In this article we take a look at some of the best cryptocurrencies to buy according to Reddit. To see more cryptocurrencies in this list, click 10 Best Cryptocurrencies to Invest In According to Reddit.
5. Tether
Despite the massive negative sentiment in the media following FTX’s debacle, Tether continues to remain a popular cryptocurrency on Reddit. Redditors believe the currency has strong fundamentals and could rebound after the current crisis settles. One Redditor, in a pro-Tether comment, said that USDT is the only surviving stablecoin of the several stablecoins launched since 2015.
A Redditor named “CointestMod” said:
“The market cap and volume speak for themselves – Tether is the most popular stablecoin. There are very few exchanges that don’t accept USDT and all major coins have trading pairs with USDT. Even Coinbase, which is responsible for Tether’s rival stablecoin – USDC, lists Tether on its exchange (since May 2021)”
4. ATOM
Cosmos has risen in crypto chat boards on Reddit and presents a solid buying opportunity. In their 2022 report posted on Reddit, Cosmos Network said that despite the challenges faced in 2022, the company has not seen a huge decline in active users. The report said that the company has also made a strong progress when it comes to the ease of creating new application-specific blockchains. Cosmos Network believes 2023 “will be a turning point” for Cosmos.
3. DOGE
As surprising as it might sound, hundreds of thousands of Redditors are still bullish on Dogecoin, the cryptocurrency many believe is not more than a joke. DOGE is one of the best cryptocurrencies to buy according to Reddit. However, we were unable to find any solid reasons for this sentiment. Mostly, DOGE continues to be the speculative currency and many investors are hoping to wait until the currency turns the corner.
2. Ethereum
Despite huge challenges, Redditors remain bullish on Ethereum. The currency rules crypto discussion boards on the social media platform with overwhelmingly positive sentiment. Reddit’s enthusiasm is shared by Mike McGlone, a Bloomberg’s analyst who is known for his crypto analysis. Recently, the analyst said that Ethereum price could touch $6,000 by 2025. While Ethereum failed to impress investors and rally after its much-awaited shift from Bitcoin’s proof-of-work to the more energy efficient proof-of-stake, some analysts believe the company could begin allowing withdrawals in 2023, which could give a boost to the currency. Redditors are actively sharing the reasons to hold on to Ethereum for long-term gains.
The Andreessen Horowitz report we mentioned in the intro talks about the true power of Ethereum. It says that while other cryptocurrencies rival Ethereum in usage, the cryptocurrency beats every other currency because the demand for block space is unmatched. The report also says that Ethereum continues to attract the most developers. However, it notes that several other cryptocurrencies and ecosystems are on the same path.
1. Bitcoin
Despite a 60% decline in Bitcoin price in 2022, the cryptocurrency remains the most popular among Redditors, with many believing that Bitcoin is set for a rebound and it’s just a matter of time. Redditors are not alone in this wild prediction. According to CNBC, several famous analysts and crypto gurus believe that Bitcoin is set for a rebound this year. For example, notable Bitcoin bull Tim Draper believes the coin would be worth a whopping $250,000 by the end of the year. Carol Alexander, professor of finance at Sussex University, thinks Bitcoin could be worth $30,000 in the first quarter of 2023 and could cross $50,000 in the last two quarters of the year.
