Hippo Wallet Token (HPO)

<h2 id="header-0">2022 Recap: Crypto Winter</h2>As we started the year, we saw a post-COVID global economic recovery. This pushed different industries forward, allowing them to ease and gain momentum.While we also saw high inflation rates, rate hikes, war breakouts, and other macroeconomic issues, crypto enthusiasts felt its withstanding effect in the crypto space.As stocks saw significant losses this year, cryptocurrencies also saw a more than 50% loss of major cryptocurrencies like BTC, ETH, and several others.Looking back, the year started with BTC at almost $48,000 and <a href="https://www.forbes.com/advisor/investing/cryptocurrency/what-is-ethereum-ether/" rel="noopener noreferrer nofollow">Ethereum</a> (ETH) was worth around $3,800. Now, it’s more likely that we will close 2022 with Bitcoin faring around $16,000 and ETH at around $1,000. Generally, BTC went down 64% and ETH went down 66% this year, which is worrisome for crypto traders.<h3 id="strong-how-long-will-crypto-winter-last-strong">How long will crypto winter last?</h3>Sources say that crypto winter might still last longer because of macroeconomic issues like the Fed’s war on inflation—among many others.In the last 12 months, we have witnessed crypto meltdowns, bankruptcies, and losses—a crypto market chaos that we hope to not even reach in 2023.Moreover, analysts believe that with big struggles in the global market and economy, this year’s crypto winter might be different from the bearish markets before.David Kemmerer, CEO of CoinLedger, commented on the matter, saying, “The ongoing crypto winter could last longer this time, that’s because of macroeconomic factors: 40-year highs in inflation, rising borrowing costs, and political instability after Russia invaded Ukraine.” Nonetheless, since this phenomenon is not entirely new in a global sense, tech stocks are also experiencing the same depressing values and have experienced downturns—Meta (-67%), Netflix (-52%), and even Apple (-22%).<h3 id="strong-crypto-forecast-for-2023-strong">Crypto Forecast for 2023</h3>Gin Chao, Binance’s former strategy chief, suggests that based on BTC’s previous cycles and crypto trader’s belief on the lows of 2022, by the end of 2023 they will see an ease and high of values—it might be a little later, however, depending on macroeconomic situations.For ETH, moreover, analysts say that since its release of Ethereum Merge, the network is yet to benefit from its benefit, the reason being the crypto winter. However, some still believe that the coin will rise in the next few months and experience an aggressive bull case. While BTC’s fluctuating values still have a major impact on all altcoins, the macroeconomic climate still needs to cooperate to upturn all cryptocurrencies’ prices.Furthermore, if major cryptocurrencies like BTC and ETH have experienced the ‘worst’, the situation was as bad—if not worse—for other altcoins. And with the bear market still ensuing, altcoins might need to hold on a little longer in this uphill battle.Until BTC, ETH, and other major cryptocurrencies recover, altcoins might continue the downward trend.On the bright side, some analysts are predicting that the competition on stablecoins might pick up, due to the growing number of state-sponsored stablecoin projects. As an example, Circle, the creator of USD Coin (USDC), will launch a euro-backed stablecoin on Solana (SOL) shortly after getting delisted by Binance. In addition, Japan, Turkey, and China, all have plans on rolling out their own stablecoins by next year.<h2 id="header-1">Conclusion</h2>Nonetheless, with all that’s going on and even the impending plans and projects in the crypto space, one thing is certain: Crypto investment still entails risk.As always, make sure that you only invest in what you know, invest what you can afford to lose, and do your own research on each asset you want to invest in.Disclaimer: This article solely expresses the author&#39;s thoughts, which may not reflect those of Hippo Wallet. Nothing in this article should be interpreted as investment guidance. Hippo Wallet encourages all users to do their own research before investing in cryptocurrencies.Sources: <a href="https://www.forbes.com/advisor/investing/cryptocurrency/crypto-outlook-for-2023/" rel="noopener noreferrer nofollow">Forbes</a>, <a href="https://www.nasdaq.com/articles/crypto-outlook-for-2023" rel="noopener noreferrer nofollow">Nasdaq</a>, <a href="https://simplywall.st/article/a-2022-market-recap-and-prospects-for-2023" rel="noopener noreferrer nofollow">Simplywall</a>

Crypto Forecast for 2023

Table of Contents

HippoWalletToken

Other articles published on Jan 17, 2023

COTI Breaks Out At $0.0721 As Bullish Succession Continues

Bill Maher vs. Mark Cuban: A Heated Conversation on Bitcoin

Chartered Market Technician: BTC Price Signals Crypto Winter End

Is Shiba Inu headed to the moon in the year 2023?

Transfer Disclosure (1 WEMIX)

How to Create a Successful Web3 Game?

Join our free newsletter for daily crypto updates!