In fact, 2022 has gone down in history as one of the most tense years in the blockchain industry. As major corporations went bankrupt and mistrust seeped into this sector, major cryptos saw a major correction.
Looking at the primary cryptocurrency, Bitcoin (BTC) lost 66.8% of its market cap. However, bears have been even tougher on altcoins. Ethereum, a cryptocurrency that is losing capitalization only to BTC, has lost 70% of its market price in the last 12 months.
ETH’s competitors have also suffered in this market. To illustrate, while Cardano (ADA) remained in the top 10, it saw an 82% price drop in the crypto market.
Expecting that we will abandon this negative scenario with the start of the new year, let’s see what some market analysts say we can expect for three cryptocurrencies.
Bitcoin
Analyst Michael van de Poppe is quite bullish on the primary cryptocurrency. Already in his forecast for 2023, the strategist predicts that crypto could skyrocket and double its market cap.
However, Bitcoin would have to break the $20,600 mark for this to happen. At the time of writing, BTC has been struggling to hold above $16,000 and has resistance at $18,600.
If Van de Poppe’s target is met, the cryptocurrency is expected to trade at $38,500. According to the trader, this could be the target where Bitcoin will receive liquidity in response to bulls strength.
ether
Coin Bureau analyst “Guy” has high hopes for the leading smart contract platform. In 2023, Ethereum holders will likely see the arrival of the Shanghai upgrade, which will, in short, allow Ethereum holders to take ETH out of the staking contract and use it in any way they choose.
Guy believes this could be a good catalyst for the cryptocurrency as it could encourage other people to stake Ethereum by seeing billions of dollars unlocked.
However, the analyst chose not to provide a price prediction for the altcoin. He said that while it’s possible for a flip to occur and ETH to hit five figures, he believes the cryptocurrency will trade sideways over the next year.
Cardano
At the bottom of the list of predictions is Ethereum’s only competitor that managed to stay in the top 10 throughout 2022. There is a high probability that Cardano will grow in the stablecoins, non-fungible tokens (NFTs) and decentralized finance (DeFi) sectors. Crypto enthusiasts trust that this can be reflected in the capitalization of the smart contract platform.
For Cardano price prediction, there is a tool from crypto exchange Changelly that helps to get an idea of what could happen in the future. Looking at ADA’s performance over the past few years, and if history repeats itself, 2023 could actually be a good year for those who bought Cardano during the downturn.
In Changelly’s analysis, the target for the Ethereum killer next year is $0.45. If things get even better, the bulls could potentially extend Cardano’s capitalization until it reaches its top price of $0.55.
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