The 3 Best Cryptos to Buy for the Second Half of 2023

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  • Amidst uncertainty, consider these cryptos as three essential investments for the year.
  • Bitcoin (BTC-USD): Amidst growing volatility, Bitcoin continues to attract capital.
  • Avalanche (AVAX-USD): The token exhibits promising long term potential. 
  • Solana (SOL-USD): Blockchain stability will position it as a strong rival to Ethereum.
best cryptos to buy - The 3 Best Cryptos to Buy for the Second Half of 2023

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Amidst the turmoil of the national banking crisis and the looming risk of a U.S. debt default, certain investors are considering cryptocurrencies as a potential refuge to navigate the economic challenges. Even though there was a belief just six months ago that “crypto winter” would persist well into 2023, investors are on the lookout for the best cryptos to buy.

That said — risks exist and, in the crypto world, they are more pronounced. If we are headed into a recession, the question most investors ask is how to gain exposure to this asset class in a low-risk way.

Here are three cryptos to buy for the second half in the year for such investors:

BTC-USD Bitcoin $26,661.60
AVAX-USD Avalanche $14.42
SOL-USD Solana $19.39

Bitcoin (BTC-USD)

A Bitcoin coin sitting on a mossy piece of wood.
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Bitcoin (BTC-USD), the pioneer cryptocurrency, holds the longest track record in the digital asset space. Its substantial price and market capitalization set it apart from other crypto investments. With widespread acceptance as a payment method by numerous businesses, including major players like Visa (NYSE:V) and Stripe, Bitcoin proves to be a strategic investment. Even larger banks are integrating Bitcoin transactions into their services, solidifying their position in the financial landscape.

However, in recent days, there has been a surge in Bitcoin transaction fees, with the average fee surpassing $7, its highest point in almost two years, as reported by CoinDesk. Additionally, Binance temporarily halted Bitcoin withdrawals twice due to the unprecedented congestion on the Bitcoin network. Binance has since resumed its services.

With increasing anticipation of unfavorable developments, Bitcoin emerges as a promising avenue. Notably, Bitcoin’s superior liquidity offers numerous advantages to investors. It facilitates the convenient conversion of gains into traditional currencies and provides ease of trading compared to smaller-cap alternatives in the market.

Avalanche (AVAX-USD)

Avalanche (AVAX-USD) crypto coins on a black background
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Avalanche (AVAX-USD) is a recently developed blockchain known as a “layer one” solution, aimed at enhancing scalability. Created by Ava Labs and Cornell University computer scientists, including cryptography expert Emin Gün Sirer, it serves as a competitor to Ethereum (ETH-USD), as described by Binance.

Avalanche’s unique feature is its ability to independently validate transactions across its three individual blockchains. This scalability allows Avalanche to process a high volume of transactions, reaching up to 6,500 per second. This scalability and its popularity among Ethereum projects have gained attention. Additionally, Avalanche’s coin has been chosen as Terra’s reserve currency, surpassing ether, as reported by Bloomberg. The Luna Foundation Guard, supporting Terra, planned to acquire $100 million worth of Avalanche as part of this initiative.

Avalanche stands out with enhanced security compared to Bitcoin and Ethereum, while its subnets feature enables the creation of private or public blockchains within its network. With practical applications in various industries, Avalanche has the potential for value appreciation and growth. Although it faced a downturn in the 2022 bear market, Avalanche has made a comeback in 2023 and has landed among the best cryptos to buy. It is an intriguing project for decentralized finance enthusiasts.

Solana (SOL-USD)

Solana Coin (SOL-USD) in front of the Solana logo. Solana price predictions.
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Despite facing a major crash and enduring challenges caused by the FTX fiasco, Solana (SOL-USD) has maintained a dedicated group of developers and users, ensuring its continued relevance. Although recovery may take time, the ecosystem shows potential for a promising future.

The market slowdown in 2022 has impacted the entire space, causing a decline in old narratives like NFT mania and a scarcity of new alternatives. However, Solana has managed to stay on top of emerging trends in blockchain. One such trend is the rise of Liquid Staking Derivatives (LSDs), which are token wrappers representing staked assets like SOL. LSDs provide holders with the ability to access the value of their assets by selling or using them in DeFi, while still earning staking yields.

Moreover, The Solana Saga, the platform’s unique Android flagship device, has recently been released, generating positive reviews for its quality and seamless integration with Web3 features. Despite past chain issues, development activity on Solana remains strong with promising prospects for the future. With the potential for the next blockchain killer app, Solana is well-positioned to capitalize on this opportunity. The availability of LSDs and the new fee model further enhance the potential growth of SOL.

Despite enduring a significant crash and facing difficult challenges, reports of Solana’s demise may be greatly overstated. The platform has maintained a dedicated community of developers and users, ensuring its continued relevance, albeit below previous levels. The future holds potential for the ecosystem, although it may require additional time for a full recovery.

On the date of publication, Chris MacDonald has a position in SOL-USD. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2023/05/the-3-best-cryptos-to-buy-for-the-second-half-of-2023/.

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