2022 has been one of the most unstable years for the cryptocurrency section. For beginners, the top cryptocurrency India like Bitcoin and Ethereum, lost nearly 64%, which is more than half of their value. The world of crypto also witnessed its collapse.
Recap of Major Cryptocurrency Events in 2022
Let’s have a quick look at the top events for the year 2022:
1. Bitcoin lost more than 50% of its value.
2. Despite the harsh crypto winter, over 5000 new cryptocurrencies are trading on multiple exchanges and platforms.
3. Sam Bankman-Fried, (SBF) became the first billionaire to lose almost everything overnight, from $16 billion in less to $900 billion in 24 hours.
4. Terra Luna’s crash of 95% in value wiped out more than $60 billion dollars from the crypto market.
What 2023 holds for the Crypto Industry?
Considering 2022, the unstable year, we hope for a gradual revival of cryptocurrency adoption and price rate in 2023. Twitter and other social figures are always optimistic about Bitcoin reaching $100,000; unlikely it may occur in the year 2023.
Will 2023 be a turning point for cryptocurrency users? Will the Top 5 Cryptocurrency In India, like Bitcoin, Ethereum, and stablecoins, soar, plummet, or remain as volatile as they were this year?
Will the sudden fallout of crypto lead to tight and new laws by regulatory watchdogs? As we bid goodbye to 2022 and enter 2023, it is time to highlight some future trends in crypto since some trends have vanished in 2022.
1. More Governments will Introduce Their Own Centralized Cryptocurrencies.
The Bahamas became the first country to officially launch and test the Sand Dollar, the digital equivalent of its Bahamian Dollar, in 2020.
With the Bahamas taking the lead, China has already launched and tested in the first week of January 2022 of the pilot version of the digital Yuan. So far, it has been made available in 23 major cities. And in the coming year, the government plans to roll out nationwide. You can buy/sell and trade the digital Yuan using the e-CNY app available in the domestic market on the iOS and Google Play stores. We hope the US Dollar, GBP, and Euro to launch their digital currencies in 2023.
2. More Investment will be made in Stablecoins, aka Stable Assets.
Investors turn to stable assets for a haven during volatile times. In the crypto space, stable assets are also called stablecoins. It is considered more stable than volatile cryptocurrencies such as Bitcoin, Ethereum, and many other top cryptocurrencies.
This volatile quality makes them an ideal option for traders/ investors looking to safeguard their funds in times of volatility.
3. More Meme Coins are Expected to Launch.
A meme-based, viral image of a Shiba Inu dog was created in 2013. Dogecoin has come a long way to register a $13.71 billion market capitalization. With more than 200 meme coins in circulation, this trend will likely continue for 2023.
The most recent meme coin is Tamadoge, which users can earn while playing games or buy using fiat currency to make in-game purchases.
4. There Will Be More Attention Toward DeFi.
If you are an investor or researcher in the Crypto Exchange India market, you must have heard the word “DeFi” a lot. Defi stands for “Decentralized Finance,” which applies to finance and investment relying on blockchain technology and cryptocurrencies. To emphasize this concept, the search trend for Defi has grown by over 5600% since 2017.
We can say it is the backbone and the reason cryptocurrencies exist in the first place.
The idea and concept behind decentralized Finance are that any single firm doesn’t control/manage it; transactions are made and recorded in a public ledger called blockchain technology. Defi uses “smart contracts” to make transactions without involving any banks in the middle.
Defi is the exact opposite of today’s centralized Finance, where transactions conduct over private ledgers, completely in control by financial institutions and banks. Ethereum has the crypto industry’s first mover of successfully building the first cryptocurrency deploying the possibility of smart contracts. The Ethereum network is the best choice for developing smart contracts.
Decentralized Finance is still in its early stages, much like the infancy version of the internet, with chat rooms and websites dominating the 90s. The internet’s full potential started surfacing in the 2000s, such as digital payments and the rise of remote work.
5. NFTs May Not Make a Revival.
In the year 2012, NFTs (Non-Fungible Tokens) were everywhere. But things can quickly change in the ever-volatile world of the cryptocurrency market.
OpenSea is the world’s largest and first marketplace for digital collectibles and NFTs. It registered the largest drop from $4.86 billion in monthly trading volume in January 2022, down by a mind-boggling 94%, to $303 million in October 2022.
Is this the end of trading in digital collectibles? Will it ever make a revival to early 2022 levels in monthly trading volumes?
While the only thing that is certain and investors should understand, crypto is uncertain. We cannot expect trading volumes at OpenSea to bounce back to the early January 2022 levels.
Experts and professionals have differences in opinions. Some believe that the Crypto App India market is dead, whereas others are hopeful it may return to its good early days of crypto. However, it may take several years for the NFTs to operate like a normal market.
Regardless of expert opinions, what cryptocurrencies will change in value and where we go from here in 2023 is still unclear. One thing is for certain; though, Cryptocurrency India Buy is here to stay.
We can only expect more regulations and the development of crypto exchanges by institutional investors. With the NFTs, Metaverse, and the option of building a virtual land, things can also get pretty exciting in 2023. Let’s all brace for the coming year.
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