Cryptocurrencies are always the talk of the town. Digital assets have made headlines in his 2021 as many coins and tokens hit all-time high prices. For the opposite reason, in 2022 water he became popular around coolers as almost every cryptocurrency on the market fell again. Some investors now believe that cryptocurrencies were overvalued from the start and are disappearing for good. Others see the breakthrough value of encrypted transaction ledgers and programmable digital contracts.
For the second group of long-term cryptocurrency investors, the current low prices look like an open invitation to buy powerful cryptocurrencies at very low prices.
That is, there is nothing subtle about this opportunity.
This buy window greeting card had flashing green lights and the faint scent of freshly baked cookies. When the card is opened, “I’m Still Standing” plays over “1812 Overture” and includes a cannon.
So let’s take a look at the most attractive cryptocurrencies to buy near the end of 2023.
winner and loser
Crypto investors currently have no choice. Bitcoin (Bitcoin 1.57%)is the largest and oldest name in cryptocurrency, down 64% this year.smart contract reader ethereum (ETH 3.38%) It lost 65% of its value. With everything for sale, it’s hard to find a worthwhile cryptocurrency that hasn’t lost at least 30% in 2022.
It is true that some of these digital coins are now crashing for good reason. The utility token of FTX, the leading crypto trading exchange, has collapsed like Trump’s house, and so have the exchanges.
Many smaller, less robust cryptocurrencies have not recovered from this recession. This year of crisis will separate digital wheat and triple crypto wheat. The immediate challenge, therefore, is to determine which cryptocurrencies will survive this cleansing crunch and thrive in the long term.
In my view, the combination of long-term stability and temporary discounted pricing can’t be beat. Polka dot (Dot -0.14%).
Why polka dots are a big deal
Polkadot is a decentralized network protocol aimed at connecting different blockchain networks and allowing them to work together.
This blockchain network and its extended ecosystem will use a unique governance model and a unique consensus mechanism called “NPoS” (Nominated Proof of Stake). The Polkadot network’s native cryptocurrency is called DOT, and it is used to facilitate transactions and governance on the network. Tokens and networks are closely intertwined, and it is common to see people refer to DOT tokens by his Polkadot name.
Polkadot aims to build an interoperable and scalable ecosystem for decentralized applications, on top of which a wide range of use cases and applications can be built. In other words, it helps app developers leverage the best qualities of many different cryptocurrencies and blockchain networks in a single app. For example, Polkadot’s development platform makes it easy to combine Bitcoin’s long-term store of value with Ethereum’s flexible smart contracts.
This blockchain-connected superpower is at the heart of the Web3 technology revolution. In fact, Polkadot and DOT are official Web3 tools founded and supported by the Web3 Foundation. So if today’s social networks and ad-based revenue-generating online experiences are looking to pass the baton to a metaverse of decentralized apps, automated reward systems, and a vibrant content creation metaverse, in the long run already expects Polkadot to win.
You have seen one possible future.It’s time to act
That’s where I stand. His Web3 concepts such as the Semantic Web, distributed processing and automated contracts are poised to disrupt many industries. From banking and supply chain management to multiplayer gaming and data security, Web3 technologies are changing the world around us. This cryptocurrency bets directly on his Web3 future, as it cannot function without the Polkadot network and DOT tokens.
Also, it doesn’t matter that DOT fell more than Ethereum and Bitcoin during the 2022 inflationary crypto crash. The token’s price is down 84% this year, and investors are bracing for a tremendous rebound when the global economy calms down again.
After all, no bear market or recession lasts forever. It probably won’t come right after “Auld Lang Syne,” but you can also prepare to take advantage of the inevitable rise.
Anders Bylund has positions in Bitcoin, Ethereum and Polkadot. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool’s U.S. headquarters has a disclosure policy.
