If you wish to have nice concealing in markdown, but you don't want to use clunky plugins that may reduce performane or interfere with other plugin functionality, then the best option for you is to use treesitter queries for syntax concealing.
After some research I managed to write a small .scm file, which is probably not perfect but it works and does not cause performance issues or introduce plugin conflicts. You may find the file below (or above). To install it, simply have treesitter installed, create a file in ~/.config/nvim/queries/markdown/highlights.scm
and paste the code inside. After neovim restarts it should just work. You may also find a preview image below (or above).