituted unregistered securities offerings in the past.

Like any project or company that’s currently in the midst of legal proceedings, valuations can take a hit. We’ve seen that with XRP. However, as the dust begins to settle on this case, it appears investors are growing bullish. Expectations are that some conclusion could be announced by mid-next year. With XRP nearly doubling its 52-week low, there’s clearly some positive anticipation building that the outcome could be positive in this case. Notably, XRP is “only” down 65% from its 52-week high. Many large-cap tokens have seen declines in excess of this figure.

Accordingly, for investors looking at cryptos to buy in this beaten-up environment, XRP is worth a speculative bet, in my view.

Polygon (MATIC-USD)

A phone, on top of a laptop keyboard, displaying the logo for Polygon. Polygon Price Predictions
Source: sdx15 / Shutterstock.com

Next on our list of cryptos to buy is layer-2 scaling solution Polygon (MATIC-USD).

Like other scaling solutions, Polygon’s purpose is to improve the speed and efficiency of broader crypto ecosystems. Its faster, lower-cost alternative to massive blockchains like Ethereum (ETH-USD) has made Polygon a go-to network for users. Whether it’s NFTs or other Ethereum-based transactions, a higher percentage are flowing through Polygon than ever.

I think Polygon is likely to have another breakthrough soon. The coin is being accepted by more and more users every day, increasing its popularity. Many tokens, including Polygon, have seen some sharp spikes higher of late. This has already been noticed by several prominent investors and analysts alike.

Polygon HODLers have grown by around 480% since May 2020. As a result, the sentiment on MATIC is extremely bullish as of now. With continued growth in wallet addresses and a drop in balance errors, Polygon is certainly on a bullish path.

Polygon also recently partnered with Nubank, which is another reason for its price and volume rise. Now, what is noteworthy is that Warren Buffett’s Berkshire Hathaway (NYSE:BRK-B) backs Nubank. Thus, Warren Buffet indirectly backs Polygon, which is about as good a reason as any to consider this token in my view.

Algorand (ALGO-USD)

A logo for Algorand (ALGO) on a patterned background
Source: Shutterstock

Algorand (ALGO-USD) is another crypto that investors should keep a keen eye on right now. This independent network supports several applications. Moreover, being decentralized and blockchain-based, the coin is among the safest and most efficient in the crypto world. The network’s wide range of applications is extremely efficient and scalable, as well as being very secure. This is a central part of the thesis for owning Algorand for the long term, despite near-term price movements.

Algorand has certainly been hit hard of late, along with the broader market. However, this token’s focus on security and efficiency is something the crypto sector greatly needs. Additionally, being a proof-of-stake network, Algorand does not require mining to support its operations. This requires far less energy, making Algorand among the most sustainable options to consider investing in.

Relatively low transaction fees, accessibility to users, and significant user growth over time make this a project I’ve had on my radar for some time. In my view, Algorand is worth a look, for investors looking to invest at lower levels right now.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.


Article printed from InvestorPlace Media, https://investorplace.com/2022/11/3-cryptos-to-buy-before-the-market-starts-to-soar-in-2023/.

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