My Best Cryptocurrency to Buy Right Now
After a disastrous 2022 that saw it lose nearly 65% of its value, Bitcoin (CRYPTO: BTC) is off to a red-hot start in 2023. In fact, Bitcoin recently turned in its best January performance (up 39.4%) since 2013. That's particularly impressive given that a surprising number of analysts were bearish on Bitcoin's prospects heading into the new year.
While there are plenty of tokens that are outperforming it right now, Bitcoin is still my best cryptocurrency to buy today. Bitcoin has a strong track record of bouncing back from down years, and I don't think 2023 is going to be any different. Here's why.
For one thing, Bitcoin's growth prospects are simply unparalleled right now. Cathie Wood of Ark Invest recently updated her price target for Bitcoin to $1.48 million (up from $1 million last year), and a big reason for that was the cryptocurrency's enormous growth opportunities in eight different market niches. According to Wood, Bitcoin is on pace to account for up to 10% of one key measure of money supply for emerging markets by 2030, and 25% of the entire global remittances market. At the same time, Bitcoin could make up as much as 6.5% of the investment portfolios of big institutional investors.
Source Fool.com
