Still reeling from the effects of the crypto crisis of 2022? Settle down. The cryptocurrency market is predicted to revive in 2023, with the worst of the bear market ending in the first quarter.
Here are some trends to look out for in 2023
1. Much Anticipated Recovery
2023 might show some signs of relief from the grim, devastating crises of the past year. While the likelihood of a bull market is out of the question right now, many believe that the crypto market will recover this year (after the 2nd quarter).
Many analysts believe that the bottom will come in the first quarter of 2023, with bitcoin probably hitting a low of $10,000 or even less. As a result, most altcoins might drop by 60–80%. But again, predictions are just predictions. What we can do is hope for the best and prepare for the worst.
2. Regulations Are Coming
It doesn’t really matter whether you’re in favour of or against the government stepping in and regulating crypto assets and the market; it is happening. The degree of crypto regulation and whether the government is equipped to regulate the crypto market will be topics of discussions and debates in 2023.
The majority of these regulations are likely to be excellent, but a couple are likely to be disastrous. Moreover, despite efforts to develop global crypto standards, it is very likely that crypto policies would differ from country to region.
Also Read: Year Ender: 25 Best Crypto Jokes & Memes of The Year 2022
3. DeFi Will Go Mainstream
DeFi has proven its resilience during the collapse of the centralised crypto exchange FTX. Several factors are in favour of DeFi protocols, such as improved front ends, increased liquidity, and regulatory clarity, which will enhance people’s trust in DeFi.
DeFi can go mainstream and become the centre of attention this year.
Also Read: Explained: How To Secure Your Crypto Wallet?
4. Crypto Adoption Will Rise
Around 4% of the global population use crypto products or services in some manner. There’s a long way to go. And 2023 will prove to be a year where regular people as well as institutions start using crypto for various purposes.
Also Read: 5 Crypto Coins That Performed Worst In 2022
