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A lot of confusion about the future of cryptocurrencies is currently rife in the market, especially after the recent de-pegging of the USDC stablecoin. I have.
Most cryptocurrency experts predict that cryptocurrencies will rise in 2023. Are Cryptocurrencies Dead Now?
A 30-second Coinbase ad that aired during the Golden State Warriors-Mavericks game on Friday pointed out that people have been denying cryptocurrencies in exactly the same way for the past decade.
This commercial is also a complete 180 from the Super Bowl ad blitz fueling the hype of cryptocurrency companies. His Coinbase own Super Bowl ad, a cryptic commercial featuring a floating QR code, brought his 20 million people to the company’s website in one minute.
Coinbase is a good point. Using Coinbase to buy dips may be largely discouraged, but the historical context can help people ponder the future of cryptocurrencies.
This post provides a definitive answer as to whether cryptocurrencies are dead or if the outlook is more positive than you think.
Has Cryptocurrency Hit Fatally in 2022?
Cryptocurrencies are off to a very strong start to 2022. By the end of the year, major coins such as Bitcoin and Ethereum and other altcoins had gone deep.
The collapse of LUNA in early 2022 cost investors more than $60 billion. This is because the native Terra coin lost all its value within his week. This caused widespread fear among the crypto community.
Other catastrophic events, such as the FTX exchange crash, have added fuel to the fire and caused mass panic among cryptocurrency investors. had value. It is now bankrupt and FTX founder Sam Bankman-Fried is being indicted on fraud charges.
After all this turmoil, it’s natural to ask, are cryptocurrencies dying? In short, the answer is no. Cryptocurrencies are certainly not dead. That said, I can’t help but agree that 2022 was a pretty rough year for cryptocurrencies and DeFi.
Nonetheless, it is times of despair and despair when daring risks pay big rewards. A true believer in Bitcoin and cryptocurrencies has not given up yet and expects crypto winter to end in his 2023.
Is Crypto Dead? Our Crypto 2023 Outlook
Based on lessons learned from the past, every time the crypto market crashes and recovers, a handful of projects survive.
Ethereum and Bitcoin are the only two major cryptocurrencies currently recognized as blue chips. Of course, no one can fully guarantee the long-term viability of these coins. However, it is safe to say that these leading coins will stay here as they have very high value propositions and strong track records.
Bitcoin is the gold standard in the cryptocurrency world, but the Ethereum network runs on millions of devices and supports decentralized applications. Therefore, the application of Ethereum in various industries means that future demand may increase further.
Buying Ethereum and Bitcoin at current prices is no different than buying at all-time highs, as both the cryptocurrency value proposition and the underlying technology have not changed. Market conviction is strong as most cryptocurrency proponents understand the concept. Of course, some investors may choose to stay out of the market during a bear market, but this does not mark the end of cryptocurrencies.
So cryptocurrencies are certainly not dead and the outlook for 2023 looks decent. However, the near- and medium-term looks less bright, especially with the recent USDC unpegging. But some experts argue that depeg isn’t a strong enough reason to panic.
Current Crypto Prices for Top Cryptocurrencies in 2023
The current cryptocurrency market is huge. Amid growing fear and uncertainty in the cryptocurrency community, many altcoins are struggling to survive. In times like these, coins with the highest market capitalization, especially blue chips, are a safer investment.
In this section, we will discuss the trends of the top cryptocurrencies by current cryptocurrency price and market capitalization.
Bitcoin
Bitcoin is the top cryptocurrency by market capitalization and is accepted as the gold standard. Currently, the price is around $20,500. However, some experts are suggesting that Bitcoin could fall further.
So it looks pretty tight in the short term and could reach $18000. But once the crypto winter is over, there’s no reason why we can’t see Bitcoin hit all-time highs again.
ethereum
Ethereum has a great value proposition and its network allows businesses to run dApps featuring smart contracts. Therefore, Ethereum has huge applications in various industries. This powerful use case makes it a safe long-term investment.
