Crypto prices have suffered heavy losses in 2022, with crypto millionaires proposing the top 3 cryptocurrencies to buy in 2023.
Cryptocurrency advice from millionaires
2023 welcomed the crypto market with a consolidated outlook. Most cryptos barely moved at an average of -0.43%. This is what happens almost every new year’s eve. 2022 was one of the worst years ever for cryptocurrencies. The average drop in crypto prices since the beginning of the year is around 70%. There are two main reasons for this decrease:
- After two years of irrational bullishness, the cryptocurrency market needed a belated correction. As a result, prices fell.
- Due to weak fundamentals, FTX and other cryptocurrency exchanges failed in 2022. As a result, a large number of investors sold their shares to lock in profits, outpacing other investors. The result was FUD in the crypto market.
There are several reasons why some people consider investing in cryptocurrency:
- High return potential: Some tokens have seen tremendous price increases over the years. For example, Bitcoin, the first and most well-known cryptocurrency, was worth around $0.003 when it was first created in 2009. By 2021 it was worth over $40,000. While past performance is no guarantee of future results, some investors believe cryptocurrencies have the potential to generate high returns.
- Decentralization: Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. This may appeal to some people looking for an alternative to traditional financial systems.
- Limited supply: Many tokens have a limited supply, which means there is only a fixed number of units to produce. This could potentially lead to a price increase if demand for the tokens increases.
- Online transactions: Some people use these tokens for online transactions because they are fast, cheap and secure.
Cryptocurrencies bought by millionaires
Bitcoin is the largest and oldest cryptocurrency on the market. As we stated as Kriptokoin.com, it is priced at about $ 16,700 per BTC. Given its all-time high price of around $70,000, it presents a great opportunity to buy Bitcoin.
This is simply because reaching that previous high price means 4x higher performance. This quadruple performance is considered very high, especially when dealing with Bitcoin, one of the strongest cryptocurrencies on the market.
XRP is the second recommended cryptocurrency to buy for 2023. The Ripple company was supposed to settle its case with the SEC in the 3rd quarter of 2022. However, things have dragged on and it is scheduled to be resolved in Q1 2023 today.
XRP is currently around 33 cents and could do more than x8 to hit the previous all-time high of $3.
Cardano is another crypto project that has been hit hardest by the crypto crash. ADA prices have dropped from around $3 to reach their current price of 24 cents. Cardano is a great project that applies scientific approaches to scaling the blockchain.
If ADA hits its all-time high price, it could deliver a massive x12 gain