Fri. Dec 8th, 2023

Blockchain research firm Arcane Research also predicts that Bitcoin will continue to outperform the S&P 500 index in the coming year.

The crypto market analysis firm Arcane has presented its forecasts for 2022 for various digital assets and the entire industry. The research firm produced a report that highlights numerous predictions on various aspects including token prices, regulations, and the performance of various crypto coins.

Most notably, Arcane crowned the Binance coin the 2022 winner, stating that it destroyed both Ethereum and Bitcoin.

Here's a look at the other key predictions:

The fate of Ripple (XRP) and Cardano (ADA)

According to the research firm, the two alts will slide down next year and lose their place in the top 10 coins by market capitalization. In the Weekly Update report published yesterday, Arkan noted that both Ripple and Cardano-native tokens are being displaced by fast-winning coins such as Terra's LUNA. ADA and XRP currently rank sixth and eighth with market capitals of $ 48 billion and $ 40 billion, respectively.

The hype about meme coins will fade

The acceptance rate of meme coins increased significantly in 2022. With the support of influential figures like Elon Musk, meme coins took their place in the crypto sector, especially in the third quarter. DOGE and SHIB were at the top with massive price and market capital gains. The two are in 12th and 13th place just outside the top 10 list. Nonetheless, the blockchain firm doesn't see meme coins holding their prominence over the next year, and notes that most of them will "be forgotten".

Bitcoin will dwarf the stock market (and gold)

Arcane Research also predicts the flagship cryptocurrency will perform better than the S&P 500 index. Bitcoin may not be the top winner this year, but market data shows that the flagship cryptocurrency is up over 65% (to date) at the time of writing. Meanwhile, the S&P 500 is struggling to break the 30% mark. The company claims that Bitcoin will once again top the collective index of the 500 largest publicly traded companies in the world.

Alternatives to smart contract platforms will experience greater acceptance and surpass Ethereum

The Buterin project lost the title of "the only smart contracts platform" and Arcane claims it now has no place at the top as a first-level solution. This year, core tokens from alternatives like Terra, Solana, Avalanche, Fantom, and even Harmony have far outperformed Ether. The latter boasts three-digit profits compared to the double-digit Bitcoins, but lags behind its alternatives, which are in the five-fold range.

More crypto units are going on the stock exchanges

Coinbase made headlines in April after it was announced that it will go public by listing on the NASDAQ exchange. Cryptocurrency exchanges like Kraken and FTX have since shown interest in following a similar path by pointing out the possibility of an IPO.

Arcane's report stated that 2022 will be the year many of these crypto institutions will finally take the plunge into publicly traded companies. The report adds that many other crypto companies will achieve unicorn status, with some exceeding the $ 5 billion valuation threshold.

Bitcoin ETFs will accumulate more than 1 million BTC next year

Crypto ETFs were a hot topic in 2022, especially in the US, where the leading financial markets regulator (SEC) has denied all direct crypto ETF applications. However, the watchdog has given approvals to some of the future crypto ETFs. Arcane research shows that cumulative Bitcoin futures ETFs hold nearly 850,000 – a number that is expected to increase by over 150,000 over the next year.

Bitcoin's hashrate will reach 300 EH / s; Miners are distributed all over the world

Before China's sweeping ban on crypto mining activities, the country led the way in terms of bitcoin hashrate. In the first two months, China accounted for more than half of the global Bitcoin hashrate at 53.30% and 51.58%, respectively. The mining crackdown and subsequent shutdown of mining centers drove miners out of the country, with most settling in the United States.

As a result, China's dominance in mining gradually declined between March and July and became insignificant at the beginning of the third quarter. Meanwhile, the US has seen its hashrate spike and is currently topping the charts. Arcane predicts the hashrate to be 300 EH / s and expects the situation to change in the next year, with the hashrate being spread across different geographic regions.

The research and analysis firm also forecast another spike in inflation, MicroStrategy more BTC purchases, USDC to dwarf Tether in market rankings, and Bitcoin to stay connected to the VIX in the coming year.

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