If you thought Wall Street had a bad year, take a closer look at how the cryptocurrency space has fared. Based on data from CoinMarketCap.com, the aggregate value of more than 22,100 digital currencies has tumbled from nearly $3 trillion in November 2021 to less than $795 billion as of early morning Dec. 29, 2022. That’s about a 74% drawdown in less than 14 months. But given the well-known volatility always present in the crypto space, not even a 74% decline in a short time frame is enough to sway the resolve of digital currency enthusiasts. The big question is: What happens next for cryptocurrencies in 2023? The first crypto prognostication for 2023 is that Ethereum (ETH 1.92%) will do the impossible, even if only for a very short time, and surpass the market value of Bitcoin (BTC 1.10%). The toughest aspect of this prediction is that Bitcoin and Ethereum tend to be highly correlated. When one rises or falls, the other usually follows. Rarely have digital currencies diverged from Bitcoin and moved on their own merit-based tangible news or data. But with stocks in a bear market and the U.S. economy potentially headed for a recession, we may get our first taste of individualization sprouting up in the cryptocurrency space.
Full story : 4 Cryptocurrency Predictions for 2023.
