What opportunities await cryptocurrencies in 2023?

We have seen tremendous growth of cryptocurrencies in the year 2021, where Bitcoin alone provided a return of almost 60% and Ethereum yielded around 400%. On the other hand, 2022 witnessed one of the biggest breakdowns. Investors lost millions of dollars. However, many experts believe that cryptocurrencies are here to stay, and this is not the first time the industry has gone through a terrible fall. However, it rose before, and it will rise again.

In this article, we will discuss what cryptocurrencies are, their predictions by experts, and the possibilities.

What are Cryptocurrencies?

As the name suggests Cryptocurrencies are a new type of virtual currency that uses cryptography for security and are decentralized. This means they are not controlled by a central authority such as the government or central banks. The most well-known cryptocurrency is Bitcoin, but there are many others called altcoins such as Ethereum, Litecoin, and Ripple.

Cryptocurrencies are based on blockchain technology, a decentralized digital ledger that records all transactions maintained by a network of computers around the world rather than by a central authority. This ensures that the transactions are secure and transparent and that the currency can be exchanged without the need for a central intermediary.

Each cryptocurrency has its own set of rules and protocols, and they can be used for a variety of purposes. Bitcoin, for example, was designed as a peer-to-peer digital cash system, while Ethereum is designed to enable the creation of decentralized applications and smart contracts. Similarly, NavC is the native utility token of the Next-Generation crypto exchange, NavExM. It fuels the trading engine of NavExM Exchange with its ground-breaking utility to settle every trade.

Current State of Cryptocurrencies

Recent events such as the FTX saga, BlockFi bankruptcy, Three Arrow Capital Fall, and Luna collapse led to the terrible breakdown. The market has touched rock bottom. At the end of 2021, the estimated daily trading volume of the top 20 crypto exchanges was around $100 billion, which has now been reduced to approximately $40-$60 billion only.

Bitcoin miners are unable to recover their costs, and many have shut down their mining machines.

Investors are struggling to sustain themselves in the bear market. However, experts have made some predictions, acting as light in the dark.

Crypto Predictions

Optimists and crypto experts have shared what can be the future of cryptocurrencies in 2023. There are some wild predictions, and a few seem to be achievable. Let’s discuss them.

Crypto Regulations

As per the Coindesk article, there are going to be harsh regulations in the crypto space by a few of the biggest economies in the world. That may lead to some conflict in the beginning, but in the end, it will play a crucial role in stabilizing the market.

Bitcoin Price Prediction

Standard Chartered Bank predicted that the price of Bitcoin could plunge around $5000. However, there is more optimism than pessimism. One of them is by Carol Alexander, professor of finance at Sussex University. She expects the price of bitcoin will top $30,000 in the first quarter and then $50,000 by quarters three or four. “There will be a managed bull market in 2023, not a bubble, so we won’t see the price overshooting as before,” she told CNBC.

The wildest crypto prediction of 2023 is by Bitcoin bull Tom Draper. He says Bitcoin can go up to $250,000 by the end of the year. Even after the collapse of FTX, Tom expects the coin to hit the quarter-of-a-million milestone.

The Future of Crypto Trading

2022 was not the first “crypto winter.” Bitcoin saw large price drops in 2014 when annual returns fell by 58%, and prices stayed depressed until 2017. In 2018, Bitcoin plunged in value for nearly 18 months. But it managed to rally both times.

In 2023, the price is again expected to rise. However, this time NavExM, the Next-Generation crypto exchange, will play a crucial role in reviving the industry.

NavExM is the world’s most rewarding crypto exchange, which encourages crypto traders to gain more asset value on every trade. Isn’t it exciting? In the era when the market is down, and other exchanges are looking for ways to make money through different modes, NavExM not only offers a zero-trading platform but also rewards community members with cashback for their participation.

Because of the unimaginable benefits, the exchange will offer, trade participation is also expected to witness a surge.

Conclusion

Though there are some predictions showing a downward trend, however, experts have also provided positive signs, which include a full stop to the bear run and also Bitcoin touching new heights. If you want to gain the maximum out of this opportunity, NavExM is the platform that is expected to come live by the first quarter of 2023.