January 2023 is sure to be an exciting time for cryptocurrency investors. With the rise of Bitcoin and other digital currencies, there are plenty of opportunities to make great returns on your investments. This article will discuss the top 5 cryptocurrencies to buy in January 2023 and provide an overview of their use cases and potential growth.
We will also cover the risks associated with investing in digital currencies and how to choose a reliable platform for trading them. Understanding all these factors enables you to make informed decisions about which crypto assets to invest in during this period.
Table of Contents
What is the BYDFI exchange?
BYDFI, launched in 2019, is a crypto exchange that goes beyond the basics. It offers users advanced trading features like margin accounts, derivatives trading, and low fees.
The platform is well-suited for experienced traders who want more than just basic trading options. An easy way to invest in the biggest crypto assets is through the spot trading platform. You can also access sizeable leverage with a minimal initial deposit of only $2.
Cardano (ADA)
The Cardano blockchain allows users to build smart contracts and decentralized applications & protocols. It also allows for fast and cost-effective digital financial transactions, making it a great tool for businesses and financiers.
Cardano took a hit in 2022, and its worth declined by almost 8%. But the future looks optimistic as experts predict it will recover in 2023. Its innovative proof-of-stake mechanism is one of the most notable features. In addition, Cardano has a market capitalization of approximately 7.7 billion pounds, making it a valuable asset. Utilizing this technology further enhances transaction speed and requires minimal effort from the user.
In the 12H timeframe, the price action of $ADA/USDT is moving below the resistance trendline of the horizontal S/R zone. The price may fall from here if it breaks its resistance zone. Then it can go upward. Currently, we have to wait for further Price Action.
XRP (XRP)
XRP, developed by Ripple, is the world’s fastest and most cost-efficient cryptocurrency for cross-border trading. It has a unique capability to transact with multiple currencies over the network. This crypto is highly regarded and trusted in the market for its reliability and security.
XRP is mainly used as a settlement currency between different components of the Ripple network. It has been available for trading on multiple platforms, such as futures & options exchanges, spot exchanges, custodian exchanges, non-custodian exchanges, and swap markets. XRP is currently one of the largest cryptocurrencies in terms of total market capitalization, ranking higher than Cardano (ADA), Solana (SOL), and Polkadot (DOT).
XRP has the potential to be a great store of value due to its speed & efficiency of transactions, plus its positive environmental impact compared to other proof-of-work-based cryptos. Additionally, other key factors can make it a worthwhile investment.
In the 1D timeframe, the price action of $XRP/USDT is moving below the S/R zone. A downward movement is expected from here. Suppose it breaks its S/R zone. Then it can go upward.
Dogecoin (DOGE)
Dogecoin is mainly used for payments and purchases, but it’s not a reliable store of value cryptocurrency. This is because there’s no limit to the number of Dogecoins that can be created; this makes it an inflationary cryptocurrency by design. Nevertheless, Dogecoin has made its way into the top 10 cryptocurrencies and is being adopted rapidly. Experts have forecasted a bright future for Dogecoin, which makes it one of the most attractive long-term investments available in the market currently.
There are several reasons why Dogecoin is gaining popularity. It is well-developed by a vibrant team and is an indispensable part of crypto collections. One great advantage it has over other coins is that there isn’t a limit on how many coins can be created. Unfortunately, the supply increase causes the cryptocurrency to become depreciate. At present, Dogecoin is estimated at around £7.9 billion market capitalization.
On the 1D timeframe, the price action of $DOGE/USDT has broken the flag resistance trendline. Currently, the price is retesting the resistance trendline of the flag. After a successful retest, it can go upward.
Binance Coin (BNB)
BNB Coin is a digital asset created for the Binance exchange to facilitate transactions and trading fees. It is a cryptocurrency that can be used directly on the platform. Binance Coin (BNB) is a popular digital currency primarily leveraged on the world’s biggest crypto exchange platform, Binance. This platform serves over 1.4 million transactions every second and allows users to trade & pay fees using the BNB token.
Binance is the biggest cryptocurrency exchange globally, allowing you to trade and make payments. Additionally, they offer a discount on all transactions. Binance began facilitating trade in 2017 and has become the leading international platform in its industry.
The Binance coin has been gaining much traction lately and is being used for various purposes, such as trading, payments, and even ticket booking. The current market capital value of this cryptocurrency is around 34 billion pounds.
In the 2H timeframe, the price action of $BNB/USDT consolidates inside the symmetrical triangle. We must wait for a successful breakout or breakdown to confirm its next direction.
Polygon (MATIC)
Polygon is a blockchain-based platform for Ethereum-compatible projects, with MATIC tokens governing and securing it. People can purchase these tokens from cryptocurrency exchanges like Coinbase & Kraken and use them to pay for transaction fees within the network.
According to knowledgeable sources, Polygon GBP is an excellent investment opportunity. It has a market capital value of 5.8 billion pounds and offers faster transactions with lower fees on Ethereum using blockchain technology. Therefore, investing in Polygon GBP can be beneficial in the long run.
In the 1D timeframe, the price action of $MATIC/USDT is moving inside the horizontal S/R zone. Currently, the price is getting rejected from the resistance zone. Therefore, a downward movement is expected from here. On the other hand, if it breaks its resistance zone, then the price can go up.
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Closing Thoughts
The Crypto market is known for its volatile nature. According to the above analysis, the coins we discussed might prove to be profitable if other market conditions prevail favorably. We suggest you engage in adequate research before investing in any digital assets.
