3 Crypto Predictions For 2023

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Last Updated October 21st 2022
5 Min Read

3 Crypto Predictions For 2023 - Our Picks 

These are the three top crypto predictions for 2023. Let’s have a closer look at these predictions in the coming section. 

  • The rising adoption of BTC is a sign that Bitcoin is all set for another bull run in 2023.
  • Web 3.0 is not merely a buzzword but a reality now.
  • With an enhanced and sustainable blockchain network, Ethereum will skyrocket to new all-time highs in 2023. 

 

A Closer Look At The 3 Crypto Predictions For 2023

Making predictions about the crypto market is a daunting task as the crypto market is highly volatile and experiences wide fluctuations. Will cryptocurrencies soar, plummet, or begin another bull run - investors are dying to find out. 

If the past is any indication, investors are all set for an exciting rise in the coming years. Let’s have a look at some of the interesting crypto predictions to watch out for in 2023. 

 

Bitcoin (BTC) Will Make A Comeback As The Dollar Cools Off

The first digital currency, Bitcoin, was created as a way for people to send money over the internet. It was introduced to provide an alternative payment solution that operates free of central control. However, with time, collective obsession built around Bitcoin, paving the way for more altcoins and tokens in the market. BTC also became the legal tender in El Salvador in 2021, boosting its popularity. 

In addition to this, Bitcoin has also taken center stage in the global geopolitical climate, and 2023 seems to be the year of massive adoption for the crypto. Recently, companies like Microsoft, Burger King, Tesla, and AMC movie theaters have announced that they will accept BTC as payment. 

BTC showed stellar performance in 2021, hitting an all-time high of $68,789.63 in November 2021. But since then, the price of Bitcoin has been falling off the cliff. Especially in 2022, BTC was trapped in the prolonged crypto winter and is hovering around $19,000. Investors are curious to know whether Bitcoin will hit new highs in 2023. One of the top crypto predictions for 2023 is that BTC is set for another bull run as soon as the bearish trends settle in. 

The US dollar has been weakening for a long time, making Bitcoin the most attractive option for investors. Moving forward, if the dollar continues to weaken, BTC will become an ideal alternative as a means of exchange and potential store of value. With the increasing global adoption, even if the dollar stabilizes, Bitcoin will enjoy a tremendous rally in 2023. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Web 3.0 Will Lead The Way

One of the best crypto predictions for 2023 that is already marking its dominance in 2022 is Web 3.0. It is touted as the brand-new breed of the internet. It aims to be a decentralized version of the virtual world, where users can seamlessly interact and collaborate without worrying about the central, data-specific repositories. The rising popularity of NFTs and metaverse is adding more fuel to the growth of Web 3.0. 

It mainly includes three main concepts, decentralized, token-based economies, and blockchain. Leveraging decentralized Web 3.0 applications, a platform can store information directly in the user’s device. Users will also have the chance to participate in a token economy, where all the trading is performed among the network of users itself. This significantly reduces the reliance on a middleman or any intermediary like banks. 

In addition to this, reports suggest that deposits into DeFi or decentralized finance services surpassed $200 billion in 2021, and the demand is rising even higher in 2022. DeFi is an integral part of Web3, and this is an indication of its upcoming massive growth. 

The ardent supporters of Web3 opine that companies like Amazon, Apple, Alphabet, and Facebook’s parent company Meta control several online platforms. With the complete emergence of Web3, there will be a new, decentralized iteration of the internet incorporating blockchain and non-fungible tokens. Looking at 2023, we can ensure that Web 3.0 and associated cryptos will eventually become the next big thing in the blockchain sphere, so it is never too late to get your hands on them. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Ethereum (ETH) Will Continue To Grow

Ethereum’s contribution to supporting the development of decentralized applications, DeFi, and NFTs has made it the top Web 3.0 blockchain in the market. But even the second-largest cryptocurrency with an advanced blockchain network was not immune to the general market downturn. The price of ETH went significantly down from its 2021 all-time high of $4,891.70. 

But crypto predictions indicate Ethereum will continue its massive rally in 2023 with all the developments and updates on its network. One of the ground-breaking updates worth noting is the Merge. For its entire history, up until September 2022, Ethereum operated on an energy-consuming Proof-of-Work (PoW) system. With the transition to a Proof-of-Stake method, the network’s energy usage has now been cut by 99.95%. This statistic is sure to please environmentalists in both the government and the crypto community, boosting the crypto’s adoption. Additionally, the move has also paved the way for the network to implement sharding in 2023. This key update will split and distribute the network load across side blockchains. 

The greatest mistake is thinking that the development of Ethereum is over. Co-founder Vitalik Buterin recently announced that the Merge is just the beginning, and there are more innovative updates and enhancements waiting in the pipeline for the crypto. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

The Bottomline 

Although the crypto market is highly unpredictable and prone to sudden fluctuations, these are some significant crypto predictions to keep in mind for 2023.

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