In 2022, the global economy has struggled under macro and geopolitical headwinds, including monetary tightening by central banks around the world to combat inflation and conflicts in Europe, Supply chain disruptions and the ongoing effects of the COVID-19 pandemic.
As a result, the growth rate Inflation continued to rise, averaging 8.8% year-on-year.
The cryptocurrency market was also affected by several events, which led to the crypto winter. Some of the major events were the collapse of the US stablecoinT and da Terra and the bankruptcy of FTX at the end of the year.
Both events and their aftermath produced a ripple effect, Affect other participants in the ecosystem and reduce confidence in the industry.
However, a Crypto.com analysis shared with Cointelegraph showed that despite a period of instability, the market also had important achievements to celebrate such as the new cryptocurrency law in Brazil. He was an encourager for the sector, as he ensured the regulation of cryptocurrency exchanges in the Brazilian market.
Additionally, the exchange highlights Ethereum (ETH) update, “The Merge,” as a milestone of the year, Focus on mining that is more environmentally sustainable and more economically productive.
“In this period, new first-layer (L1) blockchains, such as Aptos and Sui, and others such as Cronos, were also highlighted and gained popularity in the community. The company highlighted the total volume of spot cryptocurrency trading.
7 trends that could shake up the cryptocurrency market in 2023
The Crypto.com analysis also indicates that social media applications based on the blockchain have also been gaining traction and the NFT market has been vibrant (albeit with lower volume towards the end of the year).
“Equity investment and project incubation in the blockchain space has continued to grow – including NFT, blockchain games and the metaverse – taking the lion’s share of the funding pool. Security remains a focus of any blockchain network,” emrpeas explained.
Also according to the company, depending on market conditions, the number of global cryptocurrency owners is expected to reach 600/800 million in 2023.
“Despite difficult macroeconomic conditions, growth in cryptocurrency adoption has remained strong, and in recent months the number of cryptocurrency owners has reached the 402 million mark,” he said.
In light of this, the company highlights the growing use cases of Soulbound Tokens (SBTs) as a potential market leader in 2023.
“NFTs are associated with an individual or entity, and are non-transferable and/or tradable, with the intent of representing the bearer’s social identity. Adoption of SBTs can orient owners to a Decentralized (DeSoc) or Social Defined Society, where lives and communities come together upward.”
Regarding Web3, according to the company, the expectation for this year is that more Web2 developers will move to Web3, which will stimulate the growth of companies that provide Web3 development tools.
“In the blockchain gaming sector, you will see the growth of some AAA games in the next two years, which will provide new experiences with high-performance gameplay using blockchain technology,” he said.
Crypto.com also notes that an increased focus for 2023 will be on security and user education. We may see more platforms investing in security audits and certifications as well as educational initiatives.
“Developments are also expected to be seen in other areas, including new blockchain infrastructure, adoption of ZK Proofs, more utility-based DeFi applications, an upgrade of the Ethereum network in Shanghai and institutional adoption of cryptocurrencies.”
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