The year is gradually coming to an end. As the year 2023 comes, there are some cryptocurrency trends to take note of as digital currencies slowly but surely become widely used.
In this article, we look at Blockchain Technology, Cryptocurrencies, NFTs, and foresight into the future of finance.
Digital currencies are still generally considered a new kind of money or representation of value even though there are as many as about 21,844 of them and over 300 million users worldwide.
In the face of value crashes owing to volatility, the decentralized financial landscape boasts more acceptance than ever before. But what does the future of finance on blockchain technology hold? Can things get any better or worse?
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With a total market cap of $830 billion and a trading volume of $55 billion per day as we approach the death of 2022, here, we bring you five (5) top cryptocurrency trends to look out for in 2023.
- Devaluation of Meme Coins
- Increasing Acceptance
- Governmental or Institutional Regulations
- More DeFi Apps
- Increase in the use of NFTs
1. Devaluation of Meme Coins
Meme coins are comical creations and are certain to stay so. And the problem with jokes is that people rarely take them seriously. Yes, Dogecoin and Shiba Inu are relatively established in the market and shouldn’t be hastily shoved aside.
However, since the creation of Dogecoin, the original meme coin, more than 200 other meme coins have been created. And as more governments, businesses, corporate bodies, and individuals embrace crypto, the jokers are likely to gradually bow out for the straight-faced bunch who mean business.
2. Increasing Acceptance
It is true that many governments, institutions, and big-name businessmen, one of them being Warren Buffet, have tabled valid reasons to frown upon the advent and use of digital currencies, especially in their relatively undefined form as we have them today.
Notwithstanding, there’s a spike in crypto acceptance and the trend is sure to surge further come 2023. Governments are seeking to jump on the bandwagon, especially by establishing regulations to keep finance within their jurisdiction in check.
Businesses are integrating digital payments to ease the provider-user relationship. And regulars are encouraged to adopt transactions in electronic currencies for their seamlessness—shouldn’t the ease that technology brings rub off on finance? Acceptance can only skyrocket come 2023.
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3. Governmental or Institutional Regulation
Governments and institutions are likely to embrace crypto in time, but not without regulating its use within the sphere of their influence.
Rarely has anyone argued against the adoption of cryptocurrencies as we know them today without expressing concerns over how a decentralized financial system can be used for more harm than good.
Cryptocurrencies are not controlled by any financial institutions or central authorities. Hence, governments and institutions, while seeking to move with the pace of the world by adopting electronic coins in time, will put up policies to ensure the safe and secure use of cryptocurrencies within their space.
4. More DeFi Apps
We can make all the noise we want about downsides. But Blockchain technology is here to stay. And if it is, so is the decentralized nature of virtual money.
Instead of a step on the brake pads, more applications will be launched in 2023 for decentralized transactions and the execution of smart contracts.
Finance is moving to the future of little or no use for intermediaries, particularly those who interfere as do banks, governments, and other central authorities.
Seeing that businesses and individuals are seeking more flexible options for finance, developers are sure to create more platforms for seamless monetary dealings.
5. Increase in the Use of NFTs
NFTs (non-fungible tokens) are so new they’re newer than cryptocurrencies. But one cannot talk about 2023 cryptocurrency trends without a mention of NFTs.
NFT is a new technology that very few understand. As such, it has met more frowns or indifference than smiles. But with more people becoming aware of and interested in digital assets, the NFT ecosystem is sure to boom in 2023—they’re already being used as concert tickets, conference passes, membership club cards, etc.
At the moment, the Ethereum blockchain supports NFTs more than any other. But with more blockchain ecosystems leveraging NFTs as the tool for unveiling special digital content, assets, and experiences, we know there’s a lot more to see come 2023.
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Fredrick Agaga
Fredrick Agaga is a blog writer and sales Copywriter with an uncanny obsession for cryptocurrency white papers. You may think that's an unpleasurable way to go, but not so for him. He lives for simplifying 'complex' ideas and sparking conversations with readable, engaging, and easy-to-understand content.