3 Top Cryptocurrencies Just Waiting to Take Off

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  • Discover the potential for significant gains this year among lesser-known cryptocurrencies.
  • Bitcoin (BTC-USD): Investors who anticipate an upcoming economic downturn view Bitcoin as the most favorable option.
  • XRP (XRP-USD): Investors are feeling positive about Ripple’s prospects as the crypto market experiences an upward trend amidst an ongoing lawsuit.
  • Ethereum (ETH-USD): Ethereum’s early entry into the market has positioned it ahead of its competitors.
cryptocurrencies poised for takeoff - 3 Top Cryptocurrencies Just Waiting to Take Off

Investing in cryptocurrencies with a long-term perspective can mitigate the inherent volatility of this emerging asset class. By taking a strategic approach, investors can avoid the need to closely monitor short-term market fluctuations while still benefiting from the potential of cryptocurrencies.

While this space isn’t for everyone, there is some value to diversification. Accordingly, for those looking for top-tier options in this high-growth and emerging sector, let’s dive into three of the best options right now.

Symbol Cryptocurrency Price
BTC-USD Bitcoin $26,897.60
XRP-USD XRP $0.51
ETH-USD Ethereum $1862.73

Bitcoin (BTC)

Piles of gold Bitcoin tokens stacked together.. Bitcoin Price Predictions.
Source: kitti Suwanekkasit / Shutterstock.com

The original cryptocurrency, Bitcoin (BTC-USD) is the biggest and best-known digital currency in the world.

Bitcoin has had a strong start to the year, with a year-to-date increase of more than 63%. Despite some recent declines, many expect Bitcoin to lead a potential crypto rally. The current banking crisis and recession concerns have bolstered Bitcoin’s appeal, particularly as a safe asset in times of lost trust in traditional banks. Bitcoin’s decentralized nature allows for freedom in transactions, making it an attractive option for those seeking security.

Bitcoin’s price surge in early 2023 is driven by favorable market conditions. Declining U.S. inflation and speculation of halted rate hikes by the Federal Reserve have boosted risk assets like cryptocurrencies. Additionally, cryptocurrencies gained popularity during the US banking crisis as investors questioned the security of traditional finance (TradFi).

Bitcoin is a highly promising and thrilling investment opportunity with the potential for substantial price growth. Investing in Bitcoin may be considered wise, given its tax advantages. However, it’s also crucial to acknowledge the extreme volatility of cryptocurrency prices. Therefore, thorough research is advised before considering Bitcoin investment in early 2023.

XRP (XRP)

Concept coin for XRP (XRP).
Source: Shutterstock

Two key factors influence the movement of XRP (XRP-USD), the cryptocurrency developed by Ripple. The first factor is the overall performance of the crypto market, which has regained stability despite regulatory uncertainties and shifts in Federal Reserve interest rate expectations.

However, Ripple’s ongoing lawsuit with the Securities and Exchange Commission has been the key catalyst investors in this particular token have watched closely. Lately, industry experts believe Ripple’s position has strengthened following a tweet from their chief legal officer regarding the Supreme Court’s modern perspective.

That’s important, as this lawsuit, filed in 2020, is viewed as a potential precedent-setting case for the sector. The whole lawsuit centers around the alleged sale of unregistered securities during an initial coin offering. While many experts suggest this case will likely be thrown out due to Ripple’s strong defense, anything’s possible. Thus, there’s a significant risk with this token. 

Investors eagerly await a forthcoming ruling on the lawsuit, and their optimism regarding Ripple’s chances continues to grow. Considering past events and the SEC’s statements, Ripple will likely receive a favorable ruling. This anticipated outcome has led bulls to expect a net positive impact on XRP. While I’m more cautious, I must say this bull case is compelling for long-term investors looking at top-tier cryptos.

Ethereum (ETH)

Etereum coin is in pocket. Ethereum is a decentralized, open-source blockchain with smart contract functionality. ETH crypto
Source: Thaninee Chuensomchit / Shutterstock.com

Ethereum (ETH-USD) shines as a top cryptocurrency investment, offering diverse opportunities across sectors like NFTs and decentralized finance. Investing in Ethereum can mitigate risk and tap into the expansive blockchain ecosystem.

Although Ethereum’s meteoric rise of 10,000% may be behind us, it continues to hold significant growth prospects. As the pioneering blockchain for smart contracts and dApp development, Ethereum maintains a substantial lead over its competitors.

Following its anticipated transition to a proof-of-stake system in September 2022, Ethereum underwent a transformative Merge, enhancing its energy efficiency. The ability to stake Ethereum and earn rewards presents an enticing opportunity for investors. With its growth potential and relatively lower volatility compared to smaller cryptocurrencies, Ethereum stands as a promising investment.

Investing in Ethereum offers portfolio diversification and potential upside gains. With ongoing technological advancements and a committed development roadmap, Ethereum maintains a competitive edge in the blockchain space.

On the date of publication, Chris MacDonald has a position in ETH. 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/2023/06/3-top-cryptocurrencies-just-waiting-to-take-off/.

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