December 17, 2022

Over 80% Believe 2023 Will Be Bullish for Crypto Industry

cryptocurrencies (1)

cryptocurrencies (1)

After a challenging year for the crypto industry due to several reasons, crypto lovers still have hope that 2023 would be better for cryptocurrencies. 

This came at an end-of-the-year poll conducted by CoinMarketCap, which asked the participants about the future of the crypto industry in the next year whether it will be bullish or bearish, according to Finbold

The results were surprising. According to the poll, 83.11% of voters believed that 2023 would be bullish for the crypto market, while 16.89% of voters believed that 2023 would be bearish despite signs of recovery beginning to emerge aftermath of the bankruptcy of FTX and BlockFi. 

In another research by Huobi, the number of crypto wallet users increased in 2022 to reach 85 million, with an increase of 6.3%. The research mentioned that the crypto wallets gained $1.398 billion in 2022 as total revenue with expectations that the earnings would reach $3 trillion in the next decade. 

Huobi also reported that crypto wallets face three key challenges, which are user-friendliness, security, privacy, and regulation.

It is worth mentioning that the total number of cryptocurrencies exceeded 22,000 for the first time in history, according to CoinMarketCap. The figure is now standing at 22,057 at the time of writing. 

Earlier Bitstacker.com revealed that over 5,000 new cryptocurrencies were introduced this year till December 3. The data was based on the total number of crypto coins tracked by CoinMarket.com on the first day of each month.

Despite the introduction of thousands of new cryptocurrencies, Bitcoin (BTC) is still on the top, accounting for 39.3% of the crypto market, followed by Ethereum (ETH), with 18.6% dominance. In addition, the total market capitalization of the crypto industry decreased from $2.2 trillion on January 1 to $0.87 trillion at the time of writing, a decline of 60.44%, or $1.33 trillion, from the beginning of 2022. 

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