Consulting giant Fool analysts scrutinized various heavyweights such as BTC, ETH, ADA, SOL, and DOGE to find the best cryptocurrency to buy in 2023.
Fool analysts consider this cryptocurrency a pioneer by far
The cryptocurrency market, which lost almost two-thirds of its value in 2022, has gained about 30% so far this year. With the turn of the calendar, investors seem to be warming up to crypto once again. According to Coinmarketcap.com, there are currently more than 22,000 miscellaneous tokens. But only a handful of them will succeed in the coming years…
What about other tokens?
There is no doubt that other popular crypto networks such as Dogecoin and Shiba Inu have taken off in a short time, making some lucky people very rich. The problem, though, is that these meme coins lack any real-world utility. They are mainly used as a tool for risky financial speculation.
Then there are more promising blockchains like Ethereum, Cardano and Solana. All these smart contract-enabled altcoin projects try to solve various problems, but the most important is that they can disrupt entire industries by eliminating costly and inefficient middlemen. The savings and lending business with decentralized finance protocols is the primary target.
However, the security and network problems of these projects should not be ignored. They can become increasingly centralized due to their PoS mechanisms, and have complex and often delayed technical improvements.
Bitcoin has compelling features
Fool analysts’ choice of 2023 Bitcoin differs from its alternatives with a number of features. The longer the oldest 14-year-old cryptocurrency survives, the more likely it is to go nowhere. Analysts believe that the boring nature or simplicity of Bitcoin and the lack of complex features is actually an advantage. Also, Bitcoin is not controlled by any individual or small group of people who can change the fixed final supply of 21 million tokens.
But most importantly, Bitcoin solves two incredibly big problems facing our world today. First, Bitcoin is trying to fix the money. We’ve seen governments run huge budget deficits for most of the last 15 years. While US interest rates are on track to rise, it’s only a matter of time before the Fed reverses course as the debt burden continues to rise. As a result, there may be persistent inflation above the 2% target.
Having a place to store wealth that is not controlled and manipulated by politicians is one of Bitcoin’s goals. Additionally and indirectly, Bitcoin can help lead the world towards sustainable and abundant energy. But the truth is that Bitcoin consumes a lot of energy due to mining. The good news is that this energy will soon be available from fully renewable sources.
Bitcoin backs the cryptocurrency market with positive price movements
Bitcoin, which was below the 2022 low of $ 15,800 in November, has moved away from the ATH level by more than 75%. As Cryptokoin.com has reported, it has managed to recover around 40% so far in 2023. Despite rising 139% over the past five years, the recent price action could be the start of a higher positive bullish run for Bitcoin.
Thanks to a major event called halving, the reward miners receive for processing transactions and securing the network is halved roughly every four years. The next halving is expected to take place in April 2024. According to analysts, the price of Bitcoin usually rises in the period before and after this important event. This fact means that now could be a good time to get bullish on Bitcoin.
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