3 🔥crypto trends to track in 2023

And singles ready to mingle in the Metaverse

Author

Nisha Ramesh
December 22, 2022

Good Morning, Switchers 🌞

👋Welcome to Switch Daily.

How was your date last night? Well, if you are like us and don’t have one, here’s where you can find love—The Metaverse. Dating in digital reality is becoming the new cool.

According to a survey conducted by a US dating platform Dating.com, those looking for love are increasingly turning to technology, and 33% of them plan to date in the metaverse. Apparently, the use of metaverse avatars can help prioritise "communication and digital intimacy before in-person discovery." Will we see a new trend in India in 2023? We’ll have to wait and watch

BTW, if you like reading this newsletter, give us a shout-out on Twitter and get your friends to subscribe. It will mean a great deal to us!

Here’s what we’ve got for you today:

  • Market pulse

  • 2023 crypto trends

  • Mind-blowing news

  • Meme of the day

Market pulse 📈

The market drifts sideways 😬

The top 10 coins traded sideways throughout Wednesday’s session and the total market cap moved within a narrow range of $6 billion, hovering around the $810 billion mark. The top coins, BTC and ETH, have gained slightly but are expected to continue trading sideways.

The Crypto market failed to react on Nasdaq, gaining 1.54% on better-than-expected US consumer confidence numbers. As trading volumes are sinking across major exchanges ahead of the holiday season, the market is likely to be sideways.

C'mon, aren't you gonna let your friends in on how the market is performing today?

3🔥Crypto trends to track in 2023

Open Twitter, and all you see are debates and threads on whether 2022 was good or bad for the crypto industry. The bigger question is what we should be looking forward to in 2023.

But before we get there, let’s do a quick recap of big crypto events in 2022.

🟢Ethereum moved to Proof of Stake

🟢The crypto market touched $3 trillion for the first time

🟢NFTs rose in popularity

🟢DAOs on the rise

🔴Terra LUNA collapsed

🔴Oct 2022 saw the highest hacks

🔴Bitcoin fell over 60% since Jan

🔴Crypto market went below $1 Trillion levels

🔴3AC, Celsius etc. crashed

🔴FTX empire crumbled

Overall, we think that 2022 was a bittersweet year for crypto. What say? There are the yaysayers and the naysayers, but like it or not, we are at the rear end of 2022, and the year 2023 is ready to blossom.

So, here are three crypto trends that you need to watch out for in the new year:

Oracle networks

Oracle networks—no, not the company—these are blockchain networks that play a crucial role in the decentralized finance (DeFi) space by providing external data to smart contracts.

Basically, Oracle Networks act as a bridge between the real world and the decentralized world of cryptocurrency. They gather data from various sources (such as stock prices, weather patterns, etc.) and feed it into the blockchain, allowing smart contracts to make informed decisions based on that data.

Some popular oracle network-based cryptocurrencies include

  • Chainlink (LINK): Chainlink is a decentralized oracle network that provides reliable, secure, and tamper-proof data to smart contracts on various blockchain platforms. It is currently one of the most widely used oracle networks in the cryptocurrency space.

  • Band Protocol (BAND): Band Protocol is a decentralized oracle platform that allows developers to build dApps that rely on external data. It is designed to be fast, reliable, and scalable, making it a popular choice for developers.

Regenerative Finance

ReFi is built upon various principles of DeFi (Decentralized Finance). It is a rapidly growing community that is a form of a financial system that prioritizes the well-being of people and the planet. It seeks to create positive social and environmental impact through the use of financial tools and strategies, such as investment, lending, and philanthropy.

Some popular regenerative finance based cryptocurrencies include

  • Carbon (CRBN): Carbon is a cryptocurrency that is designed to reduce carbon emissions and support climate action. It utilizes a unique proof-of-stake (PoS) mechanism that rewards users for taking actions that reduce their carbon footprint, such as using renewable energy or offsetting their emissions.

  • Renewable Energy Blockchain Network (REB): REB is a decentralized platform that allows users to invest in and trade renewable energy assets. It utilizes smart contracts and blockchain technology to track and verify the renewable energy generated by these assets, making it a popular choice for those looking to invest in regenerative finance initiatives.

Blockchain Gaming

Blockchain gaming is a relatively new and rapidly growing sector that combines the world of gaming with the technology of blockchain. It utilizes blockchain technology to create games that are decentralized, transparent, and secure, allowing players to own and trade in-game assets in a more meaningful way.

  • Enjin (ENJ): Enjin is a blockchain platform that allows developers to create and manage in-game assets using non-fungible tokens (NFTs). It is widely used by developers in the blockchain gaming space and has a number of popular games built on its platform.

  • Decentraland (MANA): Decentraland is a decentralized virtual reality platform that utilizes blockchain technology to create immersive, interactive experiences. It is popular among gamers and developers who are interested in building and exploring virtual worlds.

  • Axie Infinity (AXS): Axie Infinity is a blockchain-based game that allows players to collect, breed, and trade creatures called Axies. It utilizes non-fungible tokens (NFTs) to represent these creatures, allowing players to own and trade them in a decentralized way.

This is just our take on what’s going to be trending in 2023. What else do you think will be the next big thing in crypto in 2023? Let us know by replying to this email.

What is making the headlines? 🗞

According to a Dec. 20 announcement from the Ankr team, a former team member was responsible for a $5 million hack of the Ankr protocol on December 1. Turns out the hacker carried out a "supply chain attack" by embedding malicious code in a package of future updates to the team's internal software.

Twitter has added a new cryptocurrency feature that allows users to search the price of Bitcoin (BTC) and Ether (ETH) by simply typing "Bitcoin" or "Ethereum" into the search bar.

The meme coin that has maintained a very close connection with Tesla and Twitter CEO Elon Musk takes a freefall due to Musk’s decision to step down as Twitter CEO based on a poll. Dogecoin is down by 15.69% over the past week.

Meme of the day!

Thank You,

See you later, folks. 👋

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