Digging Deep On This Year’s Best Cryptocurrency Investments
As we approach the final stretch of 2023, investors remain in pursuit of a worthy cryptocurrency to include in their investment portfolios. The vast sea of thousands of cryptocurrencies available on the market continues to present a formidable challenge when it comes to making a selection.
Don’t finalize your cryptocurrency investments without continuously expanding your knowledge about the market. A fresh cryptocurrency network could swiftly rise through the ranks and establish itself as a frontrunner among other platforms. As an investor, the most prudent action you can take is to remain well-informed about market developments.
If you’re still seeking more knowledge in cryptocurrencies worth investing in this year, continue reading as we talk about the best crypto investments in 2023.
Avalanche (AVAX)
During the second quarter of 2023, Avalanche Chain has witnessed a significant increase in daily transactions – an implementation of the Ethereum Virtual Machine. The numbers surged from just around 200,000 to 500,000 a more than 100% increase.
In addition, daily active addresses went up between 25,000 and 117,000 and settled down to around 95,000 by the end of the quarter.
Avalanche’s growth can be attributed to the interoperability protocol LayerZero and Stargate, a cross-chain bridge leveraging LayerZero’s technology. Both entities played a big role as two of the top users and transaction facilitators on the C-Chain. Its performance in the second quarter paints a multifaceted picture of growth, complexity, and potential in the world of blockchain technology.
AVAX on the other hand, faces an uphill battle as it attempts to bounce back after a 22% drop. As of this writing, AVAX is trading at $12.29 remaining in a bearish formation with limited signs of recovering in the short term.
Nevertheless, the bearish state of AVAX has overshadowed the rising of on-chain activity that typically points to a healthy ecosystem and community support. This, in turn, could impact sentiment, weighing down prices in the sessions ahead.
BNB (BNB)
Binance Coin, a cryptocurrency, serves as a means for trading and fee payment within Binance, one of the globe’s biggest cryptocurrency exchanges. Since its inception in 2017, BNB has progressively broadened its utility, encompassing trading activities, fee settlement, and even the option to arrange travel plans on the Binance platform. Furthermore, BNB can be traded or converted into alternative cryptocurrencies like Ethereum (ETH) or Bitcoin (BTC).
As of August 8, Binance has become the first licensed crypto platform in El Salvador having two reviewed licenses from the Central American county. Binance announced that they are now licensed as a Bitcoin Services Provider (BSP) by El Salvador’s Central Bank (Banco de Central de Reserva). At the same time, it secured the approval as the first non-provisional Digital Assets Services Provider license (DASP) by the National Commission of Digital Assets.
Currently, BNB is trading at $238.9. And according to the technical analysis of BNB Crypto price prediction for 2023, the minimum cost will be $169.97, while the maximum value that the BNB price can reach is $342.67 the average trading prices are expected to be around $515.36
Cardano (ADA)
An important development on the Cardano (ADA) network this week is the successful integration of wrapped Bitcoin (cBTC) onto its mainnet. The deployment of cBTC was orchestrated by anetaBTC, a protocol renowned for enabling on-chain wrapped Bitcoin compatibility across various blockchains.
This significant stride towards incorporating BTC into the Cardano network plays a pivotal role in enhancing blockchain interoperability. Moreover, it aims to attract a broader user base and increase the total value locked (TVL) in Bitcoin, which currently boasts the largest market capitalization of $572 billion.
In addition to Cardano’s highlights is the launch of Mithril, its stake-based signature protocol that aims to enhance the speed and efficiency of node syncing times on the Cardano mainnet.
However, despite these developments for Cardano, ADA’s price failed to grow and instead, has declined even more.
ADA’s current price is at $0.2888 with a 24-hour trading volume of $123 million. Regardless, there’s still hope for ADA, as experts believe that its price can bounce back from this downtrend soon.
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