The cryptocurrency market fell hard in 2022, the new year is going well so far. If you’re considering buying crypto this year, it makes sense to opt for large, established projects that have a better chance of surviving a prolonged price drop. Let’s take a look at which cryptos Emma Newbery, one of the advisory giant Fool analysts, is choosing in this category.
3 cryptocurrencies to watch in 2023 from the expert list
First choice Bitcoin (BTC) accounts for almost 40% of the total value of all cryptocurrencies. Bitcoin has already survived several crypto winters and has always reached new highs, at least until now. But there’s no guarantee that he’ll do it again. Still, some believe that Bitcoin has the potential to become the currency of the internet. Others, like Cathie Wood of Ark Invest, think Bitcoin could reach $1 million by 2030.
On the other hand, Bitcoin critics like Warren Buffett say cryptocurrencies have no value and ignore the entire industry. Others worry that Bitcoin is too slow and cumbersome to function as a currency, and question whether a volatile asset can replace traditional money.
Warren Buffett says bitcoin is a "delusion" and "attracts charlatans." https://t.co/HsSCGHVxDO
— CNBC (@CNBC) March 9, 2019
Ethereum (ETH)
Ethereum is the second largest cryptocurrency on the market. He pioneered smart contract technology, which are small pieces of code that live on the blockchain. This turned the project into an entire ecosystem. At the same time, it has become a home to other cryptocurrencies and projects.
So could this be a disadvantage? Transactions on Ethereum are slower and more expensive than its competitors. For this, Ethereum is currently in the process of a series of upgrades designed to make it more scalable and sustainable. But it takes years to deliver, and in the meantime, Ethereum risks losing market share to its faster counterparts. The leading altcoin is currently recovering in terms of dominance:
Cardano (ADA)
Like Ethereum, Cardano is a programmable cryptocurrency where developers can build apps and cryptocurrency projects. Cardano stands out for its determination to test itself. However, it takes a slow and steady development approach that can give it a stronger chance of surviving in the long run. Cardano has also developed a number of real-world partnerships, particularly in Africa, which it says has a mission to use Blockchain to solve local problems.
That said, Cardano has its fair share of critics. Some think it moves too slowly and still doesn’t provide as much benefit as other Ethereum alternatives. According to DefiLlama, there are more than $25 billion in projects locked in the Ethereum network, while Cardano only has $50 million. However, a new Cardano update, which we’re reporting as Cryptokoin.com, may help turn that around.
https://twitter.com/timbharrison/status/1616060976184557568
To sum it up, with experts moving from talking about a crypto winter to a crypto ice age, it’s hard to pinpoint when the cryptocurrency market will bounce back. Many crypto investors expect serious losses in their investments. Indeed, many investors who bought crypto during the spree of 2021 are not wondering which cryptos to buy, but whether they should sell the cryptos they already have.
Finally, think carefully about which crypto exchange you want to use and how you plan to store your crypto. What we’ve seen this year is that investor funds can be tied to bankruptcy proceedings or disappear altogether if platforms go down or mismanage their funds. Some exchanges have FDIC insurance for US dollar deposits, while others have third-party insurance against crime. However, if you keep your crypto in an unsupervised crypto wallet, you are in control and will not be affected if your crypto exchange fails.
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