US dollar rate hikes may come to an end, which should strengthen cryptocurrencies once again.
Most cryptocurrencies had a very difficult year in 2022. There were massive losses in the first half of the year, followed by a slight stabilization, with infrequent price drops in the second half of the year. As a result, 2023 begins on a low note, with little recognizable movement in the early days.
Nevertheless, prices are expected to rise again in the next twelve months, albeit for a limited time. The US dollar rate hikes may come to an end, which should strengthen cryptocurrencies once more. As a result, the prediction for cryptocurrencies in 2023 points towards optimism.
Below is the forecast for the top ten cryptocurrencies by market capitalization.
Bitcoin (BTC)
A significant increase, similar to that seen in 2019, seems likely in the coming months. Most likely, Bitcoin is currently undervalued. Also, Bitcoin’s dominance may increase significantly this year.
Prediction: Slightly to Moderately Bullish.
Ethereum (ETH)
Ethereum has been the number two cryptocurrency for years and has a relatively bright future. In 2023, Ethereum should focus on scalability. Further price increases appear possible, particularly if Bitcoin prices rise further.
Prediction: Slightly Bullish
Tether (USDT)
Tether is the most well-known and widely used stablecoin on the market. There will also be a lot of cryptocurrency trading in 2023.
Prediction: Still #1 Stablecoin & Top 5 by Market Cap
USD Coin (USDC)
The USD coin is the second most important stablecoin. Like Tether, it will continue to be a vital vehicle for trading other cryptocurrencies. In 2023, the coin will not be able to stop Tether.
Prediction: Still the #2 Stablecoin
BNB (Binance Coin)
Binance aspires to increase financial transparency in the future. However, the platform has received widespread criticism. However, if Binance manages to survive the current storm unscathed, the exchange’s superiority may rise further, resulting in a price surge for BNB.
Prediction: Slightly to Moderately Bullish
XRP (Ripple)
The XRP price in 2023 will be heavily influenced by the outcome of Ripple’s legal dispute with the United States Securities and Exchange Commission. Anything is possible, from a massive increase to a complete implosion. It is one of the cryptocurrencies for which predicting the future is difficult.
Prediction: Completely Uncertain
Binance USD (BUSD)
Binance USD has firmly established itself as one of the top three stablecoins. The failure of TerraUSD strengthened the position of centrally planned and issued stablecoins.
Prediction: Still No. 3 Stablecoin
Dogecoin (DOGE)
DOGE was able to put together a strong rally for a short time in the fourth quarter. The reason for this was the acquisition of Twitter by Elon Musk. This has the potential to push the Dogecoin price beyond its range, particularly during bullish market phases.
Prediction: Moderately Bullish
Cardano (ADA)
Price-wise, 2022 was a particularly difficult year for Cardano’s ADA token. However, developer activity on the Blockchain is increasing rapidly, and significant efforts are being made to improve scalability. 2023 may also see a slight reversal of the price trend.
Prediction: Slightly Bullish
Polygon (MATIC)
Despite last year’s losses, the MATIC coin has climbed into the top ten cryptocurrencies. On the extremely scalable network, an increasing number of decentralized applications are being built. This momentum should continue into the new year for Polygon.
Prediction: Moderately Bullish
By Audy Castaneda
