Indeed, 2022 has gone down in the history of the blockchain industry as one of the most tense years. With major companies going bankrupt and distrust taking hold in the industry, major cryptos experienced a major correction.
Looking at the leading crypto-currency, bitcoin (BTC) has lost 66.8% of its market capitalization. However, the bears have been even harder on altcoins. Ethereum, a crypto-currency that only loses its capitalization to BTC, has lost 70% of its price over the past 12 months.
ETH’s competitors have also suffered in this market. As an illustration, Cardano (ADA), while remaining in the top 10, has seen an 82% drop in its price in the crypto-currency market.
Hoping that we will abandon this negative scenario with the arrival of the new year, let’s check what we can expect for three crypto-currencies, according to some market analysts.
Analyst Michael van de Poppe is quite optimistic about the leading crypto currency. Even in his predictions for 2023, the strategist predicts that the crypto could skyrocket and double its market capitalization.
However, to achieve this, bitcoin would have to break the $20,600 mark. As of this writing, BTC is struggling to stay above $16,000 and has resistance at $18,600.
If Van de Poppe’s target is met, the crypto-currency is expected to trade at $38,500. According to the trader, this could be the target at which liquidity flows for bitcoin in response to bull strength.
Guy, Coindesk’analyst, has high hopes for the leading smart contract platform. In 2023, Ethereum holders will likely witness the arrival of the Shanghai upgrade, which, in short, will allow Ethereum holders to take ETH out of the staking contract and be able to use it as they see fit.
Guy thinks this could be a good catalyst for the crypto-currency, as it could encourage others to bet on Ethereum by seeing billions of dollars unlocked.
However, the’analyst decided not to make a price prediction for the’altcoin. He said that while it is possible that the flippening will occur and ETH will reach five figures, he believes that the crypto-currency will trade sideways next year.
Closing out the list of predictions, the only competitor to Ethereum that has managed to stay in the top 10 throughout 2022. There is a high probability that Cardano will expand into the stablecoin, non-fungible token (NFT) and decentralized finance (DeFi) sectors. Crypto enthusiasts are confident that this can be reflected in the capitalization of the smart contract platform.
For Cardano price prediction, there is a tool from the Changelly crypto exchange that helps to get an idea of what might happen in the future. When looking at the performance of ADA over the past few years, and if history repeats itself, 2023 could indeed be a good year for those who bought Cardano during the downturn.
In Changelly’s analysis, the target for the Ethereum killer is $0.45 next year. If things improve further, bulls may be able to extend Cardano’s capitalization until it reaches what should be its peak price of $0.55.