The popularity of cryptocurrency has been steadily growing since the last decade. In 2021, the valuation of the crypto market was around $2 trillion. During this period, Coinbase, a cryptocurrency company, became the first crypto company to be converted into a public company.
However, in 2022 the crypto market went through a grave downfall. Even one of the biggest cryptocurrency exchanges, FTX, collapsed in November 2022 as it went bankrupt, distressing crypto traders. Since then, cryptocurrency has met doubts and aspersions regarding its stability, thus, bringing down its popularity significantly.
It has been predicted that in 2023, the crypto market will successfully recover its losses and escalate its market value. Nevertheless, the market of crypto is still huge as well as rich. This article will vividly discuss the future of cryptocurrency in and beyond 2023.
What is cryptocurrency?
Before learning about the future of cryptocurrency, a clear understanding of the concept is necessary. Cryptocurrency is a part of financial technology. It is a digital form of currency that can be securely used over the internet.
Cryptocurrency can be sent to any corner of the globe using blockchain technology that does not involve any third party during the transaction. Digital wallets are created to store cryptocurrencies, while the public ledger stores all the cryptocurrency transactions. There are two kinds of cryptocurrency wallets: hot wallets and cold wallets.
What is the future of cryptocurrency?
The future of cryptocurrency is predicted by deeply analysing various past investments and indications. It is predicted that from 2023, cryptocurrency's valuation will expand. Here are a few future predictions of cryptocurrency in 2023 and beyond:
Strict cryptocurrency regulation
2023 is set to bring in more strict cryptocurrency regulations. Various communities will likely enforce these regulations to curtail the threats of decentralisation. Laura Shin predicted this in the podcast "Unchained".
Bitcoin will be more preferred by investors
500 million people or more might buy buttons in 2023. This will be the impact of introducing a proper crediting ordinance. Ric Edelman, an eminent finance specialist, made this prediction.
Recovery of NFTs
NFT performed very poorly in 2022. Therefore, this is the first thing that will see a recovery in 2023. Even though NFTs were performing poorly the last year, big companies like Disney invested in them.
This same trend will continue in 2023. Larger companies will invest in NFTs, thus becoming the reason for its recovery.
Regrouping of the cryptocurrency industry
In 2023, all cryptocurrency companies will regroup for better future performance. Companies will do this so that they can recover all the losses that they had last year. This regrouping will be beneficial for 2024.
The disappearance of meme coin
It has been predicted that in 2023, meme coins will disappear from the crypto market. The two most famous meme coins are Dogecoin and Squid. The Squid is a cryptocurrency named after the famous series the Squid Game.
Bitcoin will not perform as the best company
Bitcoin is not going to be the top cryptocurrency company in 2023. Ether is going to overtake Bitcoin. It is not the first time that Ether will overtake Bitcoin.
In 2021, Ether performed better than Bitcoin for the first time and gained a profit of 418%. Experts believe that Ether will continue to perform well due to the downfall of NFTs.
Easier ways to trade cryptocurrency
In 2023, a bot named Dash 2 entered the crypto market. Dash 2 has the feature to analyse and tell if a new crypto project is worth investing in or not. This bot will make crypto trading easier and assist traders in making profitable decisions.
Although Dash 2 has been launched, it is performing exceptionally well and is steadily gaining popularity.
The future of cryptocurrency is bright and will open more lucrative job opportunities. Individuals wishing to learn more about cryptocurrency or wishing to get into the crypto trade can opt for an MBA in fintech. It will additionally open numerous high-paying career options like finacial analyst, investment banker, business consultant and many more.
Imarticus Learning has brought an online MBA in fintech programme in collaboration with KLU for those willing to advance a career in fintech. This course also covers various aspects of fintech, including blockchain, API, marketing management and business ethics, apart from cryptocurrency. It will also focus on the importance of machine learning in fintech.
So, without further delay, enrol in this course and upskill yourself to reach new heights of success in fintech.