Top Cryptocurrencies to Invest in July 2023
Cryptos are looking bullish once more with Bitcoin hitting a 13-month high and trading at $31,500. The upswing has been partly influenced by investor confidence following the legal victory secured by cryptocurrency firm Ripple Labs Inc (XRP) over a Security Exchange Commission lawsuit.
https://twitter.com/Bitcoin/status/1679604187976564736
In the ruling the judge stated that XRP is not regarded as a security and, thus, Ripple had not violated securities law when it traded its XRP token on the public exchanges. This was the first win by a cryptocurrency firm over a U.S. Securities and Exchange Commission lawsuit and it has buoyed many investors and players in the industry, creating a wave of optimism as it sets a precedent that may see other cryptocurrencies not being treated as securities.
There are other signs that cryptos are getting into a bullish phase thus making them attractive investments. In spite of recent layoffs, Binance is exhibiting bullish signals and may soon hit its April high of $300 according to crypto analysts.
These trends, among others, signal this is a good time to enter the market once more and invest in various promising cryptocurrencies including Bitcoin, Dogecoin, Tether, and Ethereum among others.
With more than 24,000 active crypto projects currently in existence, it can be a headache sifting through the maze to find a good investment fit. Cryptos are risky investments and you wouldn’t want to go all in and put all your life savings into them. This is especially so if you are new to the asset class. Crypto investments should form part of a diverse investment portfolio.
To help you make sense of it all, we have analyzed and filtered out a list of the top ten best cryptos that you can invest your money in this month. These cryptos have been selected based on their market capitalization, the total value of the coins currently in circulation, and recent market trends.
Bitcoin (BTC)
Market Capitalization: Over $580 billion
Price: $29,900 as of July 23rd, 2023
With a market capitalization of more than $580 billion in July 2023, Bitcoin still remains the safest crypto investment. Founded in 2009, Bitcoin has stood the test of time, weathering the many storms that sunk other major crypto projects.
In 2023, Bitcoin (BTC) is a solid long-term investment. The value of the crypto has risen dramatically over the years and it has recovered from seemingly catastrophic price plunges that saw some observers pen its obituary a few years back.
Having been around the longest, Bitcoin has good cred and has become something of a cryptocurrency gold standard or the reserve currency of the crypto world. It has been around for quite some time and has good recognizability. Bitcoin is pretty much a household name by now.
Bitcoin offers users a good deal of flexibility. It allows users to send and receive money from pretty much anywhere, including in countries that have been decoupled from the global financial system.
Bitcoin transactions and security have stood the test of time thanks to its foolproof proof-of-work peer-to-peer cryptographic processing. The transactions have powerful encryption and are irreversible making Bitcoin transactions exceptionally safe.
Bitcoin is also very easy to acquire and there are numerous ways of using them. As a result, Bitcoin is a fairly safe and profitable long-term investment. Due to these advantages, it is one of the top cryptos that you can invest in July 2023.
A Bitcoin investment is also a way of diversifying your investment portfolio. However, like with all investments, avoid putting all your money in one basket. Cryptos are still a highly volatile asset class and the regulatory environment is still shaping up. However, as far as investments go, Bitcoin is a good bet that is even recommended by conventional financial experts. Consider investing in Bitcoin in July 2023 as cryptos begin to see an uptick in activity.
Ethereum
Market Capitalization: $224 billion
Price: $1874
Ethereum has a market capitalization of more than $220 billion and is one of the most stable cryptocurrencies. Ethereum is not only a cryptocurrency but also a blockchain platform. It is preferred by many developers working on cryptocurrency projects, non-fungible tokens, and smart contracts applications that execute automatically upon compliance with certain conditions.
Like Bitcoin, Ethereum has grown tremendously over the years. Between April 2016 and March 2022, the price of Ethereum grew from a mere $11 to $3,000, a growth of over 27,000%. However, the 2022 crypto market crash saw Ethereum plunge to as low as $1,091 before recovering steadily to $1,800 on 03 May 2023. As of the time of writing (23 July 2023), Ethereum is priced at $1874 and has been seeing a steady rise over the past few weeks.
Like Bitcoin, Ethereum has weathered the turbulence and shocks of yesteryears crypto crashes and is thus one of the safest bets for your crypto investments. Like Bitcoin, it is an excellent way of diversifying your investment portfolio and making some long-term financial bets.
Tether
Market Cap: Over $83 billion
Price: $1.0
Third on our list is Tether (USDT), which has a market capitalization of more than $80 billion. Unlike Ethereum and Bitcoin, Tether is a Stablecoin that is backed by fiat currencies such as the U.S. dollar and the Euro. Hypothetically, such a cryptocurrency will retain a value equivalent to that of one of the denominations to which it is pegged. Theoretically, the value of stablecoin like Tether should be more stable or consistent and less susceptible to volatility like other cryptocurrencies. Stablecoins such as Tether (USDT) are usually preferred by investors seeking to avoid the volatility that is now widely associated with the crypto market.
