Last year was a tough one for cryptocurrency -- and for those who held it. Amid economic uncertainty, investors fled assets viewed as risky and sought out safer plays. But things have been looking brighter for cryptocurrency since the start of 2023.

The global market value of all cryptocurrencies has climbed from about $800 billion as of the end of 2022 to more than $1.1 trillion now. The general economic woes aren't over, but even if full recovery takes a while, it's easy to see that some players in the crypto market still have great long-term prospects. Ethereum (CRYPTO: ETH) is a perfect example. And it's the one cryptocurrency I'd buy right now.

Ethereum is the world's second-biggest cryptocurrency by market cap after Bitcoin. It's already a leader in many areas from decentralized applications (dApps) to non-fungible token (NFT) sales. More than 5,000 developers are building applications on Ethereum, according to an Electric Capital report. That makes it developers' top blockchain among the thousands in existence. And Ethereum also takes the No. 1 spot when it comes to NFT sales, CryptoSlam data show.

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Source Fool.com