Buying cryptos for the long term?
Surely that is a crazy idea?
True, 2022 has been a tumultuous year, to say the least for the digital asset.
Not a week goes by when some calamity or controversy concerning cryptos doesn’t take place.
This year alone the crypto market valuation hit the $3 trillion mark in 2021… only to plummet back to $1 trillion in 2022.
It has certainly been perplexing times, even for the experts.
So are cryptos still a good asset class to be getting into?
All we can say is – we aren’t leaving any time soon.
Besides, fundamental analysis tells us cryptos have always been volatile! So there is nothing new there, really.
And with the crypto market valuation still hovering in the $1 trillion region, we still say the future is crypto. If anything, the market is on sale, so the time is now to buy cryptos.
So, here are the 7 Long-Term Cryptos to Buy and Hold for 2023.
Bitcoin (BTC): down around -75.5%
It doesn’t really need any introduction. Bitcoin is the one that started it all off in 2009 when it and the blockchain were unveiled to the world by a software developer (or developers) called Satoshi Nakamoto.
And Bitcoin is still the crypto market leader, despite going from its record high of $69,000 to its current $16,000 (as of November 2022).
Why is it still #1?
It’s all about scarcity. There will only ever be 21 million bitcoins in circulation.
19 million have already been mined.
It has also become the most adopted crypto in the market AND has been making good headway in the “mainstream” economy, as major retailers and banking institutions accept it as payment and currency.
It has a market cap valuation of around $400 billion.
Bitcoin was the first crypto and is still the most trusted. Bitcoin is fundamentally strong as a cryptocurrency. The fact that it is now enjoying widespread adoption gives it its value. Plus bitcoin is widely used all over the world not only for payments but in wallets, exchanges, online games etc.
Ethereum (ETH): down around -74.1%
Ethereum has been leading the way as a cryptocurrency and Layer 1 blockchain platform since its creation in 2013 and launch in 2015.
In 2016 its the price was $9. As of November 2022, it is around $1,160.
Ethereum has a market cap valuation set at $140 billion.
Ethereum has been described as “the computer of the crypto space” and its growth is similar to the rise of IBM in historical technology development.
Layer 1 is the core network of a blockchain. It’s where all the transactions occur. It acts as a public ledger in the same way Bitcoin’s blockchain does.
Ethereum is decentralized and open-source. As well as being a blockchain it has its own cryptocurrency, Ether.
Ethereum has a massive amount of decentralized solutions built on top of its blockchain.
Ethereum is popular among users and investors. It has built strong foundations because it can be utilized in different applications, for instance, NFTs and smart contracts.
In September 2022, Ethereum underwent a “merge” bringing Eth 1 and Eth 2 together.
But now there are no longer two distinct Ethereum blockchains; there is only Ethereum.
Ethereum’s mission is to “promote and support Ethereum platform and base layer research, development and education to bring decentralized protocols and tools to the world that empower developers to produce next-generation decentralized applications (dapps).”
Ethereum’s success to date as a platform and crypto hinges on the fact that it is different from Bitcoin because Bitcoin doesn’t build and execute smart contracts. Ethereum was the first to do this and is enjoying great growth enabling a vast ecosystem of smart contracts in this crypto space. Its future potential is essentially limitless.
Solana (SOL): down around -94.4%
Launched in 2020, SOL’s price started at $0.69. Just two years later it’s $13 (Nov 24, 2022).
It has a market cap valuation of $5 billion.
Open source, Solana was developed to help enhance smart contracts, decentralised finance (DeFi), decentralised apps (DApps).
Solana runs on both proof-of-stake (PoS) and proof-of-history (PoH) helping it process transactions quickly and securely.
SOL, is Solana’s token.
Solana is also popular for its low fees and taxes.
Solana has been tipped as a rival to Ethereum and brought a challenge to the #1 smart contract platform.
It is Solana’s innovative (PoH) that makes it unique. PoH enables greater scalability, which boosts usability and lightning-fast processing times. As a result, Solana has attracted a lot of institutional interest.
Binance Coin (BNB): down around -59.4%
Binance is one of the largest crypto exchanges in the world today following a mission to provide new-age finance.
Market cap valuation $48 billion.
Launched in 2017, BNB is today incorporated in a massive amount of projects and the adoption is looking very healthy.
Binance Labs is a subsidiary that invests in technical teams that build and support the decentralised web and is a major player in both centralised finance and decentralised finance using the BNB coin as its base asset.
It is also linked to Binance USD, a stablecoin which is backed by the US dollar.
Originally, Binance Coin was used only on its Binance platform as a way of trading and paying fees.
Now Binance has expanded with a whole ecosystem of projects and networks, such as: Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet.
What makes Binance unique is its drive for development and stated mission to be the only infrastructure service provider in the crypto/blockchain ecosystem. It already is the largest digital asset exchange. Its vast product suite gives it a strong basis for the future.
Polygon (MATIC): down around -67.2%
Launched in 2017, Polygon (Matic) is the perfect companion to Ethereum.
Polygon is a well-structured Layer 2 blockchain built on top of the Ethereum network to facilitate transactions with high speed and low cost to match the blockchain needs of today and the future, such as scaling and infrastructure development.
Market cap valuation: $7 billion.
Polygon has been described as the internet of blockchains as it basically transforms Ethereum into a full-fledged multi-chain system.
Polygon is backed by Binance and Coinbase.
Polygon handles up to 65,000 transactions per second with a validation time of less than two seconds and is one of the multiple blockchains achieving carbon neutrality.
Layer 2 blockchains are important to support Layer 1 security and scalability. As a Layer 2, Polygon is out in front as an integral partner to Ethereum. As Web3 develops, Layer 2’s will become even more vital to the ecosystem. Polygon is set to be the main plyer for a long time to come.
Ripple (XRP): down around -89.5%
Launched in 2012, Ripple is a real-time gross settlement ledger system, currency exchange and remittance network. It was the first DEX (decentralized exchange).
At the beginning of 2017, the price of XRP was $0.0048, As of November 2022 its $0.381.
Market cap valuation: $19 billion.
It’s open source and supports tokens representing fiat currency, cryptocurrency, and other units of value.
According to Ripple, its system provides secure, instantly, and nearly free global financial transactions of any size with no chargebacks.
The ledger employs its XRP coin.
Ripple XRP is adopted by a large number of banks around the world and is one of the coins selected to be part of the ISO 20022 standard.
The SEC case regarding XRP as a security has taken its toll on the price, however, Ripple labs are holding strong and the outlook is positive.
The five main applications of the XRP Ledger are payments, tokenization, DeFi, CBDCs, and stablecoins.
Since 2012, the XRP Ledger has been reliable, closing 70 million ledgers. Benefits of the XRP Ledger include its low-cost, speed, scalability, carbon-neutral, and energy efficiency. The fact that XRP has been adopted by mainstream financial institutions demonstrates its future prospects.
Cardano (ADA): down around -89.3%
Cardano is an open-source and decentralized blockchain, with consensus achieved using proof of stake. ADA is its cryptocurrency.
When launched in 2017, it was the largest cryptocurrency to use a proof-of-stake blockchain (the green alternative to proof-of-work PoW).
Cardano’s inception in 2015 was led by former Ethereum co-founder, Charles Hoskinson.
Its goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change.
It also wants to redistribute power from unaccountable structures to the margins to individuals, helping to create a society that is more “secure, transparent, and fair.”
Market cap valuation: $11 billion.
Cardano is similar to Ethereum as it enables smart contracts and decentralized applications.
Its ADA token has also been designed to ensure that owners can participate in the operation of the network. Anyone holding ADA automatically has the right to vote on any proposed changes to the software.
Cardano is unique because it has been steered by peer-reviewed research. This has helped the blockchain be durable and stable, which will help flag potential pitfalls in advance.
This could make the validation process more efficient and reduce the size of transactions.
Cardano ADA is building an eco-system that will most likely be utilized through its partnership with governments and large companies worldwide. It is one of the biggest blockchains to successfully use PoS. This means it is less energy intensive than the PoW algorithm of Bitcoin which could be significant in the future.
Despite the constant volatility of recent times, the crypto space is still one we believe is only going to get stronger over time rather than peter out.
Because as our fundamental analysis tells us, the crypto ecosystem is too far developed.
It is being embraced and adopted by mainstream institutions all around the world. That says it all.
Cryptos are no fad. They are here to stay and more importantly grow over time.
This means, for the investor, now is the perfect crypto storm. It is time to get in.
And our pick of 7 long-term cryptos for 2023 has many price ranges for both experienced and novice investors.
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