Even though Bitcoin lost more than 50% of its value in 2022, everyone still seems quite bullish and positive about the cryptocurrency market. Are you looking at your reduced cryptocurrency profits and wondering if you should still keep on the crypto market in 2023?
The crypto market, as always, is quite volatile and changes rapidly from one week to the next. Keep reading for some cryptocurrency trends to keep in mind when building your 2023 cryptocurrency trade strategies.
1. Countries Issuing Digital Currencies
Venezuela was one of the first countries to issue a digital currency, Pedro, in 2018, and now they are pegging 50% of their minimum wage to this digital currency. This trend will continue in 2023 as more countries realize the importance of issuing their own digital currency in addition to the FIAT currency they already have.
2. Bitcoin and Ethereum Getting Particular Attention
As popular crypto coins like Luna disappear from one day to the next, causing hundreds of investors to lose millions of dollars, stablecoins like BTC and ETH will become more popular. Investors might put their faith in such coins and trust them more than all the new coins showing up daily.
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3. More Meme Coins
Shiba Inu and Dogecoin are two popular meme coins, but they aren’t the only ones. Hundreds of meme coins currently exist on the market. And this trend will also continue in 2023 as more meme coins pop up, trying to entice investors.
4. More Coins in General
Not only meme coins but more crypto coins, in general, will be created and put forth into the market for investors to dabble in. You might be interested in some of them, but as always, remember not to invest money you can’t afford to lose into these coins.
Be prepared to lose your entire investment since these coins aren’t as stable as BTC or ETH and might not be around a year or even a few months from now.
5. NFTs Fading Away
You probably remember the buzz and activity that NFTs created when they emerged onto the crypto scene. It was like the iPhone or Tesla release all over again.
But nowadays, the NFT market has cooled down considerably, and many experts are predicting that over 2023, the NFT market will completely die down. It might have one last hurray, but then its glory days will fade away, and with it, all the companies that focused on NFTs, like OpenSea.
Which Cryptocurrency Trends Are Interesting to You?
As you can see, there’s a lot to look forward to in 2023, at least when related to the cryptocurrency market. These cryptocurrency trends are the ones predicted by experts, but as always, the crypto market is so volatile and unpredictable that many more things will surely unfold — some interesting, some dangerous to your cryptocurrency profits.
Keep browsing through related articles on our website to keep up on the latest financial news.