Is 2023 Projected to Be a Good Year for Crypto?
The start of a new year always brings with it a glimmer of hope for investments and crypto is no different. There is no denying 2022 was a tough year for the crypto industry as a whole and thanks to the losses suffered by those who had invested heavily in cryptocurrency, some interest has been lost heading into 2023. However, there were some positives to take from 2022, such as the successful Ethereum Merge but what could be ahead for 2023 and will it be a good year for crypto?
Prices are Rising
Some critics will say the prices of crypto were always going to rise in 2023 after that happened the previous year. However, regardless of whether the price rises were always going to happen, it is good to see and will bring renewed confidence to the crypto market. The rise in price of cryptocurrencies means more investment and more trades, which is what crypto needs to push on in 2023. If we take Bitcoin as an example, this cryptocurrency has gone up in value to $22,825 at the time of writing, which is a significant increase from November 2022 when the price was sitting just above $15,500. Ethereum has been growing in popularity in the early stages of 2023 and some of the smaller coins, such as Dogecoin have also seen an increase in price at the beginning of the year.
Acceptance of Crypto as a Payment Method
The more online businesses that begin accepting cryptocurrency as a payment method, the more popular it will become in general. We are slowly seeing more online companies accept crypto as a payment option, with Microsoft, PayPal, Whole Foods, Home Depot, and Twitch, are all examples of well-known brands that have accepted crypto. Gambling companies, such as online casino websites and sportsbooks have been leading the way in terms of accepting crypto deposits. Some allow you to deposit using crypto and then switch the funds to a FIAT currency for betting whereas others offer gambling using crypto. If more companies accept crypto as a payment method in 2023, we may see an increase in the number of people choosing to buy crypto coins, which in turn will see prices rise and the market improve.
A greater understanding of the metaverse could lead to 2023 being a good year for crypto. If we take Decentraland as an example, this is a virtual reality platform powered by the Ethereum blockchain. Users in Decentraland can play games, develop business, and create art galleries. Users can charge other people to visit their venues and parcels of virtual space, called LAND can be purchased and monetized. Decentraland is powered by MANA-USD, which is a cryptocurrency token used in the metaverse to buy avatars, wearables, and LAND. Several prominent brands have got involved, including Coca-Cola and Samsung. If more users and brands begin trading in the metaverse using coins, it will be good news for the value of the crypto market.
There are many reasons to be positive about crypto in 2023 and it could be a wonderful year, especially compared to 2022.