The cryptocurrency market faced major setbacks in 2022 with several negative headlines impacting companies in the sector and taking down the price of the leading cryptocurrencies. With the crypto industry in a bear market, many wonder if the sector will experience a comeback in 2023 or instead continue to see declining prices.
Benzinga asked followers which cryptocurrency could outperform in 2023.
What Happened: Among the major cryptocurrency stories in 2022 were the falls of Celsius, 3AC, Voyager and stablecoin Tether USDT/USD. The other big story that the market is still reacting to is the bankruptcy of cryptocurrency platform FTX.
The cryptocurrency market capitalization hit a peak of $2.9 trillion in November 2021, a month that saw many cryptocurrencies hit all-time highs.
In 2022, the market capitalization of the cryptocurrency sector fell below $1 trillion and ended the year below $800 billion.
Benzinga Poll: On Twitter, Benzinga asked its followers about the cryptocurrency market for 2023. Followers were asked “which cryptocurrency will have the best 2023 return” of the four previously mentioned.
The poll results were:
- Dogecoin: 26.7%
- Bitcoin: 38.5%
- Ethereum: 28.7%
- Solana: 6.2%
Leading cryptocurrency Bitcoin led the poll getting 38.5% of the vote, followed closely by Ethereum and Dogecoin in second and third place respectively.
Solana trailed the other three, getting only 6.2% of the vote.
Twitter user @CEOofX voted for Solana with the thought “Sol simply because of how low it has gone.”
Others on Twitter didn’t like any of the four options.
User @richardallanmcl said “they all got zero in 2023.”
User @UofT2020 asked “why not have the crash as choice?”
Time will tell which cryptocurrency will lead the way in 2023 and Benzinga will continue providing coverage of the sector.
Follow Benzinga on Twitter to take part in more polls.