The last year has been a rough one for cryptocurrency. In January 2022, Bitcoin (BTC) was worth nearly $48,000, and Ethereum (ETH) was at more than $3,800. However, in December 2022, BTC was down 65%, and ETH was down by 66%. Worse can be said of most altcoins, with the majority of them dropping their prices by more than 90% over the course of the year.

Not to mention, cryptocurrency, in the broader scheme of things, has taken a bad rap, no thanks to the whole FTX fiasco. All these happened amidst the backdrop of the Fed’s hiking interest rates and the war on inflation, adding fuel to the chaos that was 2022.

With 2022 ending on a wintry note for crypto, how are things looking in 2023?

Many crypto influencers, gurus, and blogs have made their predictions, some more radical than others. Below, we round up some of the most prominent thoughts and perspectives on the outlook for 2023 – but not before a warning: given the unpredictability and volatility of crypto, none of these should be taken as gospel truth. As always, make your own judgment call and proceed with caution.

Will 2023 continue to be bearish?

We’re currently in a bear market, and the biggest question on everyone’s mind is: when will it end?

Unfortunately, it seems like we will see a prolonged crypto winter before spring days return. The bearish conditions are exacerbated by macroeconomic factors such as 40-year record high inflation, high interest rates, as well as political instability around the world.

Risk assets like stocks and crypto are the ones that usually bear the brunt of rising interest rates. Investors and traders everywhere are expected to take a more cautious stance as they wait out the poor market conditions.

Bitcoin forecast

Contagion is a phenomenon where the effects of an adverse event on one crypto event spread to other crypto assets. This is what happened with FTX and the broader cryptocurrency scene; the effects of it may continue into 2023.

Bitcoin, too, was not immune from the contagion of FTX, ending 2022 with a price of $16,800 on a downward trajectory. Large financial institutions are expected to pull back from crypto, at least for the short term, in light of the dented reputation of crypto as a whole. Conservative estimates put Bitcoin’s floor at $15,000, while some others say it may dip to a minimum point of $10,000 sometime in 2023. However, most experts see this as not a permanent fall for crypto and Bitcoin but a time for organisations to reevaluate the role and value of crypto.

Ethereum forecast

From what we have seen, the cryptocurrency markets typically follow the trends of Bitcoin. In the current case where unfavourable macroeconomic factors are at play, it makes sense to think that the value of alternative cryptos, like Ethereum, Monero, and Litecoin prices, will also be affected similarly by the crypto winter. If the situation worsens, Ethereum is likely to follow Bitcoin and fall further in 2023, perhaps even crossing the three-digit mark.

But once the wider market conditions become more favourable, the outlook for Ethereum is bright. David Kemmerer, CEO of CoinLedger, is optimistic that Ethereum could climb up to $2,500 by the middle of 2023. Hopefuls are banking on Ethereum’s overall higher utility and upcoming projects for greater regulatory clarity to attract more investors in the coming year.


With the biggest two cryptocurrencies already struggling, it’s not hard to see why smaller and newer altcoins are not quite the priority in the eyes of most investors. In a time when the reputation of cryptocurrency is under scrutiny, altcoins will have to work even harder to gain the trust of investors and the wider public.

In the realm of meme coins, it is a similar story. Although meme coins like Dogecoin and Shiba Inu had their heydays back in 2021, the future looks bleak for them as they have already lost some 90% from their peaks. With little to differentiate them in terms of real-world utility, they are expected to shrink by 50% or more in value this year.


Competition is expected to pick up with more state-backed stablecoins slated to launch this year. Turkey, Japan, and even China are developing or launching their central bank digital currencies (CBDCs) this year, which will inevitably eat into the pies of existing stablecoins. Circle, the creator of the USD Coin (USDC), is also expected to launch a new euro-backed stablecoin on Solana (SOL) within the first six months of 2023.

The effect of adding these new players remains hard to predict, although there’s no doubt it will be a challenging time for any of these stablecoins to stand out against the rest.


Much of the cryptocurrency market right now is contingent on the developments in the wider economic and socio-political climate, which have spilt over from 2022. With that looming over us, most traders and investors are taking a more cautious approach this year.

Learning restraint and exploring long-term investment strategies is probably the safest way to go this year, judging by how things are. Our recommendation? Head on to Coinut, a trusted cryptocurrency exchange in Singapore, to launch your first trades of 2023!

Whether you are planning to HODL or make short-term trades to ride out the bear market, Coinut can facilitate your transactions with speed and ease. And don’t forget to grab your free Litecoins when you sign up with Coinut!


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