Esport Betting Crypto

It’s been a difficult ride for the crypto market in 2022. By November, the market had dipped by 70 percent from its previous high in November 2021. Just when the market was looking down and down, the FTX crash made them look even worse. The question is, can the crypto market be able to recover by 2023?

Crypto Market Dips are Cyclical

The cryptocurrency market, specifically Bitcoin has experienced many dips over the years. Each time, it has bounced back with a big rally.

For example, in 2013, Bitcoin reached a peak of $1,160. It then plummeted for over a year before reaching a bottom of $150. In 2017, it broke the record, and hit a new high of $19,600. In 2018, the price was at $3,100. And in the year 2020 it struck through that resistance and hit a new peak of $68,000 in the month of November 2021. Then, just like that we’ve had another dip. But history shows us that following each dip there’s a bull-run.

Every Dip is Followed by a Long Bull Run

As we’ve seen before, fall-offs tend to be followed by a long bull run that finally breaks through the resistance created by the market’s previous highest price. This pattern can be seen in more than Bitcoin but also in other cryptocurrencies.

Growing Use of Crypto and Blockchain

Crypto and blockchain technology have come a long way in the last few years. With more and more companies and industries taking to it, its usage and acceptance is increasing. From banking to gaming cryptocurrency is being utilized in many ways. And this growing use case can lead to increasing participation in the market which could drive the prices up.

Increased institutional interest in cryptocurrency

In recent years, we’ve seen a growing curiosity from institutions investing in crypto. From banks to hedge funds and even large corporations are now exploring the possibilities for crypto-based assets. The increased interest of institutions could bring more stability to the crypto market and result in more expensive prices.

Regulations from the Government

As the crypto market grows as it matures, governments all over the world are beginning to establish more favorable rules for cryptocurrency. This is likely to attract more investors and boost the acceptance of crypto in general.

More use cases for blockchain

The technology that underlies the majority of cryptocurrencies, blockchain offers a variety of possible applications beyond just financial transactions. In addition to supply chain management, voting and other systems industries are beginning to look at ways they can utilize blockchain technology, which could increase investment and enthusiasm in cryptocurrency.

Technologies are constantly evolving.

Blockchain and cryptocurrency technology is at the very beginning of development. As advances continue to be made in areas like scalability and security, the potential of crypto assets will grow. This could lead to greater adoption and higher prices.

Rising global economic uncertainty

In the current economic uncertainty caused due to the COVID-19 pandemic as well as other factors increasing numbers of investors are beginning to look for safe haven investments like bitcoin and even gold. Since the economic outlook for the world is uncertain and uncertain, this could lead to more demand for crypto as well as more expensive prices.

Retail investors are able to earn interest

Investors from institutions aren’t the only ones showing interest in crypto. Retail investors, also known as individual investors are also beginning to invest in the crypto market. In the future, as more everyday people learn about crypto and the best ways to invest in it this could result in an increase in demand and consequently higher prices.

Growing awareness and acceptance of cryptocurrency

As the market for crypto is maturing, more and more people are beginning to become aware about and appreciate the concept. As understanding and acceptance of crypto grows, it will lead to more people buying or holding cryptocurrency, and this can drive up prices.

esport betting crypto

The Decentralized Finance (DeFi) is a rapidly growing area of the crypto market, which allows the provision of financial services developed using blockchain technology. As DeFi grows and more platforms and projects are launched, it could result in increased use and more expensive prices for crypto.

The development of crypto payment methods

As the crypto market is growing increasing numbers of companies are beginning to accept crypto as a means of payment. This could result in increased use of crypto in everyday transactions and higher prices.

Increased investment from sovereign wealth funds

Sovereign wealth funds, which are owned by the state as investment vehicles, are starting to look at cryptocurrency as a possible asset class. As more of these funds dedicate a part of their portfolio to crypto, this could result in a rise in demand and higher prices.

Use of crypto for payment across borders

One of the biggest benefits of cryptocurrency is its capability to perform quick and inexpensive cross-border payments. As more and more people and businesses start to utilize cryptocurrency for international transactions this could lead to increased demand and higher costs.

The number of ATMs that accept crypto is increasing.

As the number of ATMs that accept crypto continue to increase, it will become easier for consumers to purchase and keep crypto, which could boost demand and increase prices.

Development of security tokens

Security tokens, also known as digital assets that are used to represent ownership of an asset, such as real estate or stock is a fast-growing segment of the cryptocurrency market. As more security tokens are created and traded, this could lead to increased demand and higher costs for cryptocurrency.

Merchants are more likely to adopt the concept.

As more and more businesses accept crypto as a means of payment, it makes it easier for customers to utilize and store crypto, which could increase demand and price.

So, will crypto grow in 2023? Only time will tell. However, with these aspects in mind, it’s possible that the crypto market could be able to see a rebound in 2023. For those committed to the long haul, being patient and disciplined will be key.