Did you know that 16% of Americans have invested in cryptocurrency as of 2021?
Crypto is touted as being the solution to fiat currency, one that is decentralized and secure. Whether or not that’s the case, the cryptocurrency market is booming. Anyone who doesn’t invest in crypto is missing out on some massive returns.
Before you do sink any money into it, though, it pays to know where the best cryptocurrency is going. Cryptocurrency trends can change at the drop of a hat as some cryptos die and others rise.
In this guide, we’ll give you the five cryptocurrency trends to be on the watch for in 2023.
1. Governments Will Issue Their Own e-Currency to Keep Up With Cryptocurrency Trends
Cryptocurrency was meant to be the solution to problematic fiat currencies. Now it seems that governments may have realized this and begun to make their own proprietary currencies. The Bahamas and China have already jumped on board, with more to come.
Other major currencies like the US dollar or the euro may join in on the fun in 2023. Keep track of all cryptocurrencies through dogelon mars.
2. A Rise in StableCoins
Stablecoins are cryptos that are tied to a fiat currency, thus avoiding the volatility rampant in the crypto sphere. Since times are getting hard, we are likely to see a massive investment in stablecoins. Investors tend to turn to less risky investments when in the midst of a recession.
3. DeFi May Become More Mainstream
DeFi (decentralized finance) is the realm of cryptocurrency. It’s the finance world that private institutions or governments cannot control. This is a system of blockchain-enabled smart contracts and networks.
We are likely to see these markets become more mainstream in the year 2023.
4. Additional “Joke” or Meme Coins
Doge Coin, believe it or not, started out as a joke. But now, Doge Coin is worth billions, and many others have attempted to do the same. 2023 will be a year replete with the appearance of even more “joke” coins that may become valuable assets.
That doesn’t mean that you should throw all your money into the newest Cat Coin. But do avoid the mentality that joke coins cannot become a part of your portfolio.
5. NFTs May No Longer Be a Thing
NFTs (non-fungible tokens) were a fun concept for making a digital asset unique and highly valuable. Unfortunately, we may have seen the end of this rabid trend. NFTs experienced a huge spike in 2021, but then they collapsed back down to their 2020 levels.
This isn’t to say that NFTs are down and out. However, people should know that it’s unlikely that we will see another boom as we did in the previous year.
Prepare for 2023
Cryptocurrency trends evolve rapidly from year to year, so it’s a guarantee that there will be even more that will happen in 2023. If you decide to invest in crypto, then choose the best cryptocurrency to get a good bang for your buck. Avoid NFTs, and pay attention to government e-currencies and stablecoins.
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