Ethereum is popular enough to become the main challenger to Bitcoin, the most valuable and well-known cryptocurrency.
Although both are the world’s largest cryptocurrencies by market cap and widely used in trading tools like Ethereum Code, Bitcoin and Ethereum are not the only options you can find on the market. Actually, there are so many that you may feel overwhelmed when getting started in this world.
Fortunately, here’s key information on the best alternatives to help you save time and make informed decisions in 2023.
Read on to know the top 5 promising cryptocurrencies you can buy in 2023. They all have the potential to multiply gains and are capturing investors’ attention.
What you'll learn 👉
#1 Ripple (XRP)
The founders of the blockchain-based payment processing company Ripple created XRP, a cryptocurrency designed to facilitate the exchange of different currency types on its network.
You can buy XRP as a crypto to exchange for other currencies, including fiat currencies, or finance transactions on the company’s network, which was created to replace SWIFT.
The market cap of this cryptocurrency was $26.1 billion in May 2023. Also, its price has increased by more than 7,500% in the last five years.
In early 2007, the price of XRP was around $0.006. However, it rose to $0.46 in May of this year.
#2 Dogecoin (DOGE)
With a market cap of $10.1 billion, Dogecoin is another promising option investors should consider in 2023. Although it started as a joke for crypto enthusiasts a decade ago, this cryptocurrency gained huge popularity due to creative and funny memes.
There’s another thing that sets it apart from other cryptocurrencies: there’s no limit on how many Dogecoins can be created. Therefore, it’s more susceptible to devaluation due to excessive supply.
However, the value of this cryptocurrency has grown exponentially. In 2017, people could buy a Dogecoin for just $0.0002. After a rise of 36.389%, its price was $0.07 in May 2023.
#3 Polygon (MATIC)
Formerly known as the Matic Network, Polygon is another crypto project that has gained popularity in recent years. Why did this happen? What makes it attractive to investors?
Founded around five years ago, Polygon is known as “Ethereum’s internet of blockchains.” This refers to how MATIC is marketed as the best way to build and scale decentralized projects, including applications (dApps), on the largest world’s most popular blockchain platform.
In this regard, MATIC supports over 7,000 dApps. That’s one of the main reasons this cryptocurrency has grown tremendously since 2017. Back then, the price was $0.00263, but it now trades at $0.88 after an increase of 33.528%.
As of May 2023, Polygon’s market cap was $8.4 billion.
#4 Solana (SOL)
Solana relies on unique hybrid proof-of-stale and proof-of-history mechanisms to ensure that transaction processing is fast and safe. This cryptocurrency was created to help power decentralized finance, also known as DeFi.
In addition, Solana was developed to support the use of decentralized apps (dApps) and smart contracts. As a blockchain network, its native token, SOL, powers this platform.
However, innovation wasn’t the only thing driving Solana’s popularity. After the launch of SOL in 2020, this cryptocurrency’s price rose by 2,484%, from $0.77 to $19.90 in May of this year.
According to the latest data released by CMC, Solana’s market cap was $8.2 billion.
#5 DeeLance (DLANCE)
Depending on your investment strategy, DeeLance could be the best cryptocurrency to buy this year. This project is building a web3 platform, promising to improve the freelancing economy.
DeeLance has been designed to beat the most popular freelance marketplaces, including Fiverr, Upwork, and Freelancer. However, unlike these platforms, it’s decentralized.
As a decentralized ecosystem, DeeLance eliminates the need for a recruiter or another middleman to match freelancers and employers. In addition, it offers a safe working environment and lower fees (2% per hire or 10% per contract).
According to coinmarketcap.com, the current supply of the DLANCE token is $1 billion, divided into seven pools. About 30% of these cryptocurrencies were allocated for presale.
Crypto holders and investors will be able to purchase this token through CEX and DEX upon exchange listing in this year’s third quarter.
Other Crypto Projects to Consider in 2023
Besides the options mentioned above, you can also pay attention to the following projects:
- Love Hate Inu (LINU): This interesting new meme coin has raised over $2 million in presale. It features a vote-to-earn system that has attracted many investors.
- Ecoterra (ECOTERRA): This new green crypto project is also attracting many investors by encouraging individuals and businesses to become more sustainable through rewards.
- RobotEra (TARO): It’s a play-to-earn metaverse that allows players to build the world around them while earning TARO, the platform’s native crypto token.
Final Thoughts
Whether you prefer existing cryptocurrencies expecting growth this year or new and exciting launches in 2023, all of the options mentioned above are worth considering.
These crypto projects are backed by real-life uses and utilities that will likely make their value skyrocket throughout this year.
