Want to invest in February? Here are 3 cryptos to buy

Many crypto enthusiasts would be looking to invest in February following the surge in the market this year. 2022 was one of the worst years in the history of the crypto sector, during which its entire market plummeted by around 65%.

However, the market has since surged in 2023, adding over $255 billion to its value and bringing market capitalisation back above $1 trillion for the first time since early November.

Bitcoin climbed from $16,500 on January 1 to briefly above $24,000 last week. This and the general rally have boosted investors’ confidence in the market, and as we settle into the second month of the year, industry experts expect the upward trend to continue. 

However, finding the best cryptocurrency to invest in could be a challenge for many crypto enthusiasts. With this in mind, we have come up with a list of viable cryptocurrencies worth watching based on their potential to rally. 

Here are three cryptos to consider in February. 

Cardano ($ADA)

The Cardano network is among the most promising cryptocurrency projects with accelerated network development that aims to surpass Ethereum. The network is already recording increased adoption, with a report indicating that the network added over 50,000 addresses in January alone. This saw $ADA record a surge in capital inflow and is expected to impact $ADA’s value positively.

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The Cardano network is undergoing several other significant developments potentially to drive the value of ADA toward $1. For instance, the team is working on unveiling the first-ever smart contract written in Eopsin, an innovative Pythonic programming language, and an upgrade to introduce new built-in functions to the Plutus smart contracts. 

In February, $ADA is worth keeping an eye on, especially how the increased interest in the platform can influence the price. The token has formed a foundation for a possible rally based on the recently sustained accumulation. The prospects of ADA hitting $1 in February are strong, and the mentioned development initiatives can push the asset towards that mark. 

Filecoin

Filecoin is a decentralised data storage network. It allows users to sell their storage in an open market. The native token $FIL is used to store and distribute data. Some reports indicate a boom in the cloud storage segments, which can spill over into blockchain storage projects. 

Filecoin is the largest of such projects and offers many advantages over its centralised competitors. The project is peer-to-peer, which means there is no censorship or a central server. Additionally, Filecoin has lower costs than centralised servers, as users who dedicate their storage are paid with the $FIL token. 

Regarding updates, the Filecoin Virtual Machine (FVM) will launch this month. It will be introduced incrementally to reduce the risk of disruption. FVM will be compatible with the Ethereum Virtual Machine (EVM), supporting its smart contract. 

Ultimately, the boom of a decentralised cloud storage industry could make Filecoin surge. You should pay attention to the token this month. 

Ethereum 

Ethereum has witnessed increased network activity ahead of the Shanghai hard fork that will give investors access to their staked ETH following the Merge upgrade in September. At the moment, investors are simulating the withdrawal process after the Zhejiang testnet went live last week. 

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All you need to know about Ethereum’s upcoming Shanghai Upgrade

The Shanghai Upgrade will take place in March, and many will be expecting Ethereum’s price to climb ahead of this, similar to a ‘buy the rumor, sell the news event’ that happened before the Ethereum Merge in September. 

Ethereum accounts for the largest staking market cap among crypto projects supporting smart contracts ahead of the withdrawal. Also, the Ethereum network is recording sustained adoption, adding 130,000 unique addresses daily in 2023, according to a Finbold report. 

Technical analysis indicates that Ethereum might be poised for a price breakout. It will be of interest to monitor if the Zhejiang testnet impacts the asset’s value in the buildup to the real upgrade. Ethereum should be on your list of cryptos to buy in February. 

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