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Best Crypto to Buy Now- Top Crypto to Invest For Long-Term

--News Direct--

The world of cryptocurrencies is ever-evolving, with new digital assets being launched regularly and ongoing developments in established ones. For investors looking to dip their toes into the crypto market or expand their existing portfolios, choosing the best cryptocurrencies to buy can be a daunting task.

In this article, we will explore some of the top cryptocurrencies to consider investing in based on market capitalization, adoption, and technological advancements.

Best Cryptocurrencies to Buy Now

#1. COVO

COVO, a relatively new crypto which is the utility token of Covo Finance, a decentralized spot, leverage trading exchange built on Polygon. COVO is quickly becoming one of the top choices for investing among cryptocurrency investors. The token has increased over 100% in the past weeks while COVO still sits at a relatively low market cap. Covo Finance enables users to trade major cryptocurrencies such as Bitcoin, Ethereum, and Chainlink tokens directly from their crypto wallets with low trading fees and zero price impact trades. Additionally, Covo Finance supports perpetual futures trading with up to 50x leverage, making it the best crypto to buy now.

Backed by real utility, The token holders who stake their COVO also get three other rewards, which the protocol uses to reward users. These rewards include 30% of all generated protocol fees distributed to COVO stakers, escrowed COVO (esCOVO) tokens, and Multiplier Points that boost their yield and reward long-term holders without contributing to token inflation. These dual incentives stimulate commitment to COVO and further the Platform's decentralized ownership. Thus, By staking COVO in the COVO ecosystem, users can benefit not just from price appreciation but also from high liquidity incentives, rewards, and Multiplier Points.

The trading on Covo Finance is facilitated by a multi-asset pool called COVOLP, which consists of 40-50% stablecoins, 20% ETH, 20% MATIC, 15%BTC, and 5% other top altcoins, such as Chainlink and Uniswap. The liquidity is added when users mint COVO Liquidity Provider (COVOLP) Tokens. In exchange for minting COVOLP, minters earn 70% of all fees generated in MATIC from trades on the Platform just by staking COVOLP tokens. The current APR for COVOLP is an impressive 16%, while COVO boasts an even higher rate of 41%.

#2. Polygon

Polygon, also known as Matic, is making waves in the crypto market with its impressive developments and partnerships. In the first two weeks of 2023, the network announced significant partnerships with names like Starbucks, Reddit, and Mastercard. The partnership with Mastercard is inspiring as it involves the launch of a web3-focused incubator. Additionally, Polygon has disclosed that it will be going ahead with a plan to hard-fork the network, further strengthening the Platform's capabilities.

The shift towards Polygon in the NFT space is further evident from a report by Alchemy, which suggests that Polygon's Web3 hosting capabilities make it the best-positioned protocol to drive the booming economy. Citigroup has even described Polygon as the AWS of Web3 and estimated that the Metaverse economy will be worth $13 trillion by 2030.

Investors and traders are turning their gaze towards Polygon (MATIC) as the crypto market is starting the year off high. With the overall market sentiment rising in the third week of 2023 and MATIC being guided by its successful developments, Polygon (MATIC) is well-positioned for growth in 2023. The $20 million pledged towards making Polygon carbon-negative further underlines the project's ambitions and prospects. As its technical capabilities continue to improve, its user adoption is likely to keep increasing, making it a significant player in the Web3 scene in 2023. Overall, Polygon (MATIC) is the best crypto to buy now for investors and traders looking for a promising altcoin with solid growth potential.

#3. Bitcoin

Bitcoin, the world's largest and most well-known cryptocurrency, has recently been making headlines as its price continues to surge. The digital currency broke through the $18,000 resistance and surpassed $20,000 on the announcement of fresh US CPI print. With this gigantic surge, the price is testing the crucial resistance that also collides with the neckline of the double-bottom pattern.

Many blockchain and cryptocurrency analysts predict that Bitcoin (BTC) could be the best-performing asset in the second half of 2023. Despite its volatile year in 2022, with the cryptocurrency dropping from its all-time high of around $70,000 to just over $16,000, the following "halving" event in May 2024 is expected to push Bitcoin's value to about $40,000. This price spike, combined with institutional demand and Bitcoin's emergence as an inflation hedge, contributes to its long-term viability and appeal. Additionally, on-chain data shows that whale accumulation is increasing, indicating a growing interest in Bitcoin. Institutional investors consider it a hedge against the increasing trend of central bank digital currencies.

