You might think cryptocurrency is all about volatile market fluctuations. However, when you look at the big picture, another story emerges. The market will grow by a steady 7% annually between now and 2026.
But what is happening in the world of crypto right now, and where should you direct your attention?
To help answer that, we’ve put together our list of the five biggest cryptocurrency trends for you to watch.
The NFT Market
NFT, short for a non-fungible token, is a digital token that gives you ownership of an asset.
For example, you can purchase digital art, and the blockchain provides a token that ensures that digital art cannot be replicated. In other words, it protects your digital purchases.
Next year, expect to see more people investing in NFTs beyond products like art and into a broader range of things like data and services.
Brands Will Accept Cryptocurrency
When you want to pay for products or services on the internet, you’ll quickly realize that cryptocurrency is still in its infancy. You might love to invest in crypto. But it’s not accepted in many businesses, whether online or in physical stores.
However, that’s gradually changing. Some well-known brands, such as Microsoft and Starbucks, already accept payment in cryptocurrencies. Expect others to follow in 2023.
Back in 2021, Facebook made one of its most significant announcements ever. It planned to change its name to Meta.
That reflects their move into the metaverse, which is a lot of things to many people. Still, for Facebook, it means moving towards a virtual reality world.
The potential for cryptocurrency in the metaverse is enormous.
You can buy crypto, explore this virtual universe and pay for things on the blockchain. Both technologies go hand in hand. Expect to see more developments here in 2023.
At first glance, tighter regulation might seem negative if you’re currently seeing success in cryptocurrency.
But regulation is there to protect investors, so government intervention is a welcome change. It means even the top financial institutions are starting to take it seriously.
The SEC successfully brought a case against a cryptocurrency trading business this year.
Ethereum Overtakes Bitcoin
Many investors have gambled on Ethereum in the past few years, even if it is Bitcoin’s price rises endlessly, forever hitting the headline news.
Could 2023 be the year that the market cap of Ethereum beats Bitcoin and becomes the best cryptocurrency? Some top investors think so.
Even if you aren’t ready to take the gamble and switch from one to the other, it’s certainly worth keeping an eye on price fluctuations for both currencies next year. Use this Ethereum to CAD exchange to determine what the currency is currently worth.
The Top Cryptocurrency Trends
So are you ready to dip into crypto in the coming year? With these exciting cryptocurrency trends, there are still many exciting opportunities in the market for any investor.
If you want to learn more about trends, we have an entire section of our website dedicated to crypto. Why not head there now?