Crypto and Bitcoin in 2023: What do influencers expect from the market?

Financial influencers are finding advantages in the current state of the cryptocurrency market. Although the value of most cryptocurrencies has plummeted, resulting in a drop of over 60% in the overall market size, developers and start-ups are finding relief in the reduced pressure to act quickly and the increased opportunity to explore long-term user cases.

In 2023, the falling cryptocurrency prices are paralleling the stock market, but there is no need for alarm. Historical trends indicate that after a bear market, prices can rise significantly. The upcoming Bitcoin halving in 2024 is expected to follow this pattern and lead to positive price changes in the lead-up. The societal impact of cryptocurrency is also notable, with countries like El Salvador and the Central African Republic incorporating digital currencies into their financial systems, and the growth of payment terminals for digital currencies making payments more secure.

In terms of cryptocurrency ranking, Ethereum may overtake Bitcoin in market capitalization due to its platform for building applications and lower energy consumption. However, many influencers still believe that Bitcoin's full decentralization will keep it as the dominant cryptocurrency.

2023 will be a critical year for cryptocurrency, as developers create more user-friendly applications and solutions for secure cryptocurrency storage and transfer between blockchains. Overall, a recovery in the market seems to be on the horizon, based on past predictions and historical price analysis.

Will Bitcoin maintain its position in crypto in 2023?

Since its launch in 2009, Bitcoin has always been the largest currency in terms of market capitalization. Ethereum has been number 2 since its founding in 2015. However, in 2023, there could finally be a change in this ranking.