Binance Coin
Market Cap: More than 37 billion
Price: $242
The Binance Coin (BNB) has a market capitalization of more than $37 billion. The Binance Coin can be used in trading and paying fees on Binance, currently one of the biggest cryptocurrency exchanges in the world.
Launched in 2017, Binance Coin has grown beyond its utility as a coin facilitating trades on the Binance exchange. It is now used as a standard cryptocurrency for payment processing, trading, and other forms of payment, just like Bitcoin. You can also trade Binance Coin for other cryptocurrencies such as Bitcoin and Ethereum.
At its launch in 2017, the Binance Coin was priced at just $0.10. The price rose to approximately $413, gaining approximately 410,000% over a five-year period. Despite last year’s market crash, BNB was still hovering at $320 this year.
XRP
Market Cap: more than $38 billion
Price: $0.74
XRP (XRP) has a market capitalization of $38.84 billion. XRP was developed by some of Ripple's founders. The XRP cryptocurrency is used in the facilitation of the exchange of different types of currency ranging from major cryptocurrencies to fiat currencies.
XRP was priced at $0.006 at the start of 2017 and by May 2023, the price had hit $0.46, a rise of over 6,000%. As of 23 July, 2023, XRP is priced at $0.74.
Cardano (ADA)
Cardano is a relatively new entrant in the crypto scene and has already notched a market capitalization of more than $11 billion. It was one of the first cryptos to embrace proof-of-stake validation which shortens the transaction time and reduces energy usage and environmental impact by eliminating the competitive and problem-solving aspects of transaction verification that is on platforms such as Bitcoin.
Cardano also functions like Ethereum, allowing for smart contracts and decentralized applications powered by the ADA native coin. However, the ADA token saw some modest growth in comparison to some of the major coins. ADA was priced at $0.02 in 2017 and by May 03, 2023, it was priced at $0.38, an increase of close to 1500%.
Solana (SOL)
Market Cap: $9.9 billion
Price: $25.52
Solana has a market capitalization of more than $9.9 billion. Solana was developed for decentralized finance (DeFi) use cases, smart contracts and decentralized apps (DApps).
Solana leverages unique hybrid proof-of-stake and proof-of-history mechanisms to enable fast and secure processing of transactions. The platform is powered by SOL, the native token on Solana.
SOL was priced at $0.77 in 2020 when it launched. The price shot to $101 by March 1, 2022, a rise of close to 13,000%. However, it plummeted to $21 as of May 03, 2023. Given its past performance, this is a cryptocurrency with some potential.
Polkadot (DOT)
Market Cap: More than $6.6 billion
Price: $5.49
Polkadot (DOT) was launched in 2016 and currently has a market capitalization of $8.9 billion. Polkadot (DOT) offers a unique blockchain interoperability protocol that has been created to connect together the different chains.
Polkadot enables users to exchange and process transactions for parachains or parallel blockchains without jeopardizing their security. Developers can even use Polkadot security to build their own blockchains.
Polkadot was founded by Gavin Wood, a core Ethereum founder. DOT does not have any hard limit on its total supply, a unique feature of the cryptocurrency. Instead, there is a new coin that is constantly in circulation.
In May 2020, Polkadot hit a high of $6.30 before hitting its all-time high of $55.11 one year later in May 2021. In the crypto crash of 2022, DOT plunged in price, hitting close to $4 in December 2022. On 03 May 2023, the price fell to $0.97 before rebounding to $5.49 in mid-July.
Litecoin (LTC)
Market Cap: More than $6.7 billion
Price: $92.64 (23, July 2023)
Litecoin, abbreviated as LTC, has a market capitalization of more than $6 billion. It is an open-source blockchain project founded in 2011 by Charlie Lee, a former Coinbase engineer. It is a Bitcoin-era cryptocurrency and one of the first to imitate the Bitcoin code. Although Litecoin shares many similarities with Bitcoin, it provides faster transaction confirmation times. Litecoin can be used to directly pay people across the globe without requiring any central mediation. As a legacy cryptocurrency, Litecoin is highly respected by users and investors alike and is a good crypto investment prospect.
The total round-off supply for Litecoin is 84 million tokens. The cryptocurrency registered a lifetime high of $431.47 in May 2021 before subsequently dropping by more than 50%. Litecoin has been embraced by several merchants. The per-token value of Litecoin is approximately $87, making it the 11th largest cryptocurrency.
