Best Cryptocurrencies for Investment in Summer 2023

Investing in cryptocurrencies has become a popular trend in the financial world. The volatile nature of the market offers unique opportunities for significant returns, although it also comes with considerable risks. As we enter the summer of 2023, several cryptocurrencies are standing out as promising investments. Let’s delve into some of them.

Ethereum (ETH)

Ethereum remains a strong contender in the crypto industry. As the second-largest digital currency by market capitalization, Ethereum has no hard cap on its supply. Over 118 million coins are currently in circulation. Spearheaded by Canadian programmer with Russian roots, Vitalik Buterin, Ethereum has attracted thousands of developers. 

Notably, Ethereum Foundation, the largest collective of programmers and cryptographers, is testing the Ethereum 2.0 network update. By the end of this year, Ethereum is expected to transition from the Proof of Work (PoW) algorithm to staking, which could reduce emission to 2.5% and incentivize long-term ETH token holding​​.

Ripple (XRP)

Ripple is a promising network that consistently ranks third on CoinMarketCap in terms of market capitalization. Its standout feature is the extremely high speed of transaction processing, earning it the title of “king of banking infrastructure.” Major banks and financial organizations collaborate with Ripple, and the company is currently preparing to integrate with Apple Pay. 

The mobile payment system developers stated that Apple Pay could use Ripple’s Interledger technology in the future. Ripple actively collaborates with various governments exploring the issuance of national cryptocurrencies. Recently, Ripple has become one of the founders of the Digital Pound Foundation, which will support the development and implementation of digital currency in the UK​.

Cardano (ADA)

As a third-generation blockchain project, Cardano was created as an alternative to Ethereum. It supports smart contracts, boasts high throughput and scalability, and is increasingly being used in the real economy sector. This year, Cardano’s ADA coin has come close to Ethereum in terms of market capitalization and ranks fourth on CoinMarketCap. The project is led by crypto enthusiast and one of the co-founders of Ethereum, mathematician Charles Hoskinson​.

Tron (TRX)

Founded in September 2017, Tron’s market capitalization has reached $7,451,485,336. Many expect the coin to “shoot” this year. Some of the boldest predictions speculate that 1 TRX will equal 1 USD, but a more realistic forecast is a rise to $0.3 per TRX (current rate: 1 TRX = $0.1). 

Tron’s blockchain is intended to become a global digital content exchange system. Its ecosystem allows gaming projects to enter into smart contracts and create decentralized applications. The platform is already used by hundreds of developers, including gaming industry leaders BitGuild,, and Xu Le. Tron has acquired BitTorrent and has an agreement to use the network with service providers Oracle and Swisscom​.

Deciding on a Cryptocurrency for Investment

If you’re considering cryptocurrency investments, your initial task is to decide which coin to purchase. While grasping blockchain basics, managing cryptocurrency wallets, and executing transactions are crucial, the primary focus should be on finding a profitable cryptocurrency that can appreciate over time. The best investment choice in cryptocurrency remains subjective.

Before you put your money into any digital asset, take time to study the market and evaluate the prospects of different projects. Here are some indicators you should consider:

Community Popularity: 

If a coin’s trading ticker is listed on most major exchanges and reputable blockchain publications frequently cover news related to its network, it’s likely to be a promising cryptocurrency. You can easily sell tokens of such networks, and investing in these projects will most likely not result in a loss, regardless of the circumstances.


Reputable blockchain startups provide various types of wallets, and their coins are supported by many third-party multi-currency storage developers. Having a reliable crypto wallet (or better yet, several options) is critical for investors.


From the above, it is clear that a promising network should be well-protected from hackers. The best cryptocurrencies operating on Proof of Work (PoW) should have a robust network to minimize the likelihood of a 51% attack. If the project you’ve chosen uses an alternative consensus algorithm, it should have a well-thought-out defense scheme against dishonest validators.

Some may argue that almost all digital currencies possess these qualities, at least according to their developers, and without special technical knowledge, it’s challenging for the average investor to understand the nuances of source code writing and other subtleties.

The Driving Forces Behind Cryptocurrency Appreciation

Traditional currency values in centralized economies have clear determination methods. Conversely, in the decentralized digital economy, where cryptocurrencies dominate, precise pricing algorithms are still under development. Nevertheless, certain factors can assist stakeholders in making fairly accurate predictions about a cryptocurrency’s future market performance, helping to avert financial losses.

It’s important to note when studying the potential of any blockchain initiative, that not all can be measured by the same yardstick. The factors affecting the price of digital currency can vary greatly from one token to another. But, there are also fundamental factors that indirectly impact the whole market.

These fundamental factors encompass:

  • Unsettled political and economic conditions.
  • The influence of public pronouncements by leading figures in global politics and finance.
  • The views of esteemed blockchain community members and the accomplishments of developers from top-tier projects.
  • The real-world use of cryptocurrencies and the volume of transactions taking place on trading platforms.

Noteworthy New Blockchain Initiatives

A number of recent blockchain projects show significant promise:

  • Solana – Known for its high-speed transactions, Solana supports smart contracts and enables cross-chain crypto transfers.
  • Terra (LUNA) – A global payment network based on stablecoins, widely used by a large Southeast Asian trading consortium.
  • VeChain (VET) – A project focusing on supply chain management and IoT interfacing, it optimizes logistics costs and supports multi-party payment protocols.
  • Chainlink (LINK) – A system for blockchain oracles, decentralized finance apps, and gamers, capable of handling complex statistical records.
  • Tezos – The first blockchain to solve chain fragmentation, Tezos supports updates without hard forks and launches smart contracts with formal verification.
  • Shiba Inu – This meme-cryptocurrency, also called the “Dogecoin killer”, significantly increased in value in October 2021, and despite a market downturn, it currently ranks 21st in market capitalization.

 Wrap Up

Investing in cryptocurrencies involves a certain degree of risk, as the market is known for its volatility. However, cryptocurrencies mentioned above have demonstrated their potential for growth and are backed by strong fundamentals, making them worth considering for investment in summer 2023. It’s always essential to do your own research and consider your financial situation and risk tolerance before making investment decisions.