The Top Cryptocurrencies in 2023 in Canada
Investing in cryptocurrencies is admittedly risky, but they can also be very attractive for savvy investors who want to generate high returns in the medium term. But to benefit from the possibilities with cryptocurrencies, you need to be able to choose the right ones to buy.
So what are the most promising cryptocurrencies of 2022? Which ones should you invest in to stay ahead of the trends?
Find out the answer to this question by reading our list of the most promising crypto in Canada right now.
Please note that this article is a consensus analysis and does not constitute investment advice. Investing in cryptocurrencies comes with risk.
Promising cryptocurrencies in 2023 : what you need to know
- Some recent cryptocurrencies have interesting upside potential.
- Cryptos based on new technologies or related to gaming are booming.
- It is possible to buy and store crypto currencies via an exchange platform.
- Many cheap cryptocurrencies can be purchased via online cryptocurrency exchanges.
Top cryptocurrencies to buy in 2023
The year 2023 promises to be an interesting year for cryptocurrency investors. Many of these crypto-assets may hold some good surprises according to analysts. Here is the ranking of the most promising cryptocurrencies of 2023 according to analysts:
The Zilliqa project shows great ambitions and aims to become a first choice network for companies in the gaming, advertising and other digital infrastructure sectors. According to analysts, it is expected to be the next cryptocurrency to boom in the coming years.
Enjin Coin's ENJ cryptocurrency is associated with a platform that offers various services including a crypto wallet or universal blockchain explorer.
Enjin Coin is a system based on gaming but also offers other applications. Its evolution is quite encouraging at present. Analysts thus envisage that its price will continue to rise in the medium term and that its overall trend should be upward in the longer term.
Synthetix is a DeFi platform that is based on Ethereum and was formerly known as Havven. This platform offers investments in cryptocurrencies but also in other assets. Its native token is called SNX and is an ERC-20 token.
The Synthetix platform has been designed to simplify investment by offering derivatives called "synthetics". The level of security is high.
As for the related cryptocurrency, SNX, it seems to have a promising future. Indeed, analysts believe that its price should rise for several years. This crypto is also available for staking to generate passive income.
The year 2021 has once again proven the potential of Stellar Lumens as a growth digital currency with an increase of over 100% in its value just like in 2020. In 2017, the crypto even managed to increase its value by more than 14,500% in one year.
This is a virtual world based on the Ethereum blockchain and is among the most popular platforms on the market.
Its token is the MANA and is an ERC-20 token that allows access to services and purchases on the network. Internet users here are particularly interested in and attracted by Decentraland's decentralized operation.
Current forecasts for the MANA crypto are very high for the year 2023 and beyond.
Cardano has seen a strong surge in 2021 and has gained popularity due to its smart contract advances. Its volatility may be quite high, which lead to a decline in its price in 2021, but it could lead to a contrary trend in 2023 and beyond.
Polygon is another alternative to Ethereum and is an innovative project to reduce transaction costs.
Furthermore, MATIC, which is the name of Polygon's token, is relatively stable in the market but can experience spikes in volatility with fluctuations of up to 20% in a single session which offers many opportunities.
This cryptocurrency has recently emerged as an effective response to the decentralization of digital finance.
UNI has thus seen a sharp rise in its share price during 2021 thanks to the enthusiasm of investors for this innovative system. It is currently among the 10 largest market capitalizations in the world.
This is an open-source platform that was launched via the Ethereum system and supports a wide range of cryptocurrencies including Bitcoin, Dogecoin, or Bitcoin Cash with Ethereum and Binance Smart Chain as destination networks.
REN enables private cross-blockchain transactions by tokenizing assets. This means that it holds assets and creates ERC-20 tokens like RenBTC to support transactions.
This cryptocurrency currently trades at a very low price that makes it accessible to all budgets. Its price is also expected to rise in the next few years.
The most famous cryptocurrency on the market remains must-have crypto in 2023. Despite the increasingly intense competition, it is still the current leader in terms of market capitalization, which ensures its very high liquidity.
In 2021, Bitcoin grew a spectacular 80% with an average of 300% per year during previous years.
The Sandbox is an original concept that takes advantage of the success of other similar and very popular games like Minecraft. Thanks to the evolutionary aspect of blockchain, this virtual universe could also offer new attractive features.
Indeed, this platform offers its users to create content or to buy land. Its native token is the SAND.
This crypto allows access to different features in the game with voting rights on decisions made about the metaverse.
In addition, the price of this cryptocurrency is relatively stable compared to the market.
Current expert predictions for the future of SAND are extremely good with the performance expected to pick up after a decline seen in early 2022. According to current estimates, the price of this cryptocurrency could exceed $7 in 2025.
Dogecoin has been in the news a lot in 2021 with an impressively strong rally and has the support of Elon Musk and Tesla.
While the volatility of this cryptocurrency is expected to be lower in 2023, the price of this security should continue to evolve thanks to its increasing suitability in the payment of goods and services.
This DeFi platform is fairly new as it was launched in 2020 based on the Ethereum blockchain to offer a protocol that proposes profit optimization on finance farming operations.
Its token is YFI and Yearn Finance is now a fully profitable platform that has become one of the leaders in the decentralized finance sector.
YFI's price performance is quite impressive in the market with forecasts for the next few years to rise.
