In the cryptocurrency market, it's simple to lose money by focusing on short-term gains. The top market experts will all agree that experience counts more than market timing. Yet when it comes to cryptocurrencies, market experience may be your best ally in increasing your net worth.
We have the best long-term crypto investments for you to buy, so look no further. In this post, we've compiled a list of the top five cryptocurrencies to buy now and hold onto for the long term. Let's get going.
Top 5 Crypto To Buy Right Now For Long-Term Gains
Bitcoin (BTC)
The first cryptocurrency, Bitcoin, was developed in 2009 by Satoshi Nakamoto. The BTC cryptocurrency, like the majority of cryptocurrencies, is run on a blockchain. Bitcoin is maintained secure and protected from fraudsters by updates to the distributed ledgers which have to be confirmed by resolving a cryptographic puzzle, a procedure known as proof of work.
As it has gained popularity, the price of bitcoin has risen. Bitcoin was priced at around $500 in May 2016. Since then, Bitcoin has gone through many ups and downs, but it has exhibited incredible resistance. Bitcoin lost 65% of its market value last year, and as of January 10, 2023, it is currently trading between $17,500 and $18,000.
Ethereum (ETH)
Ethereum, a blockchain platform and cryptocurrency is favourite among programmers due to its potential applications, including smart contracts that automatically execute when certain conditions are satisfied and NFTs.
Additionally, Ethereum has grown dramatically. Its price increased by more than 27,000% between April 2016 and the beginning of March 2022, from roughly $11 to over $3,000. However, due to the general market collapse, Ethereum fell to a record low of $1,091 on November 9, 2022, and then swiftly recovered to levels of about $1,400 by January 10, 2023.
Binance Coin (BNB)
The native token of Binance is called Binance Coin. BNB can now be used to make hotel reservations, buy gift cards, and conduct transactions outside of the Binance platform in addition to its original purpose of obtaining lower trading charge rates. Binance Coin, however, really took off after the release of Binance Smart Chain (BSC) in 2020.
In 2017, BNB cost only $0.10. Its price increased to nearly $413 by the start of March 2022, a gain of roughly 410,000%. BNB didn't budge much even after such a severe market meltdown and is now trading around $285 as of January 10, 2023.
Since it seems like Binance Coin will be around for a while, it ranks as our third-best long-term cryptocurrency to buy in 2023.
Tether (USDT)
Tether is a stablecoin, which means it is backed by fiat currencies, in contrast to some other types of cryptocurrencies. As a result, investors who are cautious of the severe volatility of other coins choose Tether because its value is theoretically expected to be more stable than that of other cryptocurrencies.
Avalanche (AVAX)
The Avalanche blockchain's native coin, AVAX, supports smart contract capabilities. It is regarded as one of the reliable and quick smart contract platforms in the DeFi industry and operates on the Proof of Stake (PoS) method. It employs the same Solidity programming language as Ethereum and allows smart contracts, allowing decentralised apps to run on the network.
There are only 720 million AVAX tokens available from Avalanche. At the time of its 2020 introduction, half of them had already been produced and distributed. In the form of staking rewards, the remaining tokens must yet be produced through the minting procedure. Furthermore, unlike Bitcoin and Ethereum, Avalanche does not pay validators any fees; instead, all fees are burnt, making AVAX even more scarce.
When AVAX was first introduced in September 2020, it cost roughly $4.00. The token reached its peak on November 23, 2021, at $134.87. AVAX's pricing as of January 10, 2023, is almost $15.4.
The Bottom Line
It might be challenging to distinguish between cryptocurrencies riding the wave and those earning value on their own merit when the entire market is rising.
At Webmantra Technologies, we can help you select the top cryptocurrencies to buy in March 2023. Call us today to get the details.
