6 Best Cryptocurrencies to Invest in by May 2023: A Guide to Diversifying Your Portfolio
Have you mourned for not investing in Bitcoin 10 years ago?
Ever thought you missed an opportunity to invest in Ethereum 6 years ago?
Don’t worry, It is never too late !!
You still have a better chance to invest in Cryptocurrencies now than regret tomorrow!!!
But remember this Investment rule always
“Never invest money that you can’t afford to lose”
Table of Contents
Which Cryptocurrencies to Invest?
The world of cryptocurrencies is an ever evolving one and can be a great opportunity for investors. The incredible growth in the value of digital currencies means that investing in cryptocurrencies could be highly lucrative in the future. With so many different options to choose from, it can be difficult to decide which cryptocurrencies to invest in. In this article, we’ll explore some of the best cryptocurrencies to consider investing in by May 2023.
The global crypto market cap is $1.18T. There are almost 23,641 cryptocurrencies in the crypto market, trading on 619 exchanges according to Coinmarketcap, a crypto analysis website. So, it is quite hard to choose one crypto to invest in. You should have a diversified portfolio to choose from as the crypto market is highly volatile and the price falls more quickly and surges even faster.
6 Best Cryptocurrencies To Invest In May 2023 Based On Market Cap
1. BITCOIN (BTC)
Market Capitalization: $549,442,826,520
The first-ever digital currency introduced into the market, the ‘King of all cryptocurrencies.’ Bitcoin is a decentralized peer-to-peer cryptocurrency launched in 2009. The entry of Bitcoin eliminated the need for intermediaries to transfer funds and perform payments. Bitcoin works on blockchain technology making it more secure and robust.
Bitcoin led the Crypto market with a dominance of 46.39%. The current price of Bitcoin at the time of writing is $28, 388. Bitcoin touched the price of $30K earlier this month. It has raised 3.75% in the last 24 hours.
Related: Best Bitcoin exchanges in India
2. ETHEREUM (ETH)
Market Capitalization: $225,052,255,265
Ethereum is a decentralized open-source ecosystem launched in 2015 by Vitalik Buterin. Ether is the native currency of the Ethereum ecosystem. Ethereum has introduced the concept of smart contracts, a computer program that executes automatically when the conditions are met by both parties.
Ethereum dominates the market with 18.99%. The current price of Ethereum at the time of writing is $1869.84 and the price has gone up by 2.10% in the last 24 hours. The price surged and reached the 20k mark on April 13, 2023.
Related: Best Ethereum Exchanges to buy
3. TETHER (USDT)
Market Capitalization: $81,609,434,090
USDT is a stablecoin that is pegged to the U.S. dollar. It was launched in 2014. In this volatile market, stablecoins are safe to invest in and used as an inflation hedge. The current price of Tether is $1.00 with a market dominance of 6.89%.
Market Capitalization: $52,744,504,092
Binance, the world’s biggest cryptocurrency exchange, launched BNB in 2017. The Binance ecosystem consists of the Binance chain, Binance smart chain, and Binance Academy. BNB is an integral part of this ecosystem.
The current price of BNB is $338. 40 at the time of writing with a market dominance of 4.45%.
5. USD COIN (USDC)
Market Capitalization: $30,686,074,140
USD Coin is a stablecoin pegged to the U.S. dollar on a 1:1 basis, backed by $1. It was launched in 2018. The current price of USDC is $1.00 with a market dominance of 2.59%.
Market Capitalization: $24,238,684,681
XRP Ledger (XRPL) is an open-source, permissionless technology. Launched in 2021. It is used in a variety of applications and also for payments.
The current price of XRP is $0.4681 with a market dominance of 2.05%.
Confused which exchange to choose?, check our guidelines
The other cryptocurrencies that have the potential to boom are
- Shiba Inu
In conclusion, there are a variety of cryptocurrencies to invest in during May 2023. While Bitcoin remains the top choice, Ethereum and other altcoins like BNB, Tether, and Polkadot offer attractive opportunities for investors looking to diversify their portfolios. Each coin has its own pros and cons, so before investing it is important to understand the risk associated with each one. With the right research and due diligence, investors can make informed decisions that can help them maximize returns on their investments.
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