what’s hot and what’s not in cryptocurrencies
As technology continues to rapidly evolve, the popularity of Cryptocurrency has been on the increase in recent years. Cryptocurrency has become a popular form of digital money or virtual currency. In the coming years, it is expected that many investors will become more involved in the Cryptocurrency market. As we enter 2023, Cryptocurrency is being recognized as a viable asset class and has been predicted to provide huge returns in the coming months.
What’s Hot
Bitcoin has been the clear leader among all Cryptocurrencies. It is expected to maintain its popularity as its market capitalization is projected to reach $467 billion in 2023. The growing adoption of Bitcoin and other blockchains have made it easier for people to transact and store money securely on the blockchain. Additionally, Bitcoin is said to be the “digital gold” because of its decentralized nature and limited supply, which makes it a store of value and an attractive investment option.
Ethereum is also on the rise as it is leading the blockchain revolution with the development of smart contracts, decentralized finance, and enterprise Ethereum alliance. Many are of the opinion that Ethereum could possibly be bigger than Bitcoin, with its current market capitalization of about $201 billion set to increase significantly.
What’s Not
Ripple is commonly known as XRP and is expected to be losing its popularity in 2023. Many investors are losing interest as it is increasingly being viewed as a security rather than a Cryptocurrency. Its current market capitalization is roughly $19 billion and is expected to further decline.
Litecoin is also on the decline due to large competition from other Cryptocurrencies. Its current market capitalization is roughly $7.8 billion and is expected to dip even further. This is largely due to its lack of technology and innovation when compared to its competitors.
The cryptocurrency market is a constantly changing and evolving space, and it is expected that 2023 will be an exciting year as there will be a lot of new and exciting Cryptocurrencies to choose from. Investors should do their own research before investing and should ensure they are comfortable with the associated risks.