As anyone will tell you, 2022 has not been the best year for selling cryptocurrencies. From Bitcoin and Ethereum to Litecoin and Binance, all major cryptocurrencies (except stablecoins) have seen a rapid and heavy dip in their crypto market value from early to mid-2022 onwards. There were a few high spikes in Q1 and Q2, 2022, but they did not last long enough to make much of a difference for most investors.
However, there is another side to the downward trend of cryptocurrencies in 2022. While it has not been the best year to sell crypto, 2022 has so far been an excellent year to buy them. The extreme dip in price is seen as a rare and potentially high-profit opportunity by investors who treat crypto as tradeable asset class investments.
As we go through some of the predictions regarding the crypto market next year, the whole picture should present itself with greater clarity.
Ethereum: Could Ether be a Profitable Crypto Investment in 2023?
The price of Ethereum (Ether) is also expected to see a hike at roughly the same time as bitcoin. On verifying with real time checks through OKX.com, we see that Ether never managed to break past the $2,000/coin mark after May 2022.
Market forecasts suggest that in just a few weeks’ time, Ethereum will break through the $2,500 mark in January 2023. Ether’s hike will continue at least until February 2023, when its price may come very close to the $3,000 per coin mark.
Stablecoins: USDT will Stabilize
2022 was a huge year for the dollar and 2023 will see the American currency follow a steadier path. Tether, aka USDT will stabilize along with the USD itself for obvious reasons.
If you are not familiar with stablecoins, then consider them crypto variants of their “tethered” mainstream currency. In this instance, 1 USDT will always be equal to 1 USD. The exchange value will differ though if you are exchanging USDT for another cryptocurrency or any other mainstream currency.
Bitcoin May See Its Most Stable Year Yet
Bitcoin is infamous for more reasons than one, but it’s the volatility of bitcoin price that has made the cryptocurrency most remarkable through the years. Ever since April 2022, bitcoin has remained on a path of sharp decline. Exactly one year after bitcoin reached its highest price ever ($64,400/bitcoin) in November 2021, we saw the price drop down to its lowest point in almost exactly two years this November.
Anyone even remotely interested in the crypto trade should already know that bitcoin has the most reliable financial foundation. That foundation is backed up by a time tested history of the cryptocurrency always making a dramatic comeback. Things may change a bit in 2023 for bitcoin, as per expert predictions.
There will still be a spike though, which is expected to happen sometime in January 2023. However, most market analytics and forecasting data shows that bitcoin’s price may soon settle after the spike. It is expected that the price of bitcoin will hover close to the $40,000 mark throughout 2023.