2023 has started, and crypto investors are already anxious about the best cryptocurrencies to keep a close eye on during the year. 

While It might be hard to pick out the best cryptocurrencies to keep an eye on due to how bad a year 2022 was for crypto. Despite the bear market and turmoil witnessed in 2022, some cryptocurrencies have better long term bais for success and will stand out from the rest as the new year starts. 

In the article, you will discover a compiled list of some of the top cryptocurrencies to watch out for in the new year and some of the best investment practises to keep in mind. 

5 Cryptos to Keep An eye on in 2023

Below are some major cryptocurrencies you should watch closely in 2023. 

Bitcoin (BTC)

Undoubtedly, Bitcoin had a very rough year in 2022, coming down in value by more than two times what it started the year with. In January 2022, bitcoin began the year with a price of $47,738.59 but ended at a price of $16,604.02 due to the turmoil in the crypto market throughout the year.

This is twice less than what it started the year with, making many investors anxious about the cryptocurrency. But the good news is that one might still have to invest in Bitcoin in 2023 as it has more chances of price growth in the new year. 

For several reasons, crypto analysts have predicted that Bitcoin might have a better year. One of them is mostly because many financial companies, such as Mastercard and Alphabet, are now getting more involved with Bitcoin. Also, there are speculations that the federal government will reduce its hike in interest rates. 

Source: CNBC

Ethereum (ETH)

Ethereum, which closely follows Bitcoin in market cap, is the next cryptocurrency to watch closely in the new year. Ethereum, just like Bitcoin, didn’t have a good year either; it started 2022 with more than $2,000 as its price and ended it with a price way less than that. 

Despite the fact that Ethereum had a bad year, experts believe that its price will rise steadily in 2023. Several reasons support this argument, ranging from the new technology due to the Ethereum merge to other internal factors. 

From experts’ opinions, Ethereum is expected to increase by more than $2,000 in 2023, which would make it a good investment considering its current price. The Ethereum Merge, which happened in 2022, was a good initiative for the cryptocurrency because it made its network and ecosystem safer. This might be the driving force that will increase its price in 2023.

Tether (USDT)

Wondering why a stablecoin was included as one of the coins to watch out for in 2023? There are many reasons of which every investor or crypto trader should be aware. 

The crypto market of 2022 was very frustrating, making many investors lose millions of dollars hodling falling tokens. Choosing a great stablecoin gives traders options to store their cryptocurrencies and hodl without loosing asset value.

Also, stablecoins are used to make payments and buy other cryptocurrencies in the market. Despite the many challenges, Tether has proved to withstand heavy criticism and bear markets.

Polkadot (DOT)

Polkadot is another cryptocurrency you should keep a close eye on in 2023. Polkadot had started 2022 with a whopping price tag of $18.22, but it ended the year horribly at a price of less than $5. Like many cryptocurrencies, the price drop is understandable because of the bear market witnessed in 2022. 

However, in 2023, Polkadot is set to make a comeback after it attracted the interest of many crypto hedge funds and ventures. DOT is attracting the attention of many hedge funds even more than Bitcoin because they received the green light on SEC crypto regulations. 

With its price less than $5, this might be the best time for investors to purchase the cryptocurrency, as everything indicates that DOT bulls are ready to charge in 2023.

Polygon and Polkadot. Source: Analytics Insights

Polygon (MATIC)

If there’s any cryptocurrency that deserves to be added to this list, then it should be MATIC. MATIC is bouncing back at an incredible pace and is expected to increase more in 2023. 

MATIC started 2022 at a little over $2 but ended the year at less than $1. However, 2023 looks promising for MATIC as all indicates that it will be having a great year. Statistics from experts show that MATIC’s social media popularity is on the rise, and this will be key in driving the price of MATIC in 2023. 

Best crypto Investment Practices for 2023 

Below are some of the tips to keep in mind as you start making your investments in 2023.

Invest What You Can Afford to Lose 

Everyone at this point should know that anything can happen in the crypto market at any time, so one should always invest what they can afford to lose. 

For instance, if you have a monthly income of $10,000, you can invest only a portion of that amount into cryptocurrencies that you are willing to risk.

Use Licensed Exchanges 

One must be careful of the exchange they use for crypto trading and storage because money is involved. 

Judging from the FTX scandal, one should use licensed exchanges and those with positive reviews from previous customers. 

A secure and licensed crypto exchange to consider with a licence in the US, Canada, Asia, and over 100 countries in the world is BingX. It is used by millions of crypto traders around the world and offers copy trading, bot trading etc.

Source: BingX

Diversify

One of the mistakes investors should avoid in 2023 is making their investments solely around Bitcoin; it is a bad idea. 

Making investments into other cryptocurrencies such as Ethereum, MATIC, other altcoins, and even stablecoins is great. This will help reduce the losses one suffers, assuming the crypto market has a bear run. 

Conclusion 

The bear market of 2022 was severe for some cryptocurrencies, and it caused many coins, including Bitcoin, to dip in price. 

As 2023 starts, crypto experts have vetted a few coins as the ones to watch closely in 2023. Some of these are the apex cryptocurrencies, including Bitcoin, Ethereum, Polkadot, Polygon, and Tether. 

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