5 Cryptocurrencies You Should Pay Attention to in February 2023
Many people have found success investing in cryptocurrencies despite their high volatility. In case you have not joined the list of crypto traders, then 2023 could be a very good year to start. This is because the year started on a positive note in the cryptocurrency space, as several coins recorded a bullish performance.
Cryptocurrencies like Bitcoin and Altcoin saw similar bullishness that helped the market recover its trillion-dollar status. In this article, we will present you with a list of 5 cryptocurrencies that you may want to pay attention to in February 2023. Let’s get started:
Bitcoin is the world’s largest cryptocurrency by market capitalisation. It began trading from $16,603.67 at the beginning of January 2023 and ended the month at $23,139.28. The coin is still doing well in the crypto market, as it tries to break above the $25,000 psychological support. The head of research at digital asset management firm CoinShares, James Butterfill noted that Bitcoin seems to have recoupled with macro data as investors shrug off the FTX collapse.
Also, some analysts have attributed bitcoin’s performance to purchases by large buyers known as “whales” and the probability of interest being lowered. Investors looking to put money into cryptocurrency in February should pay close attention to Bitcoin.
Unlike Bitcoin, Ethereum was built to be a platform for decentralised applications. It remains the largest smart contract platform that provides a flexible and versatile blockchain infrastructure. Ethereum ended the January 2023 trading at $1,586.54. Cointelegraph also noted that the Ethereum market’s capitalization rose to nearly 20.5% of the entire market in January.
Investors should pay attention to Ethereum in February because according to a data report released by Analytex, it saw an increase in the interest of blockchain users and smart contracts developers. This comes as the average number of unique active smart contracts increased by 6.74%.
Binance Coin (BNB)
The Binance coin is the native token of the Binance cryptocurrency exchange. It plays an important role in the successful functioning of many of the Binance sub-projects. It can be used to access exclusive features on the Binance platform and pay for exchange fees. In a report by Messari Researcher James Trautman and published on February 5th, the Binance network which includes Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet and Research projects, aggressively deployed financial and human capital.
These updates and developments helped the network grow by 30% and 0.2% respectively. Worthy of note, is its recent announcement to airdrop $100 worth of BNB tokens to every Binance user residing in regions hugely affected by the devastating Turkey earthquake.
This is another cryptocurrency traders should pay attention to in February 2023. This is because of the increased interest in artificial intelligence (AI). AGIX is an AI native token of SingularityNET that allows anybody to create, share, and monetise AI services on a blockchain-powered platform. It connects existing AI tools and datasets to a marketplace.
The token which ended January trading at $0.177, recorded a 180% growth in the first few days of February. It also ranks 79th in market capitalization, after adding over $500 million since the start of 2023. It is predicted that by the end of 2023, it should be trading at $.0.844. Also with the widespread acceptance of ChatGPT and the recent launch of Google’s AI platform, Bard, the AI token should continue in a bullish performance.
This is the native token used for products developed by Ripple. Ripple is a global remittance platform that largely works with big financial institutions. It provides services that increase efficiency without the need for banks. Analysts have predicted that once Ripple settles its case with the United States Securities and Exchange Commission (SEC), it would be one of the best cryptocurrencies to invest in, in 2023.
The lawsuit started in December 2020, when the SEC alleged that Ripple executives sold $1.3 billion worth of XRP in an unregistered securities offering
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