Ethereum is now down to around $1470 after the USDC peg is lifted. However, it peaked at $1740 on February 16, 2023. Experts believe that Ethereum could reach $2000 by the end of 2023, as adoption of Smarthis contract increases.
tether
With a market capitalization of over $70 billion, USDT is also a safe investment for long-term holding. Tether is a EUR and USD-backed stablecoin whose value is the same as either denomination.
However, the recent USDC de-pegging has slightly shaken confidence in stablecoins. Despite this, Tether is still highly favored by cryptocurrency investors who don’t want to face the uncertain volatility of other tokens.
binance coin
By the end of March 2023, the price of Binance Coin reached $286. This is a significant gain considering the price was just $0.10 in 2017. world. March will prove crucial in determining the course of BNB this year.
Binance Coin is the native cryptocurrency of the Binance Platform, one of the world’s largest cryptocurrency exchanges. This coin will be used for trading and paying fees on the Binance platform. Along with the increase in adoption, there are also more use cases for Binance Coin, such as the ability to book travel arrangements.
us dollar coin
USDC currently has a market capitalization of around $39 billion, down 4% in the second week of March. Being a stablecoin, it is pegged at $1. However, this coin will be de-pegged in 2023 and is currently priced at around $0.96, causing a great deal of fear.
USDC’s future state will strongly determine the direction of the cryptocurrency market as it has a huge market capitalization. If the USDC crashes, the entire cryptocurrency market could plummet. However, even if possible, it is unlikely to occur.
Cryptocurrency is not dead…but is it dying?
Now, the current state and near-term future of cryptocurrencies is very grim. But there is still some light at the end of the tunnel. The overall outlook for cryptocurrencies in 2023 is very positive, with the market expected to start recovering by the end of the year. So cryptocurrencies are certainly not dying!
Crypto barrels certainly have their bad apples, but the industry must find a way to eradicate questionable intent and misdirected comments. To alert the way currency personalities spread fear, uncertainty and doubt (FUD) in markets.
The controversial CIP-1694 proposal describes on-chain governance mechanisms to support the Voltaire phase of the Cardano network. This document further builds on the original Cardano governance scheme around a specific number of governance keys.
Product lead and Web3 Advisor Vanessa Harris argues that the concentration of power in the Constitutional Commission makes it centralized and difficult to replace.
What is the current market capitalization compared to the previous year?
The cumulative market capitalization of cryptocurrencies decreased dramatically between May 2021 and June 2021 as digital coins became less likely investment tools. This is due to China’s efforts to stop the spread. Bitcoin’s market cap makes up the majority of the overall market cap.
Bitcoin is approaching a finite maximum supply level, pushing up prices and making mining more difficult. As a rule of thumb, the fewer coins available to the general public, the more valuable the cryptocurrency. This is especially true when the maximum supply of coins has been reached. No further mining is possible and the market price reflects supply and demand.
Meanwhile, the Blockchain.com wallet, which enables Bitcoin purchases, reached over 81 million wallet users in 2022. The number of users of multiple cryptocurrency apps around the world increased significantly in 2021, as evidenced by comparing the number of downloads from Coinbase and Blockchain. Wallet, Crypto.com, BRD, Trust, Luno, Binance, Bitcoin Wallet, Bitcoin Wallet by Bitcoin.com, and the Coinbase Wallet app. This phenomenon can be interpreted to mean that the use of cryptocurrencies is widespread despite the risks.
Our final thoughts on cryptocurrencies in 2023
As always, it’s important to remember that cryptocurrencies can be very volatile and the market can quickly take a turn for the worst.FTX Crash, LUNA Crash, Events such as the USDC unpegging are enough to suggest that nothing in the crypto world is completely secure.
US lawmakers are scrutinizing cryptocurrencies, and it’s unclear exactly how or when regulation will make its way into state pipelines, but the potential is becoming more real in Europe. It seems that.
But informed and calculated risk-taking can distinguish successful traders from newcomers. As the current cryptocurrency situation is very difficult, we advise you to act cautiously and refrain from investing until the outlook becomes more certain.
Overall, the outlook is very positive, with an improvement in the market expected by the end of 2023. So, in the current scenario, it’s all about patience and making confident moves when investing.
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