It’s almost the end of 2023 and the cryptocurrency world still hasn’t recovered from past events. But if we look at it objectively, a rise from $1,000 to $7,500 for 1 BTC is still a win, even if once BTC held the price of $20,000! But Bitcoin (BTC) isn’t the only digital asset that’s going to be hot next year. In this article, we’re going to give you our 5 cryptocurrency trends that will be big as we enter 2023.
Before we start…
Before we start, it’s safe to say that we’re going to be talking about prices. Prices of coins depend on multiple things. The first, and most important one is the fact that every developed coin has software updates. The biggest contributing factor of a certain digital asset is whether these software updates make it better in terms of transaction time, block generation, and of course, security.
Another contributing factor that can be considered also as important is the hype. Indeed public opinion of a certain coin makes a big difference. The more people like the coin, the more they will use it and trade. The more people trade, the higher the volumes and price.
Also, another factor is whether the coin has a wallet or not. Since the keyword here is “digital”, if a coin has a wallet then that definitely impacts the price.
Government regulations, partnerships, events, and platform applications are some of the other contributing factors that play a huge role.
Now, let’s get to our cryptocurrency trends.
Bitcoin is and will be the biggest trend as we go into 2023. Bitcoin is the pioneer of the industry, making it always a big-game player. But for those that are less into cryptocurrency, the reason as to why Bitcoin is and will be huge is down to three main things.
- Adoption rate
- And Institutional Money
Everyone knows about Bitcoin, but not everyone knows about Ethereum or Litecoin. Institutions tend to trade with Bitcoin, although not always the case, it is still the coin that is used the most. However, we mentioned software upgrades and platform applications, so it’s fair to mention the upcoming Lightning Network, which will make everything faster.
Cryptocurrency experts like to give their predictions to the possible price of Bitcoin coming into 2023. First, we have to mention that you should always invest on your own risk and make decisions independently. We are in no shape or form guaranteeing that these will be the prices of certain coins for 2023. With all that said, experts suggest that Bitcoin might reach again its previous $20,000 price. We think this is to naïve and predict a price somewhere in the region of $14,000 – $15,000.
Another big-game player in the industry, Ethereum is a subject of debate when it comes to predicting its price. The Ethereum network needs to step up if it wants to go head to head with Blockchain as the main network. With Blockchain 3.0 and 4.0, slowly coming to reality, Ethereum needs to improve on its scalability If it wants to cope with transaction loads. Ethereum is quite faster than Bitcoin when it comes to transactions, but with the emergence of the Lightning Network, that might change everything.
However, if they manage to solve some of the issues, then experts predict a price in the range of $300 – $400 for 2023.
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Ripple XRP is one of the most optimistic coins and one of the hottest trends in the cryptocurrency game. With partnerships soon to be signed with Western Union and Moneygram, Ripple XRP is going to be the most used cryptocurrency by banks. This is a thing on its own as Ripple eliminates high fees and processing times. Pair that with large bank transfers and you have a recipe for success. Ripple, this year, registered a few large transactions, involving $5,7 million, $4,5 million, and the largest one, $31,2 million! This proves that Ripple XRP can do indeed transfer large amounts, and experts predict the price will reach $1.2 in 2023.
Most of these coins are specialized in one thing or another, but their use may be across the board. If Ripple is to be used by large banks for large transactions, then Stellar Lumens (XLM) might dominate the other areas such as ICOs, decentralized exchange SDEX, cross-border payments with smaller banks, and the implementation of Lightning Network will make everything faster. Stellar, much like all the other coins, experience a pretty hard slum. But experts predict a bright 2023 for Stellar Lumens XLM, with a price somewhere in the region of $0.69 – $0.8.
EOS has been long dubbed as the “Ethereum Killer” due to the more sophisticated EOS network. But probably the biggest reason as to why EOS might put an end to Ethereum is all down to the fact that Ethereum projects can easily be shifted to the EOS network. Add to the fact that Ethereum is experiencing some problems lately with their network and we might see something spectacular happening in the not so distant future. But we did a prediction for Ethereum, one that doesn’t sound so grim, and we still believe that they will fix their problems.
But 2023 might be the golden year for EOS, since Twitter, Facebook, Instagram, and Uber consider shifting to a decentralized network such as the EOS network. If this happens, then EOS might well be the most optimistic coin, even more than Ripple. Experts predict a price well below the $100 mark, possibly around $90. However, if we are realistic, then EOS can reach anything between $15 and $60.
Some of these prices might well become a reality, and some may not. But cryptocurrency carries an even more promising technology with itself. The Award-winning Blockchain Specialist and Speaker Matthias Mende quotes that If you’re considering investing into crypto, then do understand that there are ups and downs. The market is quite volatile and predicting it can be a nightmare. It really depends on how much real use cases each of those coins and their blockchains will have for us people in the real world.” Mende’s first bet is Bitcoin, then EOS, and then Ethereum. So take every prediction we made, and every other prediction you’ve heard, with a pinch of salt as no one can truly predict a coin’s worth.