The market capitalization of the crypto market will reach $800 billion In 2023
The cryptocurrency market finished 2022 in a moment of stabilization, with investors on the fence as major cryptocurrencies failed to make substantial advances. Nonetheless, the market is witnessing short-term purchasing pressure, which has led to the recovery of major positions.
As of January 2, 2023, the worldwide crypto market capitalization regained the $800 billion milestone, standing at $807.17 billion, a decrease of $4.27 billion from December 26’s value of $811.16 billion. The market capitalization reached its lowest point on the weekly chart on December 30 at $788.93 billion.
Towards the end of 2022, the crypto market momentarily recaptured a market value of $1 trillion after receiving a lift from favourable macroeconomic-related news.
Moreover, Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies in terms of market capitalization, continue to dominate the crypto market. Notably, as of press time, Bitcoin had a 39.9% market share, while Ethereum held 18.5%.
Ethereum (ETH) has also recaptured the $1,200 position, trading at $1,216 at press time after 24-hour advances of around 1.64%. XRP (1.5%), Dogecoin (3%), and Cardano (3%), among other noteworthy cryptocurrencies, all saw increases in the previous 24 hours despite the market’s continued consolidation.
Similarly, the asset has seen strong purchasing pressure ending in a $322.08 billion market value as of January 2. Bitcoin has garnered $3.38 billion in capital inflow during the last 24 hours.
Despite the fact that 2023 is still in its infancy, several businesses have diverse predictions on Bitcoin’s price movement. In this statement, David Kemmerer, CEO of crypto tax software CoinLedger, predicted that Bitcoin’s price might decline further in the first half of 2018.
In contrast, crypto and stock market expert Trend Rider said that Bitcoin might have a positive reversal during the first half of 2023. Elsewhere, Stefan Ristic, a crypto miner who operates BitcoinMiningSoftware.com, agrees that Bitcoin might be negative in 2023, but he anticipates that next year’s halving event would drive a rebound in 2025.