#4. Ethereum

Ethereum (ETH), the world's second-biggest cryptocurrency, is gaining popularity as an investment option for 2023. Ethereum has been gaining popularity among investors as they recognize its potential to become one of the best cryptos to buy now in 2023.

An essential aspect of Ethereum's growth is the introduction of EIP-1559 in August 2021. EIP-1559 replaces the first-price auction mechanism with a "base fee" that adjusts dynamically with transaction activity. This upgrade reduced the volatility of ETH gas fees, making them more stable and predictable. As a result, with higher activity on the network, more ETH is burned, reducing its total supply and potentially making Ethereum deflationary, leading to a higher appreciation of its price.

In addition to these network upgrades, Ethereum has also been gaining traction among institutional investors. The trend of central bank digital currencies (CBDCs) has increased interest in digital assets like Ethereum as a hedge. Many investors, such as Michael Saylor of MicroStrategy, have a bullish outlook on cryptocurrency. As a result, institutional demand is driving a surge in bull markets, which is visible in Ethereum's adoption since the beginning of the year.

Furthermore, Ethereum has a strong community and developer base constantly working on improving the network. The Ethereum community is also highly active, with much decentralized finance (DeFi) projects built on the Ethereum blockchain. This development contributes significantly to Ethereum's long-term potential and ability to remain relevant in crypto.

In conclusion, Ethereum is showing positive signs regarding network upgrades, energy efficiency, and institutional demand. Its potential to become deflationary with EIP-1559, the upcoming staked ether withdrawal from validators in Q1 of 2023, and its strong community and developer base all indicate that Ethereum is poised for further growth in the coming months. Despite the recent market volatility, Ethereum is considered a good investment option for 2023. With all these factors in mind, Ethereum is among the best cryptocurrency to buy now.

#5. Chainlink

Chainlink is a decentralized oracle network that provides a reliable connection between real-world data and blockchain-based applications. This makes it a particularly appealing crypto for businesses and smart contracts that need to interact with various data sources, including web APIs and traditional banking systems.

One key feature that makes Chainlink stand out is its secure and trusted offline data connection. This feature is essential for large and smaller companies that must ensure that their data is accurate and reliable. The decentralized nature of the Chainlink network also means businesses do not have to rely on a single centralized entity for data access, adding an additional layer of security and trust.

There are many reasons why Chainlink is the best crypto to buy now. Its decentralized oracle network provides a secure and trusted connection between real-world data and blockchain-based applications, which is essential for businesses of all sizes. The recent token draw from the Chainlink staking pool and the limited supply of tokens are also strong indicators of the growing popularity and demand for this crypto. With all these factors considered, it is clear that Chainlink is an excellent crypto to buy for anyone looking to get into the crypto market.

#6. The Graph (GRT)

The Graph is an indexing protocol for querying data from blockchains, primarily Ethereum, but with plans to support additional networks in the future. Launched in 2020 by a team led by Yaniv Tal, The Graph allows developers to build and publish open APIs, known as subgraphs, to access on-chain data easily and efficiently. These subgraphs make it simpler for developers to create decentralized applications (dApps) by providing a reliable means to access the data they need.

The Graph's native token, GRT, is an ERC-20 utility token used to incentivize network participants. The token plays a vital role in securing the network and ensuring its proper functioning. GRT holders can delegate their tokens to indexers, curators, and delegators, who are responsible for maintaining and organizing the data on The Graph's protocol. In return, they receive a portion of the query fees and inflationary rewards.

As the decentralized finance (DeFi) and non-fungible token (NFT) sectors continue to grow, the demand for reliable and efficient access to on-chain data is expected to increase. The Graph is well-positioned to capitalize on this trend, with its unique solution to a pressing problem faced by developers in the blockchain space.

The Graph's increasing adoption and the growing need for efficient data access in the decentralized ecosystem make it an attractive investment option for those looking to diversify their cryptocurrency portfolios.

The cryptocurrency landscape is vast and ever-evolving, with an array of investment options to suit different risk profiles and strategies. From industry leaders like COVO, Bitcoin and Ethereum to emerging projects with strong potential, Cardano, Solana, The Graph, and Polygon, there are numerous opportunities for investors to explore.

It is essential to conduct thorough research and stay informed about the latest developments in the market to make well-informed investment decisions. By carefully considering each project's fundamentals and potential, crypto investors can successfully navigate the dynamic world of cryptocurrency investing and find the best crypto to buy now.

Contact Details

Bitcoin Journal

news@bitcoinjournal.io

View source version on newsdirect.com: https://newsdirect.com/news/best-crypto-to-buy-now-top-crypto-to-invest-for-long-term-357229245

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