• The crypto market celebrated the fourteenth birthday of Bitcoin (BTC) in 2023.
• Market strategists are optimistic the crypto market will stabilize in 2023 with some calling for a mini-bull market.
• The cryptocurrency market has significantly been regulated around the world following the Terra Luna and FTX implosion.
As the world ushered in the 23rd year of the 21st century, the cryptocurrency market celebrated the fourteenth birthday of Bitcoin (BTC). The crypto market has seen a significant amount of growth since its inception, but it has also seen its share of struggles over the past few years. In 2022, the market was hit by a sharp decline, with over $2.2 trillion being wiped out of the decade-old market in less than twelve months. This has led to an increase in the fear of holding digital assets among investors.
Despite the market’s struggles, market strategists are optimistic that the crypto market will stabilize in 2023 and some are even calling for a mini-bull market. Analysts are in agreement that both speculative and macroeconomic aspects need to be respected in order for the market to recover. Bitcoin price and other top altcoins like Ethereum have been seen to have a high correlation with the traditional stock market, and this relationship is expected to be even more important in 2023.
The cryptocurrency market has also seen a significant amount of regulation around the world, particularly following the Terra Luna and FTX implosions. This has led to a more secure market, but also means that investors need to be more vigilant when making their decisions. The Ethereum community is eagerly awaiting for the Ethereum Improvement Proposal (EIP) 1559 to be implemented, as this is set to change the way transaction fees are calculated, making it easier for users to transact on the platform.
In addition to the EIP, there are a number of other key dates and events that investors should be paying attention to in 2023. This includes the launch of the Ethereum 2.0 network, which is expected to take place in the second half of the year. There is also the Taproot soft fork, which is set to increase privacy and scalability on the Bitcoin network.
Overall, the cryptocurrency market is expected to have a more stable year in 2023, provided that both speculative and macroeconomic factors are respected. With the implementation of the EIP and other key dates and events, the market should be in a better position to start recovering from the losses of 2022.