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Analysts' forecasts for 2023 – successful and failed

Published: 11 марта 2023
4 min

2022 the year of market transformation

In 2022, the cryptocurrency market was in constant decline and crisis, these events affected the forecasts and expectations of analysts. When the year 2023 came, many of them expressed their opinions about which projects would be successful and which would fail during the year.

In 2022, there was a reduction in the remuneration for bitcoin mining. Positive analysts have suggested that this will lead to a further strengthening of bitcoin in 2023. At the same time, it was assumed that this could open the door for other cryptocurrencies, such as Ethereum.

It was believed that cryptocurrencies would be successful in 2023 due to their wider acceptance as a means of payment and investment. However, the economic recession has affected the interest in investing in cryptocurrencies.

It is worth noting that in the world of cryptocurrency it is impossible to predict all the events that may affect the market. For example, the regulation of cryptocurrencies may change in different countries, which may change the interest in investing in them. In addition, a possible cyberattack on a large stock exchange will undermine confidence in the market. Let's see if the forecasts for the past months of 2023 have been confirmed.

Analysts' forecasts for 2023 – successful and failed Analysts' forecasts for 2023 – successful and failed

Bitcoin (BTC)

Bitcoin is the most popular cryptocurrency. In 2021, the price of the coin reached $65,500. Many experts warned about the threat of a bubble and believed that the cryptocurrency could fall to $10,000 and below.

But no one could assume that, having met on January 1, 2023 at a price of $ 16,500, by February 16, the coin will be trading at $25,000, this is a 51% increase! Bitcoin has successfully started the year 2023.

Ethereum (ETH)

Ethereum is the second most popular cryptocurrency after bitcoin. In 2021, the price of Ethereum reached $4,628. It was assumed that by 2023, the price of Ethereum would continue to grow and could reach $10,000 per coin. However, after the transition to POS technology, and the shortage in the system, the ether does not show a staggering growth. This forecast did not come true, but there is an opinion that everything is ahead of the ether.

Litecoin (LTC)

Litecoin is a cryptocurrency based on blockchain technology similar to bitcoin. Litecoin has established itself as one of the most stable cryptocurrencies with potential for growth in the coming years. Experts predicted that by 2023, the price of Litecoin will reach $1,000 per coin. LTC began to grow earlier than other coins back in the fall, and in February 2023 it showed a value above $ 100, and this, for a second, is almost 2 x growth!

Solana (Sol)

Solana is a very promising technology that provides fast online transfers. The dark horse among the leaders showed an increase since the beginning of the year from $10 to $26. Since autumn, the coin has already made 3 x! No expert expected such a speed from her.

Regulation

The global financial authorities are increasingly talking about regulating and restricting the cryptocurrency industry. US senators are interested in Binance's business in the USA, the SEC is suing Ripple over the recognition of the project as a commodity or a security. The echoes of the bankruptcy of the FTX exchange are still making themselves felt, because the news about it collapsed the cryptocurrency market in the fall of 2022.

It is worth noting that the regulatory process was constantly voiced by experts, but the bankruptcy of the largest whales in the industry is, alas, impossible to predict.

The popularity of NFT

Analysts predicted that the popularity of NFT tokens would grow, especially in light of the popularity of games and other entertainment that use blockchain. Skeptics believe that NFT tokens may face problems in the field of legal regulation and infrastructure failures.

NFT is increasingly being used in the field of culture and art. It seems that a parallel life with reality is being formed in the digital environment, and the NFT technology there is a place for an art gallery or an exhibition of works of art.

The success of AI in 2023.

In November 2022, OpenAI released a new chatbot called ChatGPT. Already at the beginning of 2023, the technology made a strong impression on the IT industry, because AI received amazing abilities.

The chatbot answers questions, writes computer code, translates texts, generates answers to given topics, and much more.

ChatGPT has earned a lot of positive feedback, but it has also raised new questions related to the ethics of using artificial intelligence. Just a year ago, no one could have guessed how quickly AI could enter our lives and change technological processes.

Metaverses

Recently, the world has been talking about the metaverse concept of the digital world, where users can interact with each other in virtual space. Some experts believe that this is the future of the Internet, but others are skeptical and doubt the reality of the implementation of the concept. There is currently no single concept of a metaverse.

Surprisingly, metaverses find their purpose not only in games. In 2023, business meetings, interviews and even customer service are successfully held in the digital world.

In the UAE, some public services can be obtained without leaving home using metaverse technology.

In 2023, a meeting of the Colombian court was held in the metaverse. Forecasts for the introduction of virtual space technology do not seem so fantastic anymore.

Conclusions

In general, analysts' forecasts for 2023 vary greatly and it is necessary to be careful when following them. As in any other investment market, investors should conduct their research and make decisions based on fundamental analysis and risk management.

Predicting the price of a particular cryptocurrency is a difficult task, as much depends on many factors. However, bitcoin can continue its growth in the coming years if the demand for it continues to grow. In addition, in the long term, bitcoin can maintain its position due to popularity, limited supply and other advantages.

In 2023, we are already living in a world where artificial intelligence exists, which can replace a person in many fields of activity. People actively pay for their purchases and expenses using cryptocurrencies, and to make a purchase and sale transaction, you do not need to go to a government agency, but just enter a virtual office in the metaverse.

And while the public is waiting for Bitcoin at $100,000 or Ethereum at $10,000, a new reality is being born in the workshops of the blockchain industry.

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