It’s easy to get lost in the sea of cryptocurrencies these days. Bitcoin, Ethereum, Litecoin, Cardano, and EOS are some of the many cryptocurrencies that have been around for years.
So how do you know which ones are most likely to survive and thrive in the future? This post will take a look at five of the most popular cryptocurrencies and give a general overview of which ones might be worthwhile to invest in moving into 2023.
Ethereum
Ethereum is the first and most popular cryptocurrency to use blockchain technology. Vitalik Buterin, who published his white paper on Ethereum in 2013, is the creator of this cryptocurrency.
The project raised $18 million through an initial coin offering (ICO) in 2014, which helped it raise funds for the development of its platform.
Since then, it has grown into one of the biggest cryptocurrencies with a market cap of nearly $28 billion.
The price of Ethereum fluctuates wildly but has generally increased over time. It peaked at over $1,400 per token during January 2018.
However, it decreased dramatically after bitcoin’s price crash the same year but has since recovered somewhat.
Yet it remains volatile compared with other top coins like Litecoin or Bitcoin Cash which often trade within a narrow range of around $100-$200 per unit, although these numbers are constantly changing. Ethereum is therefore ideal for automated trading bots.
Cardano
Cardano is a decentralized public blockchain and cryptocurrency project that is completely open-source.
With its platform for smart contracts, Cardano intends to provide more sophisticated functionality than any existing protocol.
The development team consists of a sizable international group of knowledgeable engineers and researchers.
They have created a cutting-edge product that intends to promote the widespread adoption of cryptocurrencies by making them easier for everyone to use in their daily lives.
They do this by drawing on more than 20 years of experience in blockchain research and development.
Cardano is being built by IOHK, which has offices in Hong Kong, London and Tokyo.
As mentioned before, it’s been funded by several organizations, including Ethereum founder Charles Hopkinson, who serves as one of its three original co-founders along with Jeremy Wood (CEO) & Michael Parsons (CIO).
EOS
EOS is a blockchain platform that enables horizontal and vertical scaling of decentralized applications.
It can process thousands of transactions per second, cut user fees, and process millions of transactions per second.
EOS will be used for developing dApps on its network. This includes everything from social media platforms to gaming applications and financial services providers, like exchanges or banks.
NEO
NEO is a cryptocurrency and blockchain platform created to make a scalable network of decentralized applications.
NEO was founded in 2014 and changed its name in 2017 to AntShares. The project has been around for quite some time now, so it’s one of the most established coins available on the market.
The crucial difference between NEO and Ethereum is that the latter supports smart contracts while the former does not.
This means that you can’t use Ethereum to create tokens or ICOs. Yet, it does allow users to create digital assets on top of their blockchain, which can be used for voting purposes or as collateral for loans.
Litecoin
Litecoin is a peer-to-peer currency and is also an open-source software project distributed under the MIT/X11 license.
The generation and transfer of coins are not governed by a centralized body. They are based on open-source cryptographic technology.
Starting in October 2011, Litecoin was an early Bitcoin offshoot or alternative currency.
When Charlie Lee noticed that the price of Bitcoin was increasing too quickly, he decided to establish Litecoin as a substitute currency with faster transactions—2.5 minutes as opposed to 10 minutes for BTC.
The Litecoin network became live on October 13, 2011 when its genesis block was mined.
Conclusion
Cryptocurrencies are tricky, and with new ones arising on the market every day, it might be difficult to know which ones to invest in.
What makes it even more difficult is that no one knows what will happen in the future.
However, if you are looking to invest in crypto in 2023, these are the five cryptocurrencies that you should choose.
Ella Marcotte
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