Fantom is now a project in which experts foresee strong growth in the coming years. This cryptocurrency has already entered the top 20 of CoinMarketCap.
Fantom is positioned among the most scalable in the cryptocurrency market and the forecasts are quite positive for the coming years.
This stablecoin is a reliable token that is backed by the regulated cryptocurrency exchange Coinbase. It is more reliable crypto than Tether or USDT. It is also quite convenient and can be used as a base currency for investors.
The EOS project is based on a network that is not completely decentralized, which earned it quite a bit of criticism at first. However, analysts are expecting some nice surprises from this cryptocurrency, which is proving to be stable, with interesting technical setups.
For the more savvy traders, the low price of this cryptocurrency could make it quite attractive.
The LuckyBlock crypto is a decentralized lottery-based cryptocurrency. It is based on the Binance Smart Chain blockchain.
The native token is LBLOCK which is accessible from PancakeSwap. This decentralized exchange is based on the Binance Smart Chain and is a fast and cheaper alternative to Ethereum.
Its concept allows players to participate in a lottery via cryptocurrencies on an international scale. Investing in LBLOCK in 2023 is to bet on a recent but very promising cryptocurrency.
The Chainlink project which originated the Link crypto is a promising project and new partnerships are expected to boost its stock price. Indeed, this project offers a concrete solution to the problems of communication between the blockchain and the outside world. Another benefit is the high qualification of its team.
However, we would avoid intraday trading of this stock as it shows very high volatility.
Several factors are expected to further boost this cryptocurrency in the coming weeks and months, including growing interest from global financial institutions and speculative events in the cryptocurrency market.
Ripple is also setting up various partnerships with banks in Latin America and Europe, which will open the door to wider distribution of this cryptocurrency in the long run.
Fetch.ai is a blockchain-based on the Cosmos system. It is an open-source platform created using artificial intelligence and machine learning technology.
This platform was designed to simplify the lives of its users by offering different interconnected applications with easy use. The cryptocurrency attached to this platform, FET, is available on many platforms and has a low price that makes it accessible to all budgets. Analysts envisage an upward trend in its price until 2025.
This platform also aims to simplify cryptocurrency payments and make it easier to access financial DApps from a smartphone. The Proof of Stake protocol makes it accessible to staking and works through Smart Contracts like Ethereum. Its native token is also called CELO.
The service offered by this platform is expected to revolutionize the use of cryptocurrency by popularizing it with extremely low transaction times and secure transactions.
Regarding the future of this cryptocurrency in 2023, experts are optimistic with a general rise expected this year and in the following years. A price target has been set at $5 for early 2025.
If the Quant project is promising, it is primarily because it could accelerate the adoption of blockchain by financial, governmental or medical institutions in the years to come.
From an analytical point of view, there are many interesting chart patterns on this stock with medium volatility.
Ethereum is in second place in our ranking of cryptos we recommend investing in 2023. It is the second-largest market cap in 2021 and has been for five consecutive years.
The Polkadot token is also one of the most important cryptocurrencies on the market today. It is in CoinMarketCap's top 10 even though its adoption is not yet massive. Because of this, there is still potential to get in on its rise.
This cryptocurrency also has the advantage of being particularly liquid despite its fairly recent launch with variations that are close to those of Ethereum.
Which cheap cryptos are promising for 2022?
Qualifying a crypto of "cheap" is difficult. Any coin can be cheap at a given moment, depending on the evolution on its price. For example, we can consider that Bitcoin is cheap at 17000$, knowing that its ATH is higher than 60k$
Good to know
Note that cryptocurrency trading platforms often require a minimum investment to start trading cryptocurrencies.
How to buy cryptocurrencies?
To buy promising cryptocurrencies, you need to use a crypto exchange or trading platform. Here are the different steps you need to take to start your investments:
- Choose a crypto exchange platform or broker: you can find a summary table below of the main cryptocurrency exchange platforms.
- Create an account on the platform: once you choose a platform you will then have to create an online account. You will be required to send or upload some credentials to verify your identity and ensure the security of your account.
- Make a deposit of money: you can make a deposit via several online payment methods and from a secure environment. The deposited capital will be used for cryptocurrency transactions.
- Buy cryptocurrencies: finally, all you have to do is choose the cryptocurrencies you want to invest in and buy the quantity you want.
Compare the best cryptocurrency trading platforms online:
The best cryptocurrency trading platforms
Compare the best crypto exchanges
4 cryptocurrencies investing tips
Keep in mind that investing in cryptocurrencies, even ones that analysts consider promising, represents a high risk. Here are four tips for any crypto investor to be aware of before jumping in:
- Compare the best cryptocurrency platforms so you don't pay too high fees (be aware of spread in particular).
- Never invest money that you might need immediately. Make sure you retain the cash for your short-term needs in your checking or savings account.
- Keep in mind that investments in cryptocurrencies are subject to risk and you may lose your initial capital. It is necessary to be well informed beforehand about which cryptocurrencies to choose and not to invest money that is vital to you.
- Diversify your portfolio by investing in other promising investments (stocks, bonds, exchange-traded funds etc.) or real estate or commodities. If you invest part of your portfolio in cryptocurrencies which are volatile, it is a good idea to focus the rest of your portfolio on safer investments (savings bonds, GICs etc.).
Ready to start investing in cryptocurrency? A good crypto exchange will let you get started today: