Cryptocurrencies are still a popular trend among people who want something different than the traditional finance and economy. We’ve seen how this market is changing, depending on many factors. No one knows if things are going as planned. Also, we would never know if the future development of the crypto market goes according to the earliest goals creators had. Maybe the Bitcoin creator never hoped that the currency will be so popular, viral, and valuable.
Many experts believe that the market will grow in the next ten years, and the value will be at least three times bigger than today. But, we can’t ignore the fact that cryptocurrency markets are still volatile as show by the OKX crypto ticker, and they are still separated from the traditional financial system. All these currencies are too volatile to be a part of the market. If we stabilize their value, they won’t be cryptos at all, because their price will be tied to the fiat currencies. That’s one of the possible scenarios, which may happen too.
The situation now
As you can see by yourself, the market has changed a lot in the last two years, because of the pandemic and many other factors. Every day, a new cryptocurrency is created, but at the same time, a lot of them simply “die” without even having a chance to become commercial. In order to keep track of what’s happening, you can click here to see what’s new every day.
In the last two years, Bitcoin has had huge ups and downs. Millions of dollars (in BTC) were also lost since the owners didn’t know how to access their wallets. Also, Ethereum is getting bigger and more important, just like some other altcoins on the market. Most people are still focused on Bitcoin, even though it’s pretty expensive to invest in it right now.
Some predictions for the future
There are so many possible scenarios, but we all know that predicting the crypto future is practically impossible. As we know, this market is really unstable. It does not give us a chance to rely on any theory of knowledge that can be useful to us. On the other hand, there is always hope that cryptocurrencies will remain as they are, without any particular change in concept. Some people would rather be introduced as official currencies. But then their goal is lost. If control over the crypto market is established, it can be said that then the whole point is lost.
One scenario is to legalize cryptocurrencies. In such a case, anyone can conduct fast and secure transactions. The most common problem in international money transfers is the additional cost required to complete the transaction. With cryptocurrencies, it does not exist, or there are very small fees in question.
The second scenario is to equate cryptocurrencies with traditional currencies. In such a case, the market itself is doomed to disappear. The purpose of cryptocurrencies is not to equate them with dollars or euros. When there is a constant fixed value, it means that these currencies can enter the exchange offices and will have very small changes, depending on other financial markets.
The third scenario is for the crypto market to disappear completely. In fact, many experts predict such an end to this market. Many people think that cryptocurrencies are just a big bubble that will burst under the pressure of demand. Of course, this is probably the worst-case scenario of all. No one would want the whole market to disappear, especially since many people have already invested money in it.
There are assumptions that nothing will change in the next few decades. But the distant future is certainly unpredictable.
Can people save cryptocurrencies?
People can save or destroy cryptocurrencies in a very short time. Growth is explosive, but so the death of this market can be. Of course, there will remain people who will never be interested in the concept of cryptocurrencies. They would not want to risk their money for something that is so uncertain for them.
But who exactly has the power in this market? We assume that the creators of cryptocurrencies themselves can decide whether to keep them alive or let them fail. It is certainly difficult to make such a decision, but depending on the situation, it is sometimes the only solution.
2023 seems to have been the best year for these currencies so far, and after that, things can either stay at that level or start to decline. In fact, we can say that altcoins are already getting a chance to become popular and sought after. Interest is growing and with it the chances of regulating cryptocurrencies. Still, is that what we really need?
However, it seems that cryptocurrencies have already become part of society and popular culture. If the interest remains, they will survive. Most of the forecasts and expectations are in favor of these currencies. However, we must not ignore the circumstances in which cryptocurrencies can not exist, especially if the controls on the financial market are strengthened and the authorities gain greater authority over what is happening.
We can hope for regulation and stable guidelines for crypto transactions. That will make the whole market safer for investors and traders. Also, there is always a chance for the big payment protocols to accept cryptocurrencies as a part of their job. Some big companies embrace blockchain technology and review the options they have, to implement crypto protocols for easier payments. That will decrease the chances of financial fraud and will encourage people to embrace what the future brings to them.
We can’t really give an exact answer to what would happen in the future. We can only hope that people will still manage to keep this market alive. But, the future of cryptocurrencies is so unpredictable, and we can only wait, and hope for things to get better, as time goes by.
Probably the world is ready to embrace cryptocurrencies as a part of everyday life, and daily tasks. But, are you ready for that too?