The cryptocurrency market is winning over investors once again in 2023, as the overall market for digital assets has soared about 50% this year to just under $1.2 trillion (as of Aug. 2). This performance mirrors what we're seeing with stocks as well. Both the S&P 500 and the Nasdaq Composite Index have posted strong gains in 2023. 

Maybe it's time for investors to start warming up to the idea of owning cryptocurrencies. But with over 20,000 different digital tokens out there, it can be a daunting task trying to choose one. 

I believe it's a no-brainer to keep things simple and focus on the oldest and most valuable. Here's why Bitcoin (BTC -0.56%) is my top cryptocurrency to buy without hesitation in the month of August. 

Below its all-time high 

Although Bitcoin's price has soared 78% in 2023, it remains substantially below its peak price of nearly $69,000 from November 2021. There are a few reasons to believe that Bitcoin can reclaim and even exceed its previous high-water mark. 

Over the past several months, we've seen inflation start to come down. And this could force the Federal Reserve's hand to stop hiking interest rates. Moreover, the central bank could even decide to lower rates, which are currently at 22-year highs. In fact, investors may already be pricing in this event happening, as markets have had a fantastic year so far. Looser monetary policy is usually a boon for riskier assets, a category Bitcoin belongs in. 

And in April of next year, Bitcoin will undergo what's called a "halving." This happens roughly every four years, cutting the rate in half at which new Bitcoins are mined. History tells us that Bitcoin performs well in the months leading up to a halving, continuing for months after. That's because the new supply hitting the market gets reduced while demand has generally trended upward over time. 

Bitcoin's obvious bull case 

Many Bitcoin skeptics point to how Bitcoin hasn't really grown in adoption in terms of being used as a medium of exchange. It has been around for over 14 years, and the majority of people don't use it to buy things in their daily lives. That's a fair assessment, in my opinion. 

The ultimate goal for some might be that Bitcoin is one day used more in commerce, whether at the individual level or even for larger institutions. That's still a key bullish argument for the crypto over the very long term. But there is still lots of uncertainty surrounding this outcome. And it's really anyone's guess when, or if, it comes to fruition. 

That's why I think Bitcoin's most obvious bull case, and at least the one most people can wrap their heads around, rests on it commanding a greater share of global wealth. This just means that demand to own it as a financial asset, and not to transact with, continues to rise in the decades ahead. 

But why would anyone want to own Bitcoin? Well, it's a scarce asset (only 21 million will ever be produced) that has stood the test of time. Bitcoin has had wild price swings in the past, being exposed to the boom-and-bust whims of the broader crypto market. But it has always bounced back to reach higher highs and higher lows. 

And what's interesting is that the climb to the current market cap of $570 billion has happened mainly through retail adoption. This leaves huge upside should institutions get on board. Recent moves by major asset managers to launch spot Bitcoin exchange-traded funds are a clear sign of the tremendous amounts of capital that could flow to Bitcoin. 

In the world of cryptocurrencies, I don't think there's a better asset to buy right now than Bitcoin.