Financial influencers see many benefits in the current state of the crypto market. The value of most crypto has collapsed. The overall size of the crypto market has also fallen more than 60%.
But many developers and startups are experiencing relief. The current market gives less pressure to act quickly, but more room to find long-term user cases.
Influencers on the crypto price development in 2023
Cryptocurrency prices are currently falling along with stock prices. Still, there is no need to worry. History has already shown that after a bear market, prices can rise extraordinarily again. The market is therefore expected to rise again. This is a recurring pattern that you see leading up to and after the Bitcoin halving. The Bitcoin halving is the moment when miners’ rewards are cut in half.
Halves always led to large price increases. Bitcoin’s next halving will not happen until 2024. This should mean that positive changes in the price of Bitcoin will occur again in 2023. It is important to keep an eye on the Bitcoin halving cycle theory. It is expected that this will no longer apply before the halving in 2024.
Impact on society
The social impact of crypto is very interesting. When the war in Ukraine started, it became visible that the Ukrainian government made it possible to make crypto donations. It eventually raised $65 million. There are also more and more countries that decide to use digital currencies as part of the financial system. Consider, for example, El Salvador and the Central African Republic.
Another prediction that many experts and influencers are positive about is the growth of payment terminals for digital currencies. This makes it possible to make payments with crypto both digitally and physically more securely. In the Netherlands, for example, we already use NFC chips.
These are also used, for example, for Apple Pay. In 2023, we will increasingly be able to pay directly in the store by using this chip in our phone. Finally, superpowers like PayPal and Twitter are also increasingly focusing on crypto payments. Elon Musk could well have several reasons for this.
Will Bitcoin Hold Its Position in Crypto in 2023?
Since its launch in 2009, Bitcoin has always been the largest currency when it comes to market capitalization. Ethereum has been number 2 since its inception in 2015. However, this position may finally change in 2023.
Ethereum has grown significantly in recent years. This is because with this virtual machine you have a platform on which to build applications. The platform has also undergone a transformation so that the data can be validated in a different way. This means that much less energy is consumed. Today, Ethereum uses much less energy than other platforms such as PayPal.
Many influencers say that Bitcoin is the only true cryptocurrency that is completely decentralized. Therefore, according to many, Bitcoin is destined to dominate the crypto world. However, Ethereum is gaining more and more interest because it offers more possibilities of use than Ethereum.
Crypto development in 2023
2023 will be an important year for crypto. Many developers build multiple applications that are easy to use. In this way, you can build on existing companies, but there is also enough room for new technological development.
By developing secure solutions, it becomes much safer to store cryptocurrency. With the use of digital bridges, users can transfer currency from one blockchain to another. Looking back at previous years’ forecasts and historical price analyses, a recovery appears to be taking place.
Do you want to stay informed about the latest price developments?
You can always follow the development yourself with our WISH analyzes and overviews. Of course, you can also follow BTC and the live cryptocurrencies 24 hours a day if you want to stay informed in real time. Finally, you can practice investing in stocks and crypto without financial risks by creating a free account at virtualinvestment.com.
Please note: We never provide financial advice, so you cannot interpret our contribution in this way. Always do your own research and decide on rational grounds if, when, in what and how much you want to invest.
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