The cryptocurrency market is volatile, and it’s hard to predict exactly what will happen in 2023. Let’s start with a brief overview of the year.
2022 was the beginning of a new era for cryptocurrency. This year marked some major milestones in terms of adoption and regulation, which you can recap by reading our weekly newsletters from 2022. With growth came many innovations, but also some unfortunate events such as hacks and scams.
The future of crypto is unclear at this point; however, there are several things we can be certain about, or predict confidently for 2023:
- Cryptocurrencies will continue to grow in popularity as companies try to take advantage of blockchain technology’s benefits (ease of use). We’ll see more businesses adopting cryptocurrencies over traditional currencies in order to improve their bottom line and convenience for customers.
- As cryptocurrency adoption increases, so will interest from investors.
- With this increased interest comes higher prices due to speculation, more middle-class earners will look to invest in cryptocurrency, as many countries face economic turmoil.
Crypto Market Cap in 2022
The market cap is a measure of the total value of all cryptocurrencies in circulation. It’s not a measure of the value of individual cryptocurrencies, but rather an indicator for the health of the entire market.
The total value of all cryptocurrencies in circulation has been slowly creeping up since its peak in December 2017. When we look at the growth rate for individual cryptos, not all of them have necessarily recorded positive growth. But when we look at their combined value in dollars and compare that to their combined value in dollars from three years ago, you can see that they’re all up big time.
Cryptocurrency Adoption in 2022
The year 2022 was a big one for cryptocurrency. The total number of people using crypto as a payment method increased by roughly 10%, and we expect that trend to continue in the years ahead. We also saw an uptick in people using crypto to gamble or shop online, which means we’ll likely see more interest in these areas as well.
Most Promising Coins of 2022
According to Forbes, in 2022, some of the most promising coins were Cardano, Dogecoin, Tether, Binance coin, Bitcoin and Ethereum among others.
What are our predictions for 2023?
Not only will crypto change how we trade, but it could also revolutionize the way we pay for goods and services in our daily lives, disrupting the current financial system as we know it today. This would include using crypto at restaurants, stores or even buying a cup of coffee with Bitcoin.
The crypto markets have seen a lot of ups and downs in the last few years, and there’s been no shortage of drama.
But one thing is for sure: as long as there are people who believe in cryptocurrency—and believe that it will continue to change our world—there will be opportunities on both sides of this market. As we approach 2023, it’s important to take a look back at the past year and consider what may lie ahead. Here are some predictions for the future of crypto that have been made by individuals who are respected in their respective fields:
- “I think that [crypto] is going to be very, very big.” — Tim Draper
- “I believe [crypto] will come out of this stronger than ever.” — Michael Novogratz
- “Cryptocurrency is here to stay.” — Vitalik Buterin
As we bring the year to a close here at Intelly, we hope to have given you a sense of what could be in store for the future of cryptocurrency and blockchain technology.
