Experts remain divided on when the next crypto bull run is set to kick off. However, they all agree on one thing: The next crypto bull run won’t look like the last one.
The New Bull Run Landscape: Best Crypto to Invest in 2023
The next crypto bull run will look nothing like the last one, and investors should tame their expectations of an imminent rocketing of cryptocurrency prices.
At least that’s what Lars Seier Christensen, founder of enterprise blockchain Concordium, told Cointelegraph in a recent interview.
The majority of the crypto market looks to the swathe of proposed spot Bitcoin exchange-traded funds with bullishness. Therefore, Christensen is doubtful their approval will be an immediately meaningful driver for the crypto markets.
“Does that necessarily mean that Ethereum and a lot of the older altcoins are going to rally on the back of it too? I think that’s nearly certain not going to happen,” he added.
Christensen said that while digital asset prices have dampened over the last 18 months, in contrast, there’s an unabated interest in blockchain technology from the corporate side.
This means that the next big step for the industry won’t be marked by a particularly “sexy” rally. The prices of crypto assets don’t surge like they did in 2021. Rather, a more subdued growth may occur gradually over the next 18 months.
Divergent Views on the Market: When is the Next Crypto Bull Run?
Ben Simpson, founder of crypto education platform Collective Shift, said there’s a wealth of data and indicators that suggest that we’re already witnessing the initial stages of a Bitcoin bull market.
“The drawdown from the all-time high chart and market-value ratio suggest we’re in the final stages of accumulation. It often is a precursor to a bull market,” explained Simpson.
When it comes to the assets most primed for a major boom, Simpson believes the next bull market will blow wind into the sails of Bitcoin, Ether and application-specific tokens and sectors such as gaming.
The last two-year period has been tough for the crypto industry. An increasingly hawkish Federal Reserve combined with a number of high-profile collapses has seen investment in the industry dwindle. Moreover, the likes of FTX and Celsius Network are bringing down the prices of crypto assets along with it. This challenging environment has raised concerns about the potential for crypto bubbles.
A Glimpse of Optimism
With the United States Federal Reserve deciding to press pause on any interest rate hikes earlier in the week, eToro Markets analyst Josh Gilbert views the broader macro outlook with a sense of optimism.
“We’ve finally got an improving macro environment with rate cuts on the horizon from central banks globally. As rates begin to fall and inflation subsides, investors will take on more risk, deploying more capital into financial markets — and crypto will be front and center,” he said.
Like many market commentators in recent months, Gilbert asserted that next year looks primed for a rally. Hence, those wondering when will crypto market will recover. Look no further than 2024.
However, Tina Teng, a market analyst from CMC Markets, explained that it’s far too early to start worrying about whether or not massive gains are on the horizon. Instead, investors should be bracing themselves for a new wave of uncertainty.
As for the best crypto to invest in 2023, BTC, ETH, BNB, ADA, DOT, SOL, MATIC, AVAX, RUNE, and DOGE are on our top 10 list.