And, according to Blockchain.com creator Peter Smith, competition will heat up in 2022.
“It’s rare to have lost money in crypto.” “It has been done before, but it is not easy,” he explained. As a result, I anticipate that the coming year will be more challenging and competitive. And the market will benefit because it will start to distinguish the excellent from the bad,” he said.
Smith spoke with Yahoo Finance’s Zack Guzman about his forecasts for the crypto market in the coming year. The summit will cover subjects like investing, mainstream acceptability, NFT collection, and how to get involved.
Smith forecasts that in 2022, the market would gravitate toward crypto platforms that are expanding the fastest in terms of use rather than investment. This dynamic, he believes, distinguishes “momentum machines” from “real technological value” crypto platforms.
According to Smith, institutions are already looking into alternatives to Ethereum and bitcoin. “Today, our institutional business saw volume and activity outside of Ethereum and bitcoin, and it happened swiftly.” “Prices will rise,” he added.
Other prominent DeFi programs are rapidly emerging on the scene. Solana’s value, for example, has risen since January 2021 as the market embraces blockchain technology.
Despite being dubbed an “Ethereum killer” by some experts, it remains one of the most valuable cryptocurrencies due to its ease of use. Smith sees some split in the cryptocurrency sector in the future.
“Everything is quite interconnected right now, and there’s a lot of chatter about trading up.” While there may be modest differences in asset prices on any day, the main trend is upward… I expect the market to change next year, with a split in the correlation of this asset class.”
