Crypto Analysts Predict Massive Gains for These Altcoins in 2023 – Here’s Why
2022 has been an ugly year for cryptocurrency markets. At current levels under $17,000, bitcoin is down around 75% versus its 2021 record peaks around $69,000. Likewise, at current levels around $1,200, the world’s second-largest cryptocurrency by market capitalization ethereum is down a similar margin. The cryptocurrency's total market capitalization, meanwhile, is down around 74.5% from its 2021 record peaks above $3.0 trillion.
Aggressive monetary policy tightening from the world’s major central banks, led by the US Federal Reserve, to combat a surge in global price pressures was the primary factor behind this year’s rapid deterioration in sentiment. Indeed, amid expectations that major central banks will continue raising interest rates in early 2023 despite an ongoing worsening of global economic conditions (many expect a US recession in the second half of next year), the outlook for a swift recovery in broad cryptocurrency market sentiment looks grim. But that doesn’t mean their can’t be any winners.
Despite the bear market, the crypto industry remains as vibrant and innovative as ever. As a result, altcoins tied to promising, up-and-coming projects can still perform very well in 2023, even if the likes of bitcoin and ethereum don’t recover substantially. Here is a list of a few of our favorites at Cryptonews.com.
The young move-to-earn crypto niche has shown a lot of promise, but early success stories like STEPN have significant limitations that have, so far, prevented them from conquering the mainstream. FightOut, which touts itself as the future of move-to-earn, wants to change that in 2023. FightOut is a brand new web3 fitness application and gym chain that rewards its users for working out, completing challenges
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