There is a great opportunity to buy cheap cryptocurrencies, which most likely should increase in value in the medium and long term.
Crypto fans have had to go through a lot in the last 12 months. There were price declines, bankruptcies, and a lot of uncertainty in the market. Therefore, 2023 could be a new beginning for cryptocurrencies and the crypto market. What are the top three predictions and forecasts for 2023?
What can be expected from cryptocurrencies in 2023?
For now, one might expect the bear market to continue into 2023. Over the past few days and weeks, it doesn’t look like cryptocurrency prices are likely to see increases again. But there is a lot to suggest that 2023 could be another positive year for cryptocurrencies.
This would now be the second year of the current bear market; a return to the bull market this year is unlikely. A bear market in the Bitcoin cycle lasts 2-2.5 years. But that does not mean that cryptocurrency prices will not rise in the next 12 months.
Here are the three biggest predictions for the coming year:
Prediction #1: Bitcoin Price Sees a Longer, Strong Rally
The Bitcoin price could see a strong rally again in the coming weeks and months. The price of Bitcoin was able to rise from $3,500 to $10,500, a tripling.
This could be repeated one way or another in the coming months. Right now, the price of Bitcoin is probably severely undervalued, due to the latest interest rate hike by the US central bank, the FED. The course could increase again to a value that corresponds to the current adaptation of the cryptocurrency.
Prediction #2: Polygon Will Continue to Perform Strongly
The year 2023 should also be successful for Polygon (MATIC). This time, however, the price should rally stronger again, and could even move up a few spots on the cryptocurrency chart by market cap in the coming months. In 2023, we see a strong price increase in MATIC, as well as a rise in the listing.
Prediction #3: Binance’s Dominance among Cryptocurrency Exchanges Will Continue to Rise
In recent weeks, there has been a lot of discussion about Binance, and the financial situation of the largest cryptocurrency exchange. A Binance implosion seems highly unlikely as of today. The concentration of power in Binance should continue to increase in 2023, which will be watched critically by the crypto community. However, smaller exchanges are more likely to suffer from the crypto exchange confidence crisis, as most minor investors are more likely to trust the market leader.
Given the abovementioned, it is worth remembering that before making any major financial decisions, it is best to do your own research.
By Audy Castaneda
