Three Bullish Events Poised To Shape The Course Of The Crypto Market In 2023
Last year, many key figures in the cryptocurrency industry made it known that they were bullish on cryptocurrencies like Bitcoin hitting new price levels.
As the year progressed, the market saw Bitcoin and other leading altcoins record a massive price drop. Many notably bearish events forced investors out of the cryptocurrency market as losses significantly skyrocketed.
However, the new year is showing to be more promising than the year before, and market players expect certain events to go into motion this year. Most of these events, if they happen, have the potential to ignite an ultra-bullish rerun.
One such event, which the crypto market has highly anticipated, is the possible addition of Dogecoin to Twitter as a payment option for users on the platform.
Although Elon Musk is stepping down as the CEO of Twitter, he maintains that he remains in charge until he finds a fitting candidate to replace him.
In the meantime, the chances of Dogecoin, the meme coin that Musk had previously bought in the past, and also recently said was going “to the moon”, making it to Twitter, is very high.
If Musk remains CEO at Twitter this year and digital currencies are introduced to the platform, Dogecoin might be one of the few assets to debut on the platform. This will not only increase its adoption across the globe but also stir interest in crypto from traditional investors worldwide.
Another event poised to set the ball rolling for crypto in 2023 is the EIP-4844 rollout for Ethereum.
EIP-4844, also known as proto-danksharding, is Ethereum’s attempt at reducing its sky-high gas fees while keeping Ethereum decentralized.
When asked by another crypto proponent what he is bullish on for 2023, Buterin says it is “Reaching the “basic rollup scaling” milestone in the roadmap diagram. That means: EIP-4844 rolled out, rollups partially taking off training wheels, at least to “stage 1”.
As many key players have explained, Ethereum could see massive adoption from investors and developers alike if it succeeds in solving its scaling issue.
If EIP-4884 debuts this year, Ethereum (ETH) could also benefit, as prices are bound to skyrocket with more adoption.
Another remarkable event that the market is on the look out for is the verdict of the ongoing SEC vs Ripple lawsuit. The SEC has received a lot of criticism for gathering multiple cryptocurrencies and cryptocurrency firms.
As such, industry figures maintain that a win for Ripple is a win for the entire cryptocurrency community. Ripple has continued to sign numerous partnerships since the lawsuit was filed in December 2022. And as the market has speculated, XRP could hit roof levels as a result of the win.
Judge Torres, a U.S. District Court Judge Analisa Torres, is envisioned to make a summary judgment on or before the 31st of March 2023