We have been witnessing massive changes in the cryptocurrency market over the past decade. While the year 2022 is coming to an end, crypto traders around the world are experiencing their worst nightmares with FTX collapses and a decline in the crypto market. However, if we take a look at the cryptocurrency predictions for 2023, we could say the market will recover and that now is probably the best time to invest. Will cryptocurrency soar, plummet, or tease investors along an unpredictable path for the foreseeable future? Will Bitcoin continue its volatility? Will regulation play a more significant role? Which type of cryptocurrency will be the best bet this coming year? In this article, we have listed the top 10 cryptocurrency predictions that investors should follow in 2023.
Crypto prediction: According to The Ascent, Ric Edelman, founder of the Digital Assets Council of Financial Professionals, predicts that more than 500 million people worldwide will own Bitcoin by the end of 2023. CoinTelegraph, BlockFi co-founder Flori Marquez agrees, crediting regulatory clarity and improved understanding of the industry for helping drive greater adoption. It is one of the top 10 cryptocurrency predictions that investors should follow in 2023.
If we look at the performance of the crypto market in the past years, we can see that the whole market is following Bitcoin's four-year cycle. In this four-year cycle, we can see that the market has a bullish year, followed by a correction year (when it is down), followed by a good, then excellent year. 2021 was a bullish year, while 2022 was a year of crypto winter. This suggests next 2023 will be a good year followed by an even better one. It is one of the cryptocurrency predictions for 2023.
Some crypto investors predict that the first spot Bitcoin exchange-traded fund (ETF) in the United States could be approved this year, giving investors direct exposure to the cryptocurrency itself. The Securities and Exchange Commission allowed the launch of ProShares' Bitcoin Strategy ETF last year, but that just tracks Bitcoin futures contracts. However, because the market is now large and mature enough to support it, analysts believe a Bitcoin Spot ETF will be approved.
Some experts predict that we're currently experiencing a crypto decline, which will probably hit its bottom by the end of 2022. These predictions are also made by the past performance of the crypto market, which suggests that in the next three months, the bear market will come to an end. It is one of the top 10 cryptocurrency predictions that investors should follow in 2023.
Emerging crypto developments such as decentralized finance (DeFi) and decentralized autonomous organizations (DAOs) are "likely to be the highest growth areas of crypto," believes Bryan Gross, network steward at crypto platform ICHI. DeFi aims to recreate traditional financial products without middlemen, while DAOs could be considered a new internet community. It is one of the cryptocurrency predictions for 2023.
Every time the crypto market experienced a bear market, it was always followed by a bull run market, and there is no reason why this wouldn't happen again. Even though investors are currently in fear, those who manage to stick through or even invest now will be rewarded when the market eventually explodes again. It is one of the top 10 cryptocurrency predictions that investors should follow in 2023.
Ether outperformed Bitcoin in 2021, gaining 418 percent compared to 66 percent for Bitcoin. Analysts believe either will continue to do well because of the surge in NFT sales volumes. Most of these tokens still run on the ethereum blockchain.
Experts have noticed that BTC always performs in a four-year cycle, as we mentioned before, and there is no doubt that the performance of BTC will influence the whole market. If you take a look at the chart below, we can see that BTC has ups and downs but that it always recovers. According to CryptoPredictions, BTC will start 2023 at a 2% up in price and will continue this trend throughout the year. It is one of the cryptocurrency predictions for 2023.
Last year, a Dogecoin spinoff Shiba Inu climbed 44,540,000 percent. Squid, a coin named for the television drama "Squid Game," jumped more than 75,000 percent in less than a week — only to disappear soon after. It is one of the top 10 cryptocurrency predictions that investors should follow in 2023.
While most of the predictions rely on the previous performance of the market, some innovative things like Web3 and decentralization of the crypto market may even project a bigger bull run than many experts predicted. This will allow users to trade much faster and without intermediaries like banks or governments, which will greatly affect the crypto market. This could be the next big thing, so make sure you stay on top of it. It is one of the cryptocurrency predictions for 2023.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.