Coinbase, the largest cryptocurrency exchange in the USA, shared its 2023 forecasts for the cryptocurrency market. The exchange predicted that Bitcoin (BTC) and Ethereum (ETH) will maintain their popularity and the bear market for altcoins will continue.
According to the report published by Coinbase Institutional on the market outlook for 2023, the crypto winter for altcoins in particular. will be extended until 2023 place was given. In the presented report, investors safe harbors seen as bitcoin and Ethereum that they will increase their investments and that these two cryptocurrencies “escape to quality” It was stated that it will be planned even more in 2023.
in the report bitcoin and Ethereum for long-term Bitcoin holders to 85% of the circulating supply owned by Ethereum industry standard for smart contracts that his dominance continued.
Coinbase analysts commented on the cycle we are in, pointing to the past bear markets, and to the second quarter of 2023 He said he could go on like this.
Bear markets are long and arduous processes that usually take at least 18 months compared to previous cycles. With this in mind, crypto markets may continue to consolidate at their current price levels until the second half of 2023. The current crisis of confidence could prolong this downward cycle for a few more months.
According to these predictions made by Coinbase, the trigger factor that will end the crypto winter is, regulatory authorities taking control of the market It was launched as more investors turn to the crypto sector in an environment of increasing confidence with the In addition, these crises experienced in centralized exchanges such as FTX decentralized exchanges (DEX) It was stated that he would keep the demand in